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Central States Pension Reduction Plan Letter announces Cuts - October 2015
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<blockquote data-quote="Inthegame" data-source="post: 1866564" data-attributes="member: 37112"><p>And most of your opinion is not based on facts.</p><p></p><p>Do you know the CSPF had no legal way to reduce benefits prior to the law change last December?</p><p></p><p>Do you know Tom Nyhan proposed passing legislation years back suggesting a smaller 10% cut as a way to solvency?</p><p></p><p>Do you know the CSPF has no way to increase the number of participating contributing employers? </p><p></p><p>Do you know the PBGC insures pensions at a pct, not the full obligation? That law remains. The FDIC also only insures to a max (I believe $250K), so over that amount you're rolling dice.</p><p></p><p>Do you know the PBGC is funded by existing Pension Plans that now face increased payments to keep the PBGC solvent? So even those in strong plans are impacted by failing plans.</p><p></p><p>The issues with funding in the CSPF started a generation ago and as in too many things, fixing the core problems weren't considered for political expediency, so remedies were kicked down the road for someone else to address. Blaming the guys today is like blaming the firemen (who are trying to save the building) for starting the fire.</p><p></p><p>Finally, criminal bankers should be hung by their nuts, but not supporting failed huge banks and businesses (GM, paid back BTW) would've collapsed the entire economy. And how do you think a total collapse would've affected EVERY pension plan? The CSPF rescue plan would've been unnecessary as everyone would get nothing.</p></blockquote><p></p>
[QUOTE="Inthegame, post: 1866564, member: 37112"] And most of your opinion is not based on facts. Do you know the CSPF had no legal way to reduce benefits prior to the law change last December? Do you know Tom Nyhan proposed passing legislation years back suggesting a smaller 10% cut as a way to solvency? Do you know the CSPF has no way to increase the number of participating contributing employers? Do you know the PBGC insures pensions at a pct, not the full obligation? That law remains. The FDIC also only insures to a max (I believe $250K), so over that amount you're rolling dice. Do you know the PBGC is funded by existing Pension Plans that now face increased payments to keep the PBGC solvent? So even those in strong plans are impacted by failing plans. The issues with funding in the CSPF started a generation ago and as in too many things, fixing the core problems weren't considered for political expediency, so remedies were kicked down the road for someone else to address. Blaming the guys today is like blaming the firemen (who are trying to save the building) for starting the fire. Finally, criminal bankers should be hung by their nuts, but not supporting failed huge banks and businesses (GM, paid back BTW) would've collapsed the entire economy. And how do you think a total collapse would've affected EVERY pension plan? The CSPF rescue plan would've been unnecessary as everyone would get nothing. [/QUOTE]
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Central States Pension Reduction Plan Letter announces Cuts - October 2015
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