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Thread: Pension Question that they will not answer.

  1. #1
    Ready to move

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    Default Pension Question that they will not answer.

    I keep asking a few questions that no one wants to answer.

    1. Will employees at Central States, (From Thomas C. Nyhan all the way to the janitor) also take a wage cut?

    2. Will there be a ban on all pay increases?

    3. Will Goldman Sachs take the same percentage of cut to administer our Fund?

    4. If a certain group is exempted from cuts or has a reduced percentage from the majority then how is that fair to the majority?

    5. Will "Secure Retirement" be removed as a reason to be a Teamster Member?
    TDU_Teamster likes this.

  2. #2
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    Default Re: Pension Question that they will not answer.

    Quote Originally Posted by jhjan20@sbcglob View Post
    I keep asking a few questions that no one wants to answer.

    1. Will employees at Central States, (From Thomas C. Nyhan all the way to the janitor) also take a wage cut?
    Most likely no I would not be a bit surprised to see Nyhan quit and go to one of the big corporations he has been shilling for at the NCCMP or on Wall St.

    2. Will there be a ban on all pay increases?
    Probably not, how are they going to keep the actual good hard working employees who do the day to day work necessary to run the CSPF?

    3. Will Goldman Sachs take the same percentage of cut to administer our Fund?
    I assume that you are joking.

    4. If a certain group is exempted from cuts or has a reduced percentage from the majority then how is that fair to the majority?
    It's not fair but the blame rests solely on Congress. It gave UPS the $2 Billion exemption. But if you are talking about 80 year old retirees then my personal opinion is that it is fair. I doubt that many of them are collecting very big retirement checks as it is.

    5. Will "Secure Retirement" be removed as a reason to be a Teamster Member?
    I doubt it because most MEPFs are not in danger of defaulting. And I personally believe that something will be worked out to save the failing funds...................Call, write or email your elected representatives and ask them to support the Save our Pension Promises bill that is now in the House and Senate
    Yankee, wildcat2, fxstc07 and 1 others like this.

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    Default Re: Pension Question that they will not answer.

    Does Goldman-Sachs really have something to do with the Fund?

  4. #4
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    Default Re: Pension Question that they will not answer.

    Quote Originally Posted by slavenomore View Post
    Does Goldman-Sachs really have something to do with the Fund?
    Financial firms came to manage the Central States Fund thanks to a 1982 federal consent decree that stripped the Teamsters of its power to oversee retirees’ money. In recent years, the decree divided a portion of the pension assets into low-cost index funds, and gave the rest of the fund’s assets to firms including Morgan Stanley, Northern Trust, JPMorgan Chase and Goldman Sachs.
    Pension Fund Run By Wall Street Cited In Push To Cut Retiree Benefits
    ABFwife likes this.

  5. #5
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    Default Re: Pension Question that they will not answer.

    Goldman-Sachs earned $64 million last year from the fund.

  6. #6
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    Default Re: Pension Question that they will not answer.

    Quote Originally Posted by jhjan20@sbcglob View Post
    Goldman-Sachs earned $64 million last year from the fund.
    Legalized white collar crime..

  7. #7
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    Default Re: Pension Question that they will not answer.

    I met a once proud Teamster at a function and he told me he was 84 and receives just under $700. a month. He was in good health and only had an hearing aid. He was forced to move in with his daughter. What will they cut his pension too? Perhaps he will pass on before they cut his pension. Is this what we all will be facing? Why aren't more of us heated up or B.S.over this. The corporations are running ripshod over us with people we vote for to do our bidding in Washington. That in itself asks the question----why vote?
    ABFwife likes this.

 

 

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