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<blockquote data-quote="Cezanne" data-source="post: 102097" data-attributes="member: 5104"><p>Does anybody really think that the Federal Government will permit the multi employer pension fund to fold, think of the liability with the Federal pension insurance. The recent rush of corporations and companys filing bankruptcy, raiding the benefits programs for it's employees, destroying collective barginning agreements then reorganizing and making the shareowners and executives feed on the profits are over when this pension reform act goes through. Especially like the provision about if the employer decides to cast off their responsibiity of paying for promised pension benefits for it's employees they would lose also any golden parachute packages that executives and the sort currently enjoy. In other words if corporations decide to play the game the Feds will bascially take ALL their ASSETS or be forced to pay more in these plans to get them to the required funding levels. The same provision will also be applied to all the multi-employer trusts, sometimes we forget that these funds are not totally controlled by the unions, have we forgot the the board of trustees that control these plans for the best interest of it's participants are a equal balance of corporate and union executives. Where were these company trustees when these plans started to go south, or was it a calculated decision to destroy their collective barginning agreements and make the federal government pay for their greed.</p><p> </p><p>The new pension reform bill requires 100 percent funding within a certain time frame, believe it is seven years for most of the underfunding pension funds. Corporations will be forced to pay more to cover that requirement once this bill passes, could be why the company and union are willing to negotiate earlier than "2008". Again this is not like the steel industry and airlines, enormous profits have been made over the years by the company, it could easily provide monetary contributions to cover the pension for every teamster retiree. People like to mention that these future teamster retirees from other companies will cut into our pension benefits, but are we forgetting that they were paying into that plan the same as we were per contractual agreeements. The real problem was these companies that bailed out of their responsibility to provide funding for it's retirees without any penalty or accountability. </p><p> </p><p>Remember when the mess of the central states plan started to get noticed that Hoffa personally went to these companies in that plan and asked for more money to help the underfunding. From my understanding they told him to take a hike, that they were under no obligation to pay more than the contractual agreement. A planned calculated attempt to get out of it's obligations only the shadow knows<img src="/community/styles/default/xenforo/smilies/group1/cool.gif" class="smilie" loading="lazy" alt=":cool:" title="Cool :cool:" data-shortname=":cool:" /></p></blockquote><p></p>
[QUOTE="Cezanne, post: 102097, member: 5104"] Does anybody really think that the Federal Government will permit the multi employer pension fund to fold, think of the liability with the Federal pension insurance. The recent rush of corporations and companys filing bankruptcy, raiding the benefits programs for it's employees, destroying collective barginning agreements then reorganizing and making the shareowners and executives feed on the profits are over when this pension reform act goes through. Especially like the provision about if the employer decides to cast off their responsibiity of paying for promised pension benefits for it's employees they would lose also any golden parachute packages that executives and the sort currently enjoy. In other words if corporations decide to play the game the Feds will bascially take ALL their ASSETS or be forced to pay more in these plans to get them to the required funding levels. The same provision will also be applied to all the multi-employer trusts, sometimes we forget that these funds are not totally controlled by the unions, have we forgot the the board of trustees that control these plans for the best interest of it's participants are a equal balance of corporate and union executives. Where were these company trustees when these plans started to go south, or was it a calculated decision to destroy their collective barginning agreements and make the federal government pay for their greed. The new pension reform bill requires 100 percent funding within a certain time frame, believe it is seven years for most of the underfunding pension funds. Corporations will be forced to pay more to cover that requirement once this bill passes, could be why the company and union are willing to negotiate earlier than "2008". Again this is not like the steel industry and airlines, enormous profits have been made over the years by the company, it could easily provide monetary contributions to cover the pension for every teamster retiree. People like to mention that these future teamster retirees from other companies will cut into our pension benefits, but are we forgetting that they were paying into that plan the same as we were per contractual agreeements. The real problem was these companies that bailed out of their responsibility to provide funding for it's retirees without any penalty or accountability. Remember when the mess of the central states plan started to get noticed that Hoffa personally went to these companies in that plan and asked for more money to help the underfunding. From my understanding they told him to take a hike, that they were under no obligation to pay more than the contractual agreement. A planned calculated attempt to get out of it's obligations only the shadow knows:cool: [/QUOTE]
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