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

Discussion in 'UPS Union Issues' started by 728ups, May 6, 2016.

  1. 728ups

    728ups offending people on the internet since 1995

    I know its fun here for many to slam Hoffa and hall,but i think they were a key factor to this decision

    (WASHINGTON) – Today, the Department of Treasury announced its decision to deny the Central States, Southeast and Southwest Areas Pension Fund (CSPF) application to cut the pensions of thousands of Teamsters Union retirees. The union applauds this decision, and will continue to work with members of Congress to find a solution to the pension crisis.

    CSPF filed the application for cuts with the Treasury Department in September 2015 as allowed under the Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA). Treasury appointed Kenneth Feinberg as a Special Master in June 2015 to review all applications submitted by funds under the MPRA. Feinberg determined that the CSPF application did not meet all the requirements set by Congress in the MPRA.

    “On behalf of our union and the more than 400,000 retirees and participants in Central States Pension Fund, I would like to thank Mr. Feinberg and the Department of Treasury for denying these massive cuts that would destroy so many lives. We worked with thousands of retirees to educate Treasury and Congress on the devastating impact of the proposed cuts,” said Teamsters General President Jim Hoffa. “This decision means that there won’t be any cuts to retirees’ pensions this July or the foreseeable future. We will find a solution to this problem that will allow members and retirees to continue to retire with dignity.”

    The union supports the Pension Accountability Act, which addresses concerns with MPRA, and the Keep Our Pension Promises Act, which would protect workers and retirees from cuts to their earned retirement benefits. The Teamsters will continue its legislative efforts to repeal MPRA and find a viable solution to the pension crisis.

    “The MPRA was a horrible piece of legislation that would have never passed through Congress on its own merits,” said Eastern Region International Vice President John Murphy. “It passed in the eleventh hour as a self-executing amendment to a spending bill that had to go through. In the short term, we intend to continue to push through legislative remedies that will fix the negative aspects of the MPRA while fighting to repeal the law in the long term.”

    Members of Congress support the retirees’ fight against the cuts. In February, a bipartisan collection of 90 House members signed onto a letter sent to the Treasury asking it to reject Central States application. And 25 senators, both Republicans and Democrats, did the same in a separate letter. Additionally, 46 U.S. Senators signed on to a letter sent to Sec. of Treasury Jacob Lew on April 15, calling on him to carefully consider the impact the cuts could have on the CSPF retirees and ensure that all criteria are thoroughly considered before making a decision on the application.

    “I worked for 31 years with the expectation that when I retired my pension was going to be there to support me through my golden years,” said Mike Walden, a retiree out of Local 24 in Akron, Ohio. “A pension is a promise made by the company to the employee and there is no acceptable reason that the promise should be broken. This was the right decision.”

    Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at
  2. rod

    rod retired and happy

    So The Teamsters are happy the cuts were voted down and the Company is happy to? Why the F did they bother to go through all this BS to begin with? I can't figure it out.
  3. Lead Belly

    Lead Belly BANNED

    The pension crisis in central states is the tip of the iceberg. There are over 400 pensions funds in the read across all industries that are 17,000,000,000 underfunded. They are trying to get central states fixed before everything fails and then the rest will eat cat food. There will be a lot of unhappy people everywhere in every industry.
  4. Sleeve_meet_Heart

    Sleeve_meet_Heart making the unreadable unreadabler

    Those who did not plan their retirement properly, sure. I don't plan on earning a cent from a Teamster pension.
  5. Bubblehead

    Bubblehead My Senior Picture

    Oh please, are you kidding???

    You can credit UPS and it's enormous lobbying dollar$ for this decision, and both UPS and H&H for the structure of the Multi-Employer Pension Reform Act of 2014.

    H&H are only now pretending to be against what they were championing until the election season.

    Solutions Not Bailouts
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  6. Lead Belly

    Lead Belly BANNED

    Okay that's good for you. I put 14% in my 401k and my wife has investments. This still will not be enough with inflation. I hope pension is still there. I and you deserve it. We shouldn't let the whole system go down the tubes by waiting another year in my opinion. They should have made the proposed cuts and put the money in an escrow account until it's finally settled. That way people could start to figure out how to make ends meat. Now it all starts over and prolongs the agony.
  7. Bubblehead

    Bubblehead My Senior Picture

    To prolong the inevitable, create an illusion, and buy H&H one more election.
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  8. Sleeve_meet_Heart

    Sleeve_meet_Heart making the unreadable unreadabler

    You live well beyond your means, then.

    The whole system should be scrapped.
  9. Bubblehead

    Bubblehead My Senior Picture

    Interesting faux pas?
  10. realbrown1

    realbrown1 Annoy a liberal today. Hit them with facts.

    You hit the nail on the head.

    Matching 401K's would be better and cost 1/3 as much.

    Pensions are ponzi schemes robbing Peter to pay Paul.

    So how do you transition from a pension based retirement system to a matching 401k system without collapsing the pension system even more?
  11. Lead Belly

    Lead Belly BANNED

    You only live once. At least I think you do. I feel that I put a fair amount away but when my kids have kids I'm going to want to help them. Do you have children?
  12. Sleeve_meet_Heart

    Sleeve_meet_Heart making the unreadable unreadabler

    You can help your kids and their kids, without throwing around your retirement savings. Your time and effort goes a lot further than any dollar could, but most people don't get that.
    I don't have kids and it's unlikely I will. Nevermind the expenses and financial hit...The vast majority of "parents" I see have zero idea of what they are doing, and should never be in that situation. Even if on the outside, things seem okay. Just doing my part to offset the family-crazy American madness. ;>
  13. Lead Belly

    Lead Belly BANNED

    I respect your opinion on the children and the nut jobs that have them. I respect that there are people that decide kids aren't for them. I don't know if what I'm doing raising my kids is going to be the best and it scares me. This world scares me. They will have to go out into this world some day but just knowing them loving them and seeing there faces everyday is so rewarding. It's very very hard to raise these kids and have a good marriage. I look at all kinds of people who give up on it. It's a crap shoot.
  14. BrownTexas

    BrownTexas Well-Known Member

    "A pension is a promise made by the company to the employee and there is no acceptable reason that promise should be broken." I couldn't agree more with this guy.
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  15. BrownTexas

    BrownTexas Well-Known Member

    It's not a crap shoot. It takes work. Those that throw in the towel get to the point that they feel it can't be fixed. They choose to stop putting the work in.
  16. Lead Belly

    Lead Belly BANNED

    Look around at all these people that are having kids. It's a crap shoot for them. I s me my kids to school in the burbs and they know no bad words or anything that's bad and they learn it from these other children. I know that they inevitably will learn all this stuff but I wish these parents wouldn't put their kids in a position to see so much bad stuff so they can in turn teach it to my kids. That's the crap shoot. Having kids is scary.
  17. Orion inc.

    Orion inc. I like turtles

    I'd like to see the option of either a pension contributions or instead a 401k deposit and match. Let each employee decide which they want to participate in.
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  18. Ghost in the Darkness

    Ghost in the Darkness Active Member

    Its a job benefit... just like wages and health care. We have contractually agreed money and accruals put in and many of us have diverted raises directly to the pension fund in our region. I don't know about some of you but if somebody tries to pick my pocket they will get a fight.
  19. Bubblehead

    Bubblehead My Senior Picture

    I'm not sure who you are quoting and agreeing with, but how in this instance, has the company been remiss?
    What obligations have they shirked?
    Doesn't the culpability in this pensions failure belong to the union and it's administrative bodies?
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  20. RonBurgandy??????????

    RonBurgandy?????????? God is Great, beer is good , People are crazy.

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