Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions

[realbrown1]

I guess ......"saving the surplus for the future"..... wasn't an option?

Our BA told us that it wasn't an option.

They pretty much have to IMPROVE the plan if there is a surplus.

But I think the 13th check was the better option.

 

[10 point]

Ron did what Ron wanted to get reelected. It is what it is.

 

[rod]

That "government oversight", makes them somewhat culpable for any mismanagement subsequent.
This "oversight" was not "consistent" within Teamster Multi-employer funds.

When the pension was "taken over" in 1982 by a government body that was suppose to keep an eye on it it no longer became a private pension. For all intensive purposes it sould be classified as a government pension. The government stood by while it was under their control and watched it go down the toilet. The Central States Pension deserves even more than GM or the whole banking system to be bailed out.

 

[oldngray]

When the pension was "taken over" in 1982 by a government body that was suppose to keep an eye on it it no longer became a private pension. For all intensive purposes it sould be classified as a government pension. The government stood by while it was under their control and watched it go down the toilet. The Central States Pension deserves even more than GM or the whole banking system to be bailed out.

Deserves maybe but not gonna happen. Public employee pensions and big banks will certainly get bailed out but private sector union pension? No way.

 

[rod]

Deserves maybe but not gonna happen. Public employee pensions and big banks will certainly get bailed out but private sector union pension? No way.

I'm not saying it will be bailed out------but it should be. The fat lady is still warming up but she hasn't began to sing yet.

 

[BigUnionGuy]

And how many white paper contracts do you suppose Ron Carey negotiated as General President?

Personally....involved with ? None that I know of.

Maybe I didn't understand your point.

I would tend to agree with the semantics of that statement, were it not for the "Consent Decree" allowing for decades of government oversight of the fund.

That "government oversight", makes them somewhat culpable for any mismanagement subsequent.

I am trying to understand (your) thoughts about the Consent Decree.


" in which they allegedly became silent business partners after arranging loans worth $62.7 million from the Teamsters Central States Pension Fund."

Teamster-Mob Plot Told at Casino Trial : Top Mafia Figure Describes Sharing of Money in Skimming Case


How does government oversight (of the fund) make them culpable....

For the investment strategy and fluctuations of the stock market ?

Help me out.



-Bug-

 

[rod]

Personally....involved with ? None that I know of.




How does government oversight (of the fund) make them culpable....

For the investment strategy and fluctuations of the stock market ?

Help me out.



-Bug-

And yet they bailed out every Tom Dick and Harry in a 3 piece suit on Wall Street

 

[Bubblehead]

How does government oversight (of the fund) make them culpable....For the investment strategy and fluctuations of the stock market ? Help me out.

consent decree teamsters central states - DDC Yahoo Search Results

Connect the dots yourself....

....or send sufficient funds via PayPal, and I'll explain it to you.


Perhaps we should go back to making loans to the Mob?

 

[Brown Spider]

Personally....involved with ? None that I know of.

Maybe I didn't understand your point.







I am trying to understand (your) thoughts about the Consent Decree.


" in which they allegedly became silent business partners after arranging loans worth $62.7 million from the Teamsters Central States Pension Fund."

Teamster-Mob Plot Told at Casino Trial : Top Mafia Figure Describes Sharing of Money in Skimming Case


How does government oversight (of the fund) make them culpable....

For the investment strategy and fluctuations of the stock market ?

Help me out.



-Bug-

"None that I know of" sounds like the right answer. Maybe I misunderstood your point. What you said was:

"That's like admitting RC negotiated sub-standard National agreements at UPS and in the freight industry. (not to mention all the white paper contracts)"

 

[upschuck]

Kinda makes you wish RC gave up the pension in 97, a lot less people would be in danger of losing a lot of their retirement.

 

[UpstateNYUPSer(Ret)]

Kinda makes you wish RC gave up the pension in 97, a lot less people would be in danger of losing a lot of their retirement.

Hindsight is 20/20 but I agree that we should have let the company have their way with the pension.

 

[BigUnionGuy]

Maybe I misunderstood your point.

Do you really want me to say....

What everyone knows ?



-Bug-

 

[Lead Belly]

I wish the economy wouldn't have crashed in December of 2007 through June of 2009. Subprime mortgage crisis - Wikipedia, the free encyclopedia

 

[Lead Belly]

And yet they bailed out every Tom Dick and Harry in a 3 piece suit on Wall Street

And yet they bailed out every Tom Dick and Harry in a 3 piece suit on Wall Street

They will never bail out teamsters or old people. The house and senate and all politicians don't value us this way. Never been will.

 

[Lead Belly]

Kinda makes you wish RC gave up the pension in 97, a lot less people would be in danger of losing a lot of their retirement.

Wow

 

[Bubblehead]

Kinda makes you wish RC gave up the pension in 97, a lot less people would be in danger of losing a lot of their retirement.

Not me.
I value all Teamsters; past, present and future, active or retired, not just UPSer's and myself.

Hindsight is 20/20 but I agree that we should have let the company have their way with the pension.

Freudian slip?

 

[upschuck]

Not me.
I value all Teamsters; past and present, active or retired, not just UPSer's and myself.

Freudian slip?

More people would be getting more money when retired, UPS shouldn't have to pay for other company's poor earnigs, or ineptitude of the pension handlers. Ask the many people who are now facing 25% of what they are getting now, I bet they'd love to have UPS backing up the liability of that shortfall. I guess we fundamentally disagree on this, but that is ok.

 

[By The Book]

More people would be getting more money when retired, UPS shouldn't have to pay for other company's poor earnigs, or ineptitude of the pension handlers. Ask the many people who are now facing 25% of what they are getting now, I bet they'd love to have UPS backing up the liability of that shortfall. I guess we fundamentally disagree on this, but that is ok.

I guess we'll never know how things would be like today had RC accepted the pension buyout. I do know you can't say we would be where we're today if he had. I'm sure many feared that UPS would have too much control and could change things drastically if they wanted in a short amount of time.

 

[Brown Spider]

Do you really want me to say....

What everyone knows ?



-Bug-

Why not? Go for it Bug.

 

[Inthegame]

More people would be getting more money when retired...

Why do you think anyone would be getting more money if UPS withdrew in '97? Do you believe UPS would suddenly feel generous? That hasn't been their history.

UPS shouldn't have to pay for other company's poor earnings...

The withdrawal liability issue is a serious impediment to all existing participating employers, however UPS has stressed the "earnings" of many other employers, including larger freight carriers now in competition with non-participating UPS Freight. In this case, they have made their own bed.

... or ineptitude of the pension handlers.

The CSPF has had ROI's in the top 20% of pension funds over the last 20 years. The issues of that plan have little to do with the "pension handlers" and everything to do with dwindling participating employers, and the market fall of 2008.

Ask the many people who are now facing 25% of what they are getting now, I bet they'd love to have UPS backing up the liability of that shortfall.

Can't find anyone facing 25% of what they are getting now. The proposed CSPF cuts were limited to 10% above the PBGC guarantee of 30%. And that's been rejected.