Over70irregs
Well-Known Member
Big $ shift upcoming next 7-8 years
CSPF awarded 36 billion.
- Thread starter 542thruNthru
- Start date
Over70irregs
Well-Known Member
Put the pension money on executive pay if I remember correctly.
Craigslist got paid first pension plans got paid last
So basically the plans got nothing
Trucker Clock
Well-Known Member
That was the benefit of a multi-employer pension fund, at one point. If a company went belly up, there were more than enough other companies still paying into the fund to absorb the loss. This was because an employee only received a portion of the money paid into the fund on their behalf by their employer. The other portion covered the loss of bankrupt companies no longer paying into the fund but still had retirees collecting a pension.
The problem is that too many companies went bankrupt. There are not enough companies paying into the fund. If there is enough money in the fund, everyone still gets a pension.
The problem is that there is not enough money in the fund. So cuts have to be made. Is it fair to keep paying a retiree, whose company went bankrupt and is no longer paying into the fund, a pension, and then force a cut to other retirees, whose company is still paying into the fund?
A multi-employer pension fund only works when there are numerous employers paying into the fund. They do not work today.
Now, thanks to the Government, everyone still gets a pension and the hard choices do not have to be made.
rod
Retired 22 years
And that is what happened. Central States went broke under the control of Uncle Sam and now Uncle Sam has done the right thing and reimbursed it-----like they should have all along without a YEARS long battle.
rod
Retired 22 years
The big wigs got multi million dollar golden parachutes.
DriveInDriveOut
Inordinately Right
Wally
BrownCafe Innovator & King of Puns
No. You invite the government into your private pension and it becomes theirs at any time.
Johney
Well-Known Member
Well there is that, but it’s better than having nothing. When I hit 65 half of what I receive now comes from CS.
BigUnionGuy
Got the T-Shirt
Next year?
Johney
Well-Known Member
8 more.
Over70irregs
Well-Known Member
542thruNthru
Well-Known Member
My multi employer pension is working.
Trucker Clock
Well-Known Member
My multi employer pension is working.
One of the few. You in the WCT?
Bubblehead
My Senior Picture
Why is that, what makes your fund different from Central States?My multi employer pension is working.
Wally
BrownCafe Innovator & King of Puns
Road Dog 56
Well-Known Member
Happy for retirees even though do not know the whole story.
Govt just printing more money?
Worldwide , govts have printed 11 TRILLION new dollars in the sham name of covid and other lame excuses and then everyone wonders why inflation is out of control.
Ya , we got some "stimulus checks" ( welfare ) but we have more than paid that back with interest.
Govt just printing more money?
Worldwide , govts have printed 11 TRILLION new dollars in the sham name of covid and other lame excuses and then everyone wonders why inflation is out of control.
Ya , we got some "stimulus checks" ( welfare ) but we have more than paid that back with interest.
542thruNthru
Well-Known Member
I would assume because we also have part timers in our fund and more diversified when it comes to the different crafts that participate in our pension.
Oh and we can't forget. Because the west is just naturally better.
Wally
BrownCafe Innovator & King of Puns
Oh and we can't forget. Because the west is just naturally better.
