UpstateNYUPSer(Ret)
Well-Known Member
Our pension fund serves more than one local.
Central States Pension Reduction Plan Letter announces Cuts - October 2015
- Thread starter Hofficer Hater
- Start date
Our pension fund serves more than one local.
realbrown1
Annoy a liberal today. Hit them with facts.
Bubblehead
My Senior Picture
So???
UpstateNYUPSer(Ret)
Well-Known Member
You said that officials from every local should have been invited.
Bubblehead
My Senior Picture
No, I was implying that every local was invited.
crazyeyes
Active Member
WTF ?
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There is a way for pension funds to stay healthy. You have honest math nerds figure out on dollars contributed to plan figure out what it can pay out based on number of participants, mortality, who is retiring and when, disability distributions, you just can't say at 25 years i get 3000$. thats not real math.
upschuck
Well-Known Member
They will still argue it, because they like to argue
upschuck
Well-Known Member
I would do it for a lot less.
No it doesn't. The letter clearly states the invite is extended to our Teamster Benefit Fund Trustees and Administrators. Nowhere in the content of the letter are any union officers not serving as Trustees invited to the event. The memo was sent to PO's of Local Unions and JC's for distribution to the qualifying parties as is the common practice.
The list is of Central States Administrators not Teamster officials.
The money to pay the expenses for educational conferences comes from the Trust Funds they are representing.
Hawaii is too extravagant for our Funds trustees, but that's the choice our guys have made. On the other hand theses venues offer opportunities to network with numerous agents that could increase fund values. (sounds a bit familiar)
Think of it like this; a small to average pension fund of say $500 million in invested assets has a assumption of 7.5% annual ROI. If union trustees (who receive no compensation from the funds they represent, but can be sued for not acting prudently, which includes failing to educate oneself) meet an investment manager who historically exceeds that ROI and they move their account to that manager, they could easily pay back their fund a hundredfold for the cost of their attendance at that conference. In my above scenario a 7.6 % one year ROI (one tenth of a pct increase over their assumed 7.5%) would be a difference of + $500,000 for their funds.
Many would think that's worth the trip.
Bubblehead
My Senior Picture
So this particular organization's annual conference is the "only game in town"?
There is no other avenue for these officials to remain "educated" and network?
Enough people say no, often enough, and the venue would be more centralized and economically feasible in the future.
But that's not going to happen, is it?
I get everything you're saying, as my wife holds a degree that is worthless without being able to prove she has continued to educate herself in her field of study and would not be able to maintain her license in her vocation otherwise.
In the end, I can think of no "Funds trustees", from any vocation or company, that can justify an educational conference in Hawaii unless they reside there.
It's an abusive expenditure, and the Teamsters for sure, have no business traveling there under those pretenses ever, but especially now under present day circumstances.
This is just another example of the status quo that's gotta go.
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The IFEBP hosts this event, not the Teamsters.
The Teamsters do run a trust fund seminar each year in the lower 48. The IFEBP's conference is more encompassing, but they also host smaller conferences throughout the year.
There will be over 5000 attendees from hundreds of benefit funds present with Teamsters as a small pct of the total. This isn't the only game but it is the Super bowl of benefit fund conferences with every major player in the financial and investing world present and available.
As I said in an earlier post, our fund trustees pass on this for the reasons you've mentioned.
Bubblehead
My Senior Picture
Sounds more like the "Pro Bowl" .
That's in Hawaii also, isn't it?
saw this on twitter.
keep cheerleading crapitalism...
https://www.wsws.org/en/articles/2015/10/09/pens-o09.html
"The Teamsters’ Central States Pension Fund, one of the largest retirement funds in the country, has sent letters to over 400,000 beneficiaries announcing that they will lose thousands of dollars in retirement benefits. Many current retirees will see their benefits slashed by 50 percent or more."
keep cheerleading crapitalism...
https://www.wsws.org/en/articles/2015/10/09/pens-o09.html
"The Teamsters’ Central States Pension Fund, one of the largest retirement funds in the country, has sent letters to over 400,000 beneficiaries announcing that they will lose thousands of dollars in retirement benefits. Many current retirees will see their benefits slashed by 50 percent or more."
BigUnionGuy
Got the T-Shirt
And jealousy, rears it ugly head.
People on the "outside" always complain.
Once they are in the door....
They enjoy the lush surroundings.
Think about it.
The members of your Local.... elected the people in office.
Who's to blame for that ?
They use to be fighters.
What's changed ?
Reality ?
-Bug-
Catatonic
Nine Lives
Man, this is going to turn heads.
I don't think anyone here heard about this.
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