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Nys teamsters pension & retirement fund
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<blockquote data-quote="Inthegame" data-source="post: 3186895" data-attributes="member: 37112"><p>Keep this up and I'll start calling you MonkeyBubbleUpstate, the rockthrower.</p><p>Calling a pension a ponzi scheme is flat out ignorant. </p><p>How many ponzi's pay billions in benefits for over 70 yrs to their participants? How many ponzi's have verifiable ROI steadily beating their index? How many ponzi's have their books scrutinized yearly by the Fed Govt.</p><p> </p><p>Anywho, in '97 the CSPF wasn't facing the stresses it is today. In '97 members weren't enthused about getting out of CSPF or other strong plans for the maybe promises from UPS. Ten years later the picture wasn't so rosy. In 2007 when the writing was clearly on the wall, UPS's offer and action of paying the WD put the CSPF into green zone status, gaining years of solvency (on paper) protecting all Teamsters in that plan. </p><p></p><p>Then the market failed. Was that Hoffa's fault? Or the trustees? </p><p></p><p>Without the market meltdown, and with the UPS payment, the CSPF was poised to weather the influx of orphans from bankrupt companies that left the fund <u>without paying their WD obligations, </u>losses that have crippled the funding requirements.</p><p></p><p>Knowing the dire condition of the CSPF in 2007, how many UPSers do you think would have voted to strike had the IBT refused UPS's offer, with the offset protection? My guess...less than 10%. Terribly weak bargaining position.</p><p></p><p>Anyone blaming Hoffa or the CSPF trustees for the CSPF woes needs to remember employees and pension funds are at the back of the creditor line under business backed bankruptcy laws, which means we get nothing. </p><p></p><p>Any guess on which political party pushed those laws through Congress?</p></blockquote><p></p>
[QUOTE="Inthegame, post: 3186895, member: 37112"] Keep this up and I'll start calling you MonkeyBubbleUpstate, the rockthrower. Calling a pension a ponzi scheme is flat out ignorant. How many ponzi's pay billions in benefits for over 70 yrs to their participants? How many ponzi's have verifiable ROI steadily beating their index? How many ponzi's have their books scrutinized yearly by the Fed Govt. Anywho, in '97 the CSPF wasn't facing the stresses it is today. In '97 members weren't enthused about getting out of CSPF or other strong plans for the maybe promises from UPS. Ten years later the picture wasn't so rosy. In 2007 when the writing was clearly on the wall, UPS's offer and action of paying the WD put the CSPF into green zone status, gaining years of solvency (on paper) protecting all Teamsters in that plan. Then the market failed. Was that Hoffa's fault? Or the trustees? Without the market meltdown, and with the UPS payment, the CSPF was poised to weather the influx of orphans from bankrupt companies that left the fund [U]without paying their WD obligations, [/U]losses that have crippled the funding requirements. Knowing the dire condition of the CSPF in 2007, how many UPSers do you think would have voted to strike had the IBT refused UPS's offer, with the offset protection? My guess...less than 10%. Terribly weak bargaining position. Anyone blaming Hoffa or the CSPF trustees for the CSPF woes needs to remember employees and pension funds are at the back of the creditor line under business backed bankruptcy laws, which means we get nothing. Any guess on which political party pushed those laws through Congress? [/QUOTE]
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