zubenelgenubi
I'm a star
When the solution to big government screw ups is more big government screw ups.
Central States Pension has been saved.
- Thread starter soberups
- Start date
When the solution to big government screw ups is more big government screw ups.
DriveInDriveOut
Inordinately Right
Yay the pension is saved!
Happy days are here again!
Lol.
Happy days are here again!
Lol.
Jkloc420
Do you need an air compressor or tire gauge
It isnt the end
DriveInDriveOut
Inordinately Right
We're in the money!
We're in the money!
We've got a lot of what it takes to get along!
DELACROIX
In the Spirit of Honore' Daumier
Many factors related to the Central:
a. Deregulating the Trucking Industry in the 1980's also the ability of these companies not to be held accountable for their pension liabilities (bankruptcy laws).
b. Federal intervention caused by questionable investments also in the 80's
c. Mob influence in the Leadership in the 60's and may still be happening as far as we know.
d. The Union Leadership's inability or failure to organize new participants or members to pay into their plans.
c. UPS's ability to eliminate or reduce full time positions in favor of increasing (non contributing) part time ones in the 70's, 80's and 90's...
d. Political pie in the sky promises to increase benefits in order to get elected to these Union Offices.
e. The Leadership's lost interest in listening to their members or changing with the times (currently).
friend. Central States raising the benefits in the 90's from 1,500 to 3,000 for 30 years service any age.
g. The inability or unwillingness of these negotiating committees to make any concrete creative changes,
instead they only cared about being elected without thought of the disparity among their membership's
benefit levels in different conferences or pension plans.
h. Stock Market crashes similar to the 2008 almost right after the Central taking the 6.1 Billion UPS buyout.
i. The "Good Old Boy" structure that fosters a lack of transparency and honesty with what is happening in
the negotiation process, particularly in the last three. After all most of us are just "Dumb" truck drivers..we
know what is best for them attitudes, and finding loop holes to rig the voting results.
j. The real lack of power or accountability with these federal agencies that oversee labor dealings or pension
fraud.
Many more factors, be free to add any...
Last edited:
bottomups
Bad Moon Risen'
Why did the taxpayers have to bail out Wall St and the banks too big to fail?
1989
Well-Known Member
Yet the west didn’t experience any of these negative returns and is producing positive returns.Many factors related to the Central:
a. Deregulating the Trucking Industry in the 1980's also the ability of these companies not to be held accountable for their pension liabilities (bankruptcy laws).
b. Federal intervention caused by questionable investments also in the 80's
c. Mob influence in the Leadership in the 60's and may still be happening as far as we know.
d. The Union Leadership's inability or failure to organize new participants or members to pay into their plans.
c. UPS's ability to eliminate or reduce full time positions in favor of increasing (non contributing) part time ones in the 70's, 80's and 90's...
d. Political pie in the sky promises to increase benefits in order to get elected to these Union Offices.
e. The Leadership's lost interest in listening to their members or changing with the times (currently).
friend. Central States raising the benefits in the 90's from 1,500 to 3,000 for 30 years service any age.
g. The inability or unwillingness of these negotiating committees to make any concrete creative changes,
instead they only cared about being elected without thought of the disparity among their membership's
benefit levels in different conferences or pension plans.
h. Stock Market crashes similar to the 2008 almost right after the Central taking the 6.1 Billion UPS buyout.
i. The "Good Old Boy" structure that fosters a lack of transparency and honesty with what is happening in
the negotiation process, particularly in the last three. After all most of us are just "Dumb" truck drivers..we
know what is best for them attitudes, and finding loop holes to rig the voting results.
j. The real lack of power or accountability with these federal agencies that oversee labor dealings or pension
fraud.
Many more factors, be free to add any...
DriveInDriveOut
Inordinately Right
Why should the taxpayers have to bail out the mismanaged pension funds?
zubenelgenubi
I'm a star
Why can't we all agree that we shouldn't have to bail out anything? Oh that's right, the establishment doesn't benefit when we agree on stuff, so they won't let that happen. I would have loved to see the banksters go down in flames. A bunch of old farts who put all their eggs in one basket having to get jobs as greeters at Wal-Mart isn't the greatest tragedy in the world. No offense, @rod.
bottomups
Bad Moon Risen'
They shouldn't have to. My pension fund is solvent and have been drawing on it for over a year now. This bailout won't affect me at all.
govols019
You smell that?
Mismanaged by government appointed companies.
DELACROIX
In the Spirit of Honore' Daumier
The Western did it smart.. they had the luxury of being diversified, they organized outside the trucking firms, so the deregulation did not hurt them as much as the Central and Southern.
Another factor is that their UPS part timers were contributing from day one into the same pension trust as the full timers.
The federal involvement with Central occurred back in the 60’s.. Remember Hoffa and Robert Kennedy got into it over mob influences primarily with the Central States dubious transactions. I believe that the Western was as pure as snow compared to the Central, most of the mob power brokers were in the East and Midwest.
Also you have the great benefit of having your part time service counting with your full time pension benefits. In the Central and Southern our part time years are separate and totally controlled by the Company. They are miserable compared to the West’s.
542thruNthru
Well-Known Member
Why did the they keep PT separate? I never understood that.
How much does hunter biden get from this?Just a friendly reminder to all of the Trump supporters in the Central States Pension Plan; every single Republican in Congress voted against pension relief. Let us all be grateful that Biden can sign this into law.
Teamsters Celebrate Passage of COVID-19 Stimulus Bill Delivering Pension Relief
(WASHINGTON) – The Teamsters are euphoric about the $1.9 trillion American Rescue Plan (ARP) clearing its final legislative hurdle in the House today, ensurinteamster.org
a911scanner
Well-Known Member
Although I am new enough to not get benefits from Central States, I am very glad for those of you that do or will that this has happened.
That being said, this is in no way squarely on the shoulders of Republicans, although I am sure that many of you would like to blame them.
This all comes down to the huge financial mismanagement of this fund from the beginning, as well as all of the other poor decisions along the way (as was eluded to a few posts back).
Like it or not, it is a great thing that UPS ran away from them for our long term benefit.
And one last thing... Government bailouts for anyone stealing money is just plain wrong.
That being said, this is in no way squarely on the shoulders of Republicans, although I am sure that many of you would like to blame them.
This all comes down to the huge financial mismanagement of this fund from the beginning, as well as all of the other poor decisions along the way (as was eluded to a few posts back).
Like it or not, it is a great thing that UPS ran away from them for our long term benefit.
And one last thing... Government bailouts for anyone stealing money is just plain wrong.
I'm sure UPS is a static over this baillock because that takes them off the hook for some of the underfunded liability they had
DELACROIX
In the Spirit of Honore' Daumier
I do not know, it was before my time. The UPS Pension plan was started between 1973 and 1976 and was always controlled by UPS the only involvement that the Teamster had was negotiating increases and vesting rights. Almost most of the full timers that were under the Central have vested time in that plan. When we retire we get two separate checks.
I do not know if the International ever tried to get those part timers into Central over the years. Those years are calculated in when you left the plan, for example if you have 10 years PT years it would formulated as 10/30 or a third of what a thirty year pension at the time you became full time. The trouble is that plan is subject to a 6 % penalty for every year prior to age 65. So if you left at age 55, your pension benefits are cut by 60% .. that 300 dollar benefit that you would get for those part time years would be cut to roughly 100 dollars.
MyTripisCut
Never bought my own handtruck
Separate here as well.
542thruNthru
Well-Known Member
What pension fund are you guys part of?
MyTripisCut
Never bought my own handtruck
Teamsters Health and Welfare and Pension fund of Philadelphia and vicinity.
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