Pension Agency Faces a New Front

[my2cents]

FWIW, the newly introduced Pension Protection Act has a provision granting employer provided access to independent investment advice as an employee benefit. These investment advisors are there to work in the employees best interest. Couple this with greater disclosure protections in the bill as well. If you haven't read the bill summary, its worth the time to read. I believe H.R. 2830 is the long term solution, instead of just another short term patch.

 

[ok2bclever]

wkmac,

I believe I am in agreement on all your facts.

However, luke, I am not really as enamored by the death star analogy.

That the force is not with us is the problem.

 

[wkmac]

OK2BC,
I AM YOUR FATHER!


We have the force alright, it's just not the right one for either one of us or for that fact any of the rest of the folks here. Seriously, I'll tell you what I am afraid of and that is this coming November will mark 2 years since the changes to CS and by law once those changes occurred no changes would be allowed for 2 years. I'm afraid because of various pressures CS and the union leadership will cave in and make improvements that are only short term and we will revisit cuts again in a few years. The short term improvements will be to shut everyone up and take off the political heat just long enough to get through the current leadership's tenure. Once a new crew comes in they will be left holding the bag so to speak and here we go again.

As much as I'd like to just take my money and run I also agree the present system can be salvaged and saved but will everyone come to the table to do it? I don't think so.
Have a good one.

 

[ok2bclever]

Keep it up and you'll lose the other hand!

No, I don't see any improvements likely for Teamster political reasons or any other reasons this fall.

If for political reasons, a year from now would make more sense as the Teamster National elections will be in the Fall of '06.

Frankly, the Teamsters seem to have hooked their wagon to whatever UPS wants with this consortium they have joined that is pushing pension "fixes" propositions.

 

[wkmac]

"Keep it up and you'll lose the other hand!"

 

[wkmac]

Didn't mean soon as the 2 year window opens something will happen (penison changes) but I do agree the 06' union elections do present a very likely scenario. Don't rule out the 06' Fed. gov't elections and especially the 2008' presidential elections as the issue of pensions is getting hotter and hotter and no politician every turned their nose away from areas where they could get in and screw things up worse and still get votes out of the deal.

On a more serious note, if something doesn't settle by 2008' the retirement could be a flashpoint issue with the contract and we may see 2 immovable forces fight it out over this issue with neither side willing to give. IBT leadership may not be able to cave to it's current bedmate as the rank and file pressure may just be to great. We'll just have to wait and see how it plays out.

 

[laughing]

Our PCM was about pensions.. Sup told us that if we wanted to make sure our pension stayed solvent to bring in sales leads.