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Thread: Pensions and their future

  1. #21
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    Default Re: Pensions and their future

    Quote Originally Posted by slavenomore View Post
    The company's sit as trustees also, correct?
    At least in the Philadelphia fund.
    Three from the union side, three form the employer side.

    https://www.teamsterfunds.com/About%...d_trustees.htm

  2. #22
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    Default Re: Pensions and their future

    Quote Originally Posted by fxstc07 View Post
    At least in the Philadelphia fund.
    Three from the union side, three form the employer side.

    https://www.teamsterfunds.com/About%...d_trustees.htm
    I'm not very up on pension stuff but i know that New Penns's labor guy is a Trustee in Central Pa Fund. He and his father were some kind of Teamster officials in Scranton I've heard. But I have to see that last part as rumour till i see it for myself somewhere.

    I dont know how it works though if all participating companies have trustees or just some have trustees.


    That Rolling Stone article says that what is going on with wall street in the public funds may start happening in the private sector. Maybe it already has and maybe this is part of it...the pension reform stuff. The slicksters arent to be trusted IMO.

  3. #23
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    Default Re: Pensions and their future

    Quote Originally Posted by fxstc07 View Post
    At least in the Philadelphia fund.
    Three from the union side, three form the employer side.

    https://www.teamsterfunds.com/About%...d_trustees.htm
    That Leedy in the link. Is he related to New Penn? We had a Leedy here who was the son of a Ken.

  4. #24
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    Default Re: Pensions and their future

    Quote Originally Posted by slavenomore View Post
    That Leedy in the link. Is he related to New Penn? We had a Leedy here who was the son of a Ken.
    Yes, that is him.

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    Default Re: Pensions and their future

    I had heard about a Ken Leedy when i got to NP. ALot of guys had alot of respect for him. It seems to be the same guy. He was President of NP but isnt anymoe. ANd when i looked up the Transport Employers Associatio it seems to be the same guy. ANd it says about NP on one link. But does he still sit on as a part of the TEA and in turn your fund even though Gast is now top of NP? I womder if the links are outdated for Leedy left NP a long time ago.

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    Default Re: Pensions and their future

    The web site says it was last updated on 10/3/2013.
    I have not heard of any changes to the board.
    As for the "Transport Workers Assoc.", that appears to be an organization, with offices in many different areas.
    The purpose of the association is another question.
    Can't find anything after a quick search.
    Who pays them, and what do they actually do ?

  7. #27
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    Default Re: Pensions and their future

    http://www.pionline.com/article/2013...on-fund-reform
    pension chop chop
    At a hearing held Tuesday by the House Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions to consider possible legislation, members of the Retirement Security Review Commission discussed their reform proposals, which would allow for reduced benefits for future and possibly current retirees in the most troubled pension funds.
    While the legislative solutions “will be painful,” said subcommittee Chairman Rep. Phil Roe, R-Tenn., “I believe we have a commitment on both sides now to do something.”

    “At this point, I think we need to deal with reality,” Thomas Nyhan, executive director and general counsel of the severely underfunded $16.5 billion Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., told committee members. “The longer we wait, the deeper the cuts will have to be.” The Central States pension fund was 53.9% funded as of Dec. 31
    Captain, in coming torpedoes on da way!!

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    Default Re: Pensions and their future

    Thanks for the article. Do you have any idea how Hoffa can sit on the board of the coalition lobbying for the cuts and at the same time the IBT is against them?

    Those cuts are now opposed by the 37 million-member AARP, International Brotherhood of Teamsters, Pension Rights Center and $8.4 billion IAM National Pension Fund, Washington.

    “There is a battle brewing in the halls of Congress,” said R. Thomas Buffenbarger, president of the International Association of Machinists and Aerospace Workers, after the hearing.
    ABFwife likes this.

  9. #29
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    Default Re: Pensions and their future

    Quote Originally Posted by 2631 View Post
    Thanks for the article. Do you have any idea how Hoffa can sit on the board of the coalition lobbying for the cuts and at the same time the IBT is against them?
    Hoffa is opposing it. I can't find the link now
    Other TDU article
    https://www.tdu.org/media/union-and-...on-fund-reform
    At a hearing held Tuesday by the House Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions to consider possible legislation, members of the Retirement Security Review Commission discussed their reform proposals, which would allow for reduced benefits for future and possibly current retirees in the most troubled pension funds.
    possibly current retirees

  10. #30
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    Default Re: Pensions and their future

    I hope you are right about Hoffa opposing it. But that doesn't make sense since he sits on the coalition board of directors.

    The dangerous proposal is part of a package put forward by the National Coordinating Committee for Multiemployer Plans (NCCMP). Hoffa is on the board of directors, and Central States Director Thomas Nyhan and Teamster Int'l V.P. John Murphy are on the Steering Committee. UPS is a prominent supporter.

    The NCCMP is an organization of union pension plans, employer groups and some union officials.

    Teamsters for a Democratic Union (TDU) will actively oppose any move to eliminate the anti-cutback rule, which is an important protection in federal law. "We call upon James Hoffa to come out in opposition, and put the full force of the Teamsters Union to work protecting Teamster pensions," said TDU Steering Committee Co-Chair and Central States retiree Dan Campbell
    https://www.tdu.org/news/opposition-needs-grow-now

 

 
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