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<blockquote data-quote="menotyou" data-source="post: 968013" data-attributes="member: 24535">I realize that there is a lot of politics involved here.&nbsp; I lived this growing up.&nbsp; That is why I have a clue about what might be going on there.&nbsp; The problem is that management is loving this.&nbsp; They live for the infighting.&nbsp; As for the pension, our pension went through something very similar.&nbsp; We are up to 57 to retire.&nbsp; It isn&#039;t because someone did something intentionally, it is because they didn&#039;t know how to invest.&nbsp; That is my personal opinion.&nbsp; Too many locals got fat along with the rest of the country before the bubble burst.&nbsp; Then, BAM!!!!&nbsp; Reality struck.&nbsp; Our pension funds lost millions and millions in value that monies had been promised on.&nbsp; Add in the governments pension fund requirements and double BAM!!!!&nbsp; If they had invested the monies on a slow-growth track, this might not have happened.&nbsp; I will tell this story again.&nbsp; My father shut down Local 278&#039;s pension fund in 2000.&nbsp; He refused to transfer the fund to 747 because of their investing practices.&nbsp; He made any member who wanted his monies transferred there come in to the hall have a consult with him and the fund&#039;s attorney and advise them why they think this would be unwise.&nbsp; If they still wanted to, they had to sign a waiver that they had been advised by dad, the lawyer, and the fund against this move.&nbsp; &nbsp; They couldn&#039;t come back on the fund because of anything.&nbsp; Well, guess what happened?<a href="http://watertown.ynn.com/content/video_stories/131293/cnbc--syracuse-unions-lose-millions-in-madoff-scandal/" target="_blank">CNBC: Syracuse unions lose millions in Madoff Scandal - YNN, Your News Now</a>Local 747 was investing fast and loose.&nbsp; I am of that opinion about my local and some other that are in such trouble with their pension funds.&nbsp; Are you guys holding the Pension administrators accountable?&nbsp; </blockquote>

[QUOTE="menotyou, post: 968013, member: 24535"] I realize that there is a lot of politics involved here. I lived this growing up. That is why I have a clue about what might be going on there. The problem is that management is loving this. They live for the infighting. As for the pension, our pension went through something very similar. We are up to 57 to retire. It isn't because someone did something intentionally, it is because they didn't know how to invest. That is my personal opinion. Too many locals got fat along with the rest of the country before the bubble burst. Then, BAM!!!! Reality struck. Our pension funds lost millions and millions in value that monies had been promised on. Add in the governments pension fund requirements and double BAM!!!! If they had invested the monies on a slow-growth track, this might not have happened. I will tell this story again. My father shut down Local 278's pension fund in 2000. He refused to transfer the fund to 747 because of their investing practices. He made any member who wanted his monies transferred there come in to the hall have a consult with him and the fund's attorney and advise them why they think this would be unwise. If they still wanted to, they had to sign a waiver that they had been advised by dad, the lawyer, and the fund against this move. They couldn't come back on the fund because of anything. Well, guess what happened? [URL="http://watertown.ynn.com/content/video_stories/131293/cnbc--syracuse-unions-lose-millions-in-madoff-scandal/"]CNBC: Syracuse unions lose millions in Madoff Scandal - YNN, Your News Now[/URL] Local 747 was investing fast and loose. I am of that opinion about my local and some other that are in such trouble with their pension funds. [SIZE=4][B] Are you guys holding the Pension administrators accountable? [/B][/SIZE] [/QUOTE]

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