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Thread: Pensions and their future

  1. #11
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    Default Re: Pensions and their future

    Quote Originally Posted by crazy View Post
    https://www.tdu.org/news/opposition-needs-grow-now


    June 7, 2013: A dangerous proposal that would change federal law to allow "deeply troubled" pension plans to slash the benefits of retirees could be introduced into Congress as soon as this summer.

    The time is now for opposition to eliminating the federal law known as the "anti-cutback rule." It is clear that the "deeply troubled" plans would include the Central States Pension Plan. Just when I get started and now I have to read this..
    The War on Pensions Goes Federal - In These Times

    But Adams and hundreds of thousands of retirees like him may have to make do with less. Congress is expected to take up legislation in the next month that would fundamentally reshape the laws governing multi-employer plans. A soon-to-be-introduced bill could allow the trustees of some financially troubled plans, like the Central States Fund, to slash benefits already promised to current retirees. It’s not yet clear how big those cuts would be..................




    On the other hand, Teamsters for a Democratic Union (TDU), a group of rank-and-file members opposed to the Teamsters leadership, lays much of the blame on union leaders for failing to deal with those crises. It argues the union didn’t bargain enough new workers into the plan, noting that another large fund that has a broader base of contributors, the Western Conference of Teamsters plan, is doing just fine. The TDU also believes the union should never have let United Parcel Service (UPS) walk from the fund in 2007, which it says encouraged other companies to do the same and hiked up the ratio of retirees to actives to a dangerously high level. A high ratio puts stress on funds to produce returns in the stock market instead of relying on active contributions to pay benefits.

  2. #12
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    Default Re: Pensions and their future

    I'm still patiently waiting for a call back from the IBT with an answer as to why General President Hoffa feels this is the best way to handle the pension underfunding problem. Since he sits on the BOD of NCCMP I assume he is very much involved in protecting our pensions.

    I am curious to know if any Teamster money was included in the "hundreds of thousands" poured into the lobbying for this bill.

    The NCCMP, made up of trade unions and employers that administer multi-employer health and pension plans, has poured hundreds of thousands into lobbying for the bill. Its efforts are lent clout by the fact that the group, at least nominally, represents both labor and management. DeFrehn boasts that his organization has lobbied Congress with representatives from the labor movement, including the Central States Fund and several building trades unions. And a number of different unions with multi-employer pension plans, including the Teamsters, International Association of Machinists and Aerospace Workers (IAM), the International Brotherhood of Electrical Workers (IBEW), Service Employees International Union (SEIU) and the United Food and Commercial Workers (UFCW), participated in the NCCMP commission that led to the Solutions not Bailouts recommendations.

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    Default Re: Pensions and their future

    "Looting the Pensions" search that from a recent Rolling Stone. I found it on paul craig roberts site tonight.

    Long article on how this public pension fund problem lie was started and how the funds are being robbed by Wall Street. THe story deals with states and localities but roberts warns on his site that wall street will probably use similar tactics in the private sector or something like that.


    Good story. I'd link if i could.

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    Default Re: Pensions and their future

    Quote Originally Posted by slavenomore View Post
    "Looting the Pensions" search that from a recent Rolling Stone. I found it on paul craig roberts site tonight.

    Long article on how this public pension fund problem lie was started and how the funds are being robbed by Wall Street. THe story deals with states and localities but roberts warns on his site that wall street will probably use similar tactics in the private sector or something like that.


    Good story. I'd link if i could.
    Is this it Slave?

    Looting the Pension Funds: How Wall Street Robs Public Workers | Politics News | Rolling Stone


    You still can't post links with your phone?
    To the TODF with you

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    Default Re: Pensions and their future

    Quote Originally Posted by Kickass View Post
    Is this it Slave?

    Looting the Pension Funds: How Wall Street Robs Public Workers | Politics News | Rolling Stone


    You still can't post links with your phone?
    To the TODF with you
    If what ya showed me don't work, I'm gonna break my cheap phone and i can't afford another one. LOL.

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    Default Re: Pensions and their future

    Quote Originally Posted by Kickass View Post
    Is this it Slave?

    Looting the Pension Funds: How Wall Street Robs Public Workers | Politics News | Rolling Stone


    You still can't post links with your phone?
    To the TODF with you
    Yes thats the story alot of detail about how wall street is ripping off workers and towns and states with this lie about pensions being a tax burden.

    I sent a pm about the frustrating phone.

  7. #17
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    Default Re: Pensions and their future

    October 17, 2013: We expect a bill to hit Congress very soon which would allow "deeply troubled" pension funds—such as the Central States Fund—to slash the pension benefits of retirees and those soon to retire.

    We're out to stop this train wreck for Teamsters and other workers who worked long and hard to earn their pensions. If they revoke the ERISA anti-cutback rule and could then cut some pensions, the door will be open to slash more pensions.

    This nasty bill has the support of employers and the Central States Pension Fund. We expect CS Director Thomas Nyhan to testify for it at upcoming hearings in the House of Representatives. The hearings were postponed due to the government shutdown. Opposed are some unions and workers' organizations, the Pension Rights Center, the AARP and TDU.
    Will Congress Pass a Bill to Allow Pension Cuts? | Teamsters for a Democratic Union

  8. #18
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    Default Re: Pensions and their future

    This statement by AARP is long but interesting. These are just a couple of the points it brings out.
    We are not advocating that active employees and employers take further "hits" if their participation is at the tipping point. But this does not mean that the next step should be asking retirees to accept benefit cuts. Other than the due diligence requirements, which are advisory in nature, the NCCMP proposal makes cutting retirees its first resort – it is the centerpiece of the proposal based on the assumption that plans have already done everything else they can possibly do, and that insolvency will result in benefit cuts for retirees that are even deeper than those proposed by NCCMP.......................

    The plan, as proposed, grants too much, virtually unbridled, discretion to plan trustees. Nothing is required. No priorities are established. AARP understands that plan designs and terms can vary widely and that plan trustees may need to have some flexibility to fashion the measures that will work best for their stakeholders and participants. However, pension plans are not so different from one another that "all reasonable measures" cannot be anticipated and required, or that steps that constitute and are relevant to a finding of "due diligence" cannot be specified.

    Moreover, the proposal does not appear to recognize that the trustees may have possible conflicts of interest between protecting the active employees, who are contributing to the plan, paying union dues, and voting for union leadership; the deferred vested employees, who no longer contribute, pay dues, or vote; and the retirees, who may no longer contribute or pay dues, and may not have a vote or representation among the plan trustees. In failing to differentiate among various groups of participants with competing interests, it also fails to provide any appropriate procedural and substantive protections against conflicts of interest.
    https://tdu.org/sites/default/files/...nsionFunds.pdf

    I had lost all faith in Hoffa's interest in protecting the freight Teamsters a long time ago. I felt that nothing he did would surprise me. But the fact that he actively supports and is participating in the NCCMP's plan to change ERISA and cut our pensions actually has me shocked.

    How can the President of a trade union support cutting retiree's pension?
    222lifer and Walleye like this.

  9. #19
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    Default Re: Pensions and their future

    The company's sit as trustees also, correct?

  10. #20
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    Default Re: Pensions and their future

    That "Wall Street Is Looting The Pensions Story" sets up shady situations which wall street is coming to the govts of towns and states and act as if they are gonna make them billions but do nothing but cost more with risky hedgefund stuff.....They come in and say its unsustainable and by the time they're done, it is unsustainablle.....takinging millions just from middlemen and huge fees.
    Ontop of it they have forms of secrecy signed so the unions cant even know what types of places are getting the money. Like investing in anti-union stuff and all. The wall street creeps need serious watching and serious limiting on their power imo. THEY ARE SCUMBAG THEIVES WHO NEVER WORKED A DAY IN THEIR LIVES. YET THINK THEY DESERVE IT ALL.

 

 
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