Is Central States pension fund ready to go under?

18wheelbrownie

Well-Known Member
i think when you read this article from the red zone amendment, you will understand why we need to get away from central states!




Committee on Ways and Means

H.R. 2830, THE PENSION PROTECTION ACT OF 2005
Chairman’s Amendment Summary
Chairman Bill Thomas (R-CA) Page 9 of 11
Committee on Ways and Means
November 8, 2005 3:15 p.m.

4. FUNDING REFORMS FOR MULTIEMPLOYER PENSION PLANS

Current Law. Multiemployer pension plans are maintained by two or more employers in the
same industry that pool their assets and liabilities to form a pension plan for workers in the
industry. The plan is governed by a board of trustees comprised of an equal number of
employers and union representatives. Benefit and contribution levels are set by the terms of
collectively bargained agreements. Employers that withdraw from the plan must pay
withdrawal liability, and the remaining employers in the pool are liable for the benefits of
workers and retirees that remain in the plan. The PBGC maintains a separate insurance program
for multiemployer plans and acts as a lender of last resort if the plan cannot pay promised
benefits.

H.R. 2830. The bill creates a structure for identifying financially troubled plans by creating two
zones.

1. Plans in the “yellow zone” are less than 80 percent funded and considered to be endangered.
Plan trustees must adopt a financial plan to improve funding by one-third within 10 years. If
the plan is between 65 and 70 percent funded, or if the plan’s actuary certifies that the one-
third benchmark cannot be met, then the plan must provide for a one-fifth improvement
within 15 years. Benefits cannot be increased if the plan is less than 65-percent funded.

2. Plans in the “red zone” are less than 65 percent funded and considered to be in critical
financial condition. Plan trustees must adopt a reorganization plan to exit the red zone
within 10 years. The plan must include increased employer contributions, restrictions on
future benefit accruals, expense reductions, and funding relief measures to help the plan exit
the red zone.

In addition, H.R. 2830 includes two reforms that apply to all multiemployer plans. First, most
amortization periods are reduced from up to 40 years under current law to 15 years. Second, the
maximum tax-deductible contribution is increased from 100 percent of the full funding limit
under current law to 140 percent of current liability.
 

trickpony1

Well-Known Member
Post #80 offers a link that a person can research rules regarding employment after retirement.
Has anyone had trouble accessing that link? My computer locks up when I click on that link.
I would be interested in what information is offered.
Any suggestions?
 

badpas

Well-Known Member
Its because that is almost exactly all you can do. Next to goverment, state, county, and some odd ball jobs that is all you get. I mean its supposed to be our money why would we want it if we still have to work? Because that is just what the union will say, I've heard it myself. I've even had them tell us if your smart, such as real estate{rentals}, and you gross over a certain amount they will cut your pension. True story, had a driver call about what he would get when he retires and after a few questions about his rentals and grossing about 6,000$ a month this person from central states told him quote " you make to much, you won't see a dime." Sounds just what I want to deal with in my golden years.
 

badpas

Well-Known Member
I think more and more will see the light with info like this. And they want to send stuff in the mail to everyone in the union about how the apwa is a scam. Ha we already have one stealing us blind as we speak. Thanks again for the info GO APWA!!!
 

krash

Go big orange
Seems like all the Teamsters finally shut their mouths.... Amazing the response when you can read it for yourself in black and white.


VOTE APWA !!!
OK, what are we suppose to respond to? The "limited work" clause?? It's been that way for a loooooooooong time. Am I suppose to be up in arms that I can't go to work after retiring? Man, I'm so bummed. I really really wanna work after I retire. Yep, that's what I'm striving for. Gooooooooo APWA. I can't wait for that decert so I'll have to work after retirement.
 

Delivered

Well-Known Member
OK, what are we suppose to respond to? The "limited work" clause?? It's been that way for a loooooooooong time. Am I suppose to be up in arms that I can't go to work after retiring? Man, I'm so bummed. I really really wanna work after I retire.

Nobody wants a full-time job when they retire, but I do want my $3,000 grand a month I have busted my ass for, and now CS says we are going to give you WAY less money and you can't even get a part-time job delivering flowers or we will give you even less money....Tell me, that makes any sense to you.
 

raceanoncr

Well-Known Member
How can you say that I have no facts to back up my statements? I gave the numbers straight from the annual reports from Central States. There is no denying these numbers, even though people such as yourself will still doubt the facts that you don't agree with.
Why don't you vote for the Teamsters as your bargaining agent. That way, you will be assured that when you are ready to retire, you will receive very little, and have restrictions placed on you. As I recall, UPS freight was Overnight freight not long ago. They belonged to the Teamsters who called a strike that lasted 3 years. Who can support themselves and a family while out of work? The Teamsters had these workers best interests in mind when they no longer worked!!! Continue to support them by all means, and you are asking for history to repeat.


Hmmm...UPS Freight was Overnite freight not long ago? They belonged to the Teamsters who called a strike...????

OK, Eng, list all the Overnite (ck spelling Mr. Educated, ah, you DID say you were smarter than all of us, didn't you?)/UPSFreight terminals that were Teamster. Hmmm...if they WERE Teamster, how come IBT is trying to organize UPSF now?

Remember, you give facts! I want facts! I'm asking you a question! Please respond with facts! This question only at this time, this answer only at this time. You think I'm anal? Just try me!
 

wildgoose

WILDGOOSE
OK, what are we suppose to respond to? The "limited work" clause?? It's been that way for a loooooooooong time. Am I suppose to be up in arms that I can't go to work after retiring? Man, I'm so bummed. I really really wanna work after I retire. Yep, that's what I'm striving for. Gooooooooo APWA. I can't wait for that decert so I'll have to work after retirement.
When the government takes over after it goes below the 40% mark will there be job restrictions under the government ? :tongue_sm
 

Cole

Well-Known Member
CS has rules that are frankly unConstitutional, and their criminal activities have caused this movement. They have had their ways for years, so now it's time we take their hands off our retirement!
 

satellitedriver

Moderator
OK, what are we suppose to respond to? The "limited work" clause?? It's been that way for a loooooooooong time. Am I suppose to be up in arms that I can't go to work after retiring? Man, I'm so bummed. I really really wanna work after I retire. Yep, that's what I'm striving for. Gooooooooo APWA. I can't wait for that decert so I'll have to work after retirement.
My father worked SP railroad for 38 yrs. He had no restrictions on making money after he retired. He started at SP in 1933 and that was a looooooooooong time ago.
If you read the retirement plan from CS, it says that the retirement plan is only a supplemental. Then they restrict on how you can supplement.
HUH?
I do want to work after I retire from UPS.
Why should anyone have the right to tell me I can't?
 

wildgoose

WILDGOOSE
Good question.
I think the reality of it is if there is a much reduced pension more than not will still be working - face it raising a family and the bills that come with it can take a toll on the savings program.
I would rather enjoy my remaining years not working but our pension doesn`t support that idea even with the 401k and social security. :mad: CS has dropped the bomb now and told the Locals to negoitiate a better pension increase or be prepared to exit their plan because of underfunding ! Now the teamsters are in a vulnerable position and their belly is exposed for negotiations.
 

RGAman

Member
I heard a report years ago that said that the Western States, excuse me if that is the wrong title, pension fund was flush with cash. Is that still the situation?

My concern is for my aunt who is drawing my deceased uncle's pension. He was a driver for Systems99, long ago defunct.
 

ups_vette

Well-Known Member
I am a retired manager for UPS. My monthly pension is more than sufficent to meet my needs. So, I have no dog in this race, however I do have a question pertaining to APWA.

What happens IF APWA is sucessful in de-certifing the IBE. Is the current agreement (contract) with the IBT still in effect? Does UPS still have to honor the agreeded upon wages and benefits? Can UPS begin paying their drivers $10 an hour or the part timers $5.00 an hour since there is no agreement with APWA? I would think that since APWA hasn't negoatied a new agreement, all previous items are void.

Just curious.
 

wildgoose

WILDGOOSE
I heard a report years ago that said that the Western States, excuse me if that is the wrong title, pension fund was flush with cash. Is that still the situation?

My concern is for my aunt who is drawing my deceased uncle's pension. He was a driver for Systems99, long ago defunct.
Western fund is fully funded stated by the reports on the internet. Depending on how the teamsters distribute funds to keep other funds afloat. She should be ok !
 
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