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Thread: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Improve T

  1. #1
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    Default Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Improve T

    2631 shared this in another thread but I am posting it here also. Not everyone reads every thread and this information needs to be seen. I sure don't get Hoffa!
    (WASHINGTON) – In a letter sent today, Teamsters General President Jim Hoffa called on the trustees of the Central States Pension Fund to recall the proposal made to the Department of Treasury that calls for deep cuts for thousands of participants.

    “You are aware that our union opposed the MPRA legislation that led to the formulation of the plan you have put forward,” Hoffa wrote to the trustees. “Nevertheless, and while I understand your fiduciary responsibility and the fact that I do not have any power over your decision making as a Trustee, I am calling on you from a moral standpoint to act in whichever way you deem fit to SLOW this TRAIN down: recall the proposal made to the Department of the Treasury; rethink its implications on the lives of real members; and seek more equitable ways to achieve its objectives.”
    https://teamster.org/news/2015/10/ho...oposal-improve
    crazy likes this.

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Could it be that he's now doing the right thing just to get the votes? If he was smart he'd retire instead of being voted out. That would be the final blow to his already dismal legacy.
    crazy, gillholey, Yankee and 3 others like this.

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Pensions are not something I have much knowledge on at all. It's probably sad to say but I really don't believe my age group will ever get to quit working. I don't believe pensions,401k's or social security will ever be there for me. It's a bankers game anymore and they want and steal it all. I'd like to live to raise my kids till theycan stand on their own a little. After that I figure the banks and government and Wall St will take my house and any retirement I might have.
    That's the faith I have in the stupid mentality of this nation and its antiunion/proWall St.ways.
    I'd be fine if I dropped dead the day my last kid can stand on their own. They're just gonna take it all. Work work work to make spoiled rotten rich people richer. I'd really just like to afford a gravestone, plot, casket and funereal

    It'd be great to understand and have life insurance policies to help them too. Otherwise I don't want much.My grandfather smoked nonfilters and lived to 72. That's long enough for me.Think I'll smoke, eat greasy food and kielbasa and maybe even take up drinking again after the kids graduate.


    My question with this is:
    How were the banksters and Wall St.involved in this?
    They probably played a role.
    From my understanding, the Locals, AND companies are on the fund boards.
    I've heard of disagreements on decisions.
    Were major bad investments done due to company's moves?
    Were antiunion investment firms used?
    What went wrong?

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Quote Originally Posted by slavenomore View Post
    Pensions are not something I have much knowledge on at all. It's probably sad to say but I really don't believe my age group will ever get to quit working. I don't believe pensions,401k's or social security will ever be there for me. It's a bankers game anymore and they want and steal it all. I'd like to live to raise my kids till theycan stand on their own a little. After that I figure the banks and government and Wall St will take my house and any retirement I might have.
    That's the faith I have in the stupid mentality of this nation and its antiunion/proWall St.ways.
    I'd be fine if I dropped dead the day my last kid can stand on their own. They're just gonna take it all. Work work work to make spoiled rotten rich people richer. I'd really just like to afford a gravestone, plot, casket and funereal

    It'd be great to understand and have life insurance policies to help them too. Otherwise I don't want much.My grandfather smoked nonfilters and lived to 72. That's long enough for me.Think I'll smoke, eat greasy food and kielbasa and maybe even take up drinking again after the kids graduate.


    My question with this is:
    How were the banksters and Wall St.involved in this?
    They probably played a role.
    From my understanding, the Locals, AND companies are on the fund boards.
    I've heard of disagreements on decisions.
    Were major bad investments done due to company's moves?
    Were antiunion investment firms used?
    What went wrong?
    From what I have read over the last few months was the besides the exorbitant salaries that CSPF pays to their administrators the fees paid to the big banks were near 100 million per year.. [I don't remember the exact amount but I will try to research it] I didn't see any of these so called bankers jumping up and offering to slash their fees!! Slave,your correct as it is a war between the working people and the banks.. And our elected officials represent the banks!! NOT the working people..
    As far as Hoffa goes it is all about saving face.. He was in on it from the beginning but since he decided to run for another so called term he figured he save face but he already knows it is too late.. Where was he five or six years ago.. Where was he when "HE" let UPS out of the CSPF with his blessing..

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    If you have the kind of money that Central States had sitting in an account, why would there be fees at all?
    Ya have all that sitting in there making it more eligible for them to keep loaning money out.
    Paying for investment services which intentionally destroyed the funds so they could market 401k's?

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Quote Originally Posted by slavenomore View Post
    If you have the kind of money that Central States had sitting in an account, why would there be fees at all?
    Ya have all that sitting in there making it more eligible for them to keep loaning money out.
    Paying for investment services which intentionally destroyed the funds so they could market 401k's?
    They (the wall street thieves) make money whether we do or not. We're in the wrong line of work.

    Sent from my SGH-T399 using Tapatalk
    slavenomore likes this.

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Quote Originally Posted by slavenomore View Post
    If you have the kind of money that Central States had sitting in an account, why would there be fees at all?
    Ya have all that sitting in there making it more eligible for them to keep loaning money out.
    Paying for investment services which intentionally destroyed the funds so they could market 401k's?
    What? Central States is nearly insolvent. Big Wall St banks got big by investing for large companies. Goldman Sachs saved YRC from collapse thereby saving the pensions. But Goldman was selling derivatives betting on YRC's failure so Hoffa booted them. Remember that back then? Wall Street banks are like casinos..they let you bet either way. Sometime you win in style sometimes you lose big

    Wall St occupiers are not your friends

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Hoffa: Central States Shouldn't Cut Pensions
    As I wrote last week in a letter sent to Fund Executive Director Thomas Nyhan, these cuts are simply outrageous. Trying to prop up Central States by proposing Draconian pension cuts that will impose significant hardships on the very people the fund is supposed to serve makes no sense.

    The benefits these workers and retirees earned were the result of their own hard work as well as that of their fellow Teamsters. Wiping it out in order to balance the books is tantamount to highway robbery. Thankfully, there are others who feel the same way. Sen. Debbie Stabenow, D-Michigan, took a stand for Central States beneficiaries last week when she said workers who contributed to pensions shouldn’t be facing an uncertain retirement, even if those pension funds are in a troubled state. “A pension is a promise that’s earned and workers should be able to count on it when they retire,” she said

    The Teamsters wholeheartedly agree. That’s why both Sen. Stabenow and the union support legislation offered by Sen. Bernie Sanders, I-Vt., and Rep. Marcy Kaptur, D-Ohio, that would bolster multi-employer plans at the center of the dispute.
    https://teamster.org/news/2015/10/ho...t-cut-pensions
    x475, fxstc07 and BilyWamBam like this.

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Quote Originally Posted by ABFwife View Post
    Hoffa: Central States Shouldn't Cut Pensions


    https://teamster.org/news/2015/10/ho...t-cut-pensions
    Pension Reform: Obama signed this into law. Then Hoffa endorsed it. The politician you voted for twice threw you under der bus
    loa24y likes this.

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    Default Re: Hoffa, Union Leaders Call on Central States to Recall Pension Cut Proposal, Impro

    Quote Originally Posted by bean View Post
    Pension Reform: Obama signed this into law. Then Hoffa endorsed it. The politician you voted for twice threw you under der bus
    Have you forgotten what "YOUR" guy did to pensions while he was in office??? Although I do not like Obama how can you fault him for signing that massive bill in December that kept the government running?? If I am not mistaken the pension act was added to it at the last minute.. The crappy politicians knew that if it got added it would pass without a problem because those same crappy politicians don't give a hoot about union pensions.. The more problems for union pensions means the less people that will seek to join unions.. And Republicans are your friends?? NO!! And it seems the only time the Democrats are friendly to unions is when they are seeking votes otherwise they fall in the same category as their buddies across the aisle..

    Had a long talk with a president of one of the locals I was in and he told me the whole thing about what Bush did to pensions.. One of the biggest was the age change and on how it was calculated.. [years of service plus age]I know quite a few at NewPenn that had to wait another ten years because although they had the time they didn't have the age..The government with both sides of the aisle want to put the final nails in the unions..

    https://en.wikipedia.org/wiki/Pensio...on_Act_of_2006

 

 
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