Teamsters’ troubled pension won’t submit new rescue plan

Get ready folks, whenever you trust unions, politicians, or any pension fund with trillions of your hard earned dollars, you can know you will be eventually ripped off. Bury your money and trust no one. LOL!

http://www.ohio.com/business/teamsters-troubled-pension-won-t-submit-new-rescue-plan-1.684425

“There is little point in dissecting a decision that has already been made and cannot be changed,” the trustees said in a news release. “Central States Pension Fund remains in critical and declining status, and is projected to run out of money in less than ten years. ... The fact that the federal government’s multiemployer pension insurance program, the Pension Benefit Guaranty Corporation is also running out of money means our participants may see their pension benefits ultimately reduced to virtually nothing when the Fund runs out of money.”

 

http://www.opensecrets.org/orgs/summary.php?id=D000000066

Perhaps they can save a tad here...

 

Anyone taking bets the Teamsters didn't care about their pension fund losses when they thought the feds would cover for them? An audit is needed for sure.

 

deregulation killed the wages of truckers in the 1970s like outsourcing with nafa to company's in the 1990s to mexico. it really all started with JFK a democrat
http://www.econlib.org/library/Enc1/TruckingDeregulation.html

 

All those thousands of hard workers can now thank their wonderful union and caring federal government.

 

Where is Jimmy Hoffa when you need him?

 

Dont worry James has been in control since 98.

 

Oh yeah. Little Jimmy.

 

"We have to keep an eye on the battle we face—a war on workers. And you see it everywhere there is the Tea Party. And you know there is only one way to beat and win that war. The one thing about working people is we like a good fight. And you know what, they've got a war, they've got a war with us and there is only going to be one winner. It is going to be the workers of Michigan and America – we are going to win that war. All the way."

"Everybody here's got to vote," Hoffa said. "If we go back and we keep the eye on the prize, let's take these sons-of-a-(*)(*)(*)(*)(*)es out and give America back to America where we belong!"[55]
https://en.wikipedia.org/wiki/James_P._Hoffa
Just to block a few people that are going to say derr they donated to Bush and Reagan too!

How is that War working Hoffa?

I take this kinda personal as a former Teamster i remember the magazine pushing Obama hard almost to the level of Worship and it came down from the Boss himself.

 

The real problem for the pension fund stems from the deregulation if the trucking industry back in the '80's. It caused many of the old trucking companies to go bankrupt and forced them to default on their pension obligations. A fix was almost passed by Congress, but was nixed by Mitch McConnel.

The sad reality is that most Americans will have only SS to support them in their old age. At least until the Republicans destroy that as well. 401K plans are mostly ripoffs which make those managing them millions and leave those who thought they providing for themselves with pennies on the dollar that they invested, the reality is that most of them would have been better off stashing money in tin cans buried in their back yards.

 

You can blame the teamsters all you want, but they only used rules lobbied for by corporate america, written by those very lobbyists for the Bush administration.

Back in 2003 the Bush administration started the fight to change the rules around the funding of those very pensions. They changed not only the levels that they were required to be funded, but where those funds could be kept. The Bush administration allowed those funds to be truly "invested" whereas before they were required to be invested in much more stable place (treasury bonds etc). They allowed them to be basically invested in the stock market, kind of like where they wanted to put your SS benefits They also changed the laws to make it MUCH EASIER for corporations to discharge their liabilities for these plans, and push that liability to the PBGC. So in the crash of 2008 those pensions took huge hits. Not to mention that corporate america was discharging those liabilities to the PBGC during that same downturn.

Funding these pensions is not rocket science. It is a defined cost per employee. If you cant afford that cost, then you cant afford the employee. But under the rules written by those very corporations and legislated for by GWB and the republicans, they made it so easy to discharge the liability that corporations basically stopped funding them. All of these changes were a perfect storm, but that storm was by design.

This is just another case where the right tells you that you need to be accountable, yet they don't hold those who were supposed to fund these pensions accountable. If you worked for Delphi, GM, and many other large companies, you did what you were supposed to do, you worked your time, you accepted their promise that they were funding your pension and they weren't. That funding is part of your salary, they are supposed to be putting it away for you, yet because of the Bush administration and their fellow republicans, they werent putting it away for you, they were trying to make more money off of you, and it failed. hmmmmmmmmm

 

What's that smell ? Is it the "bern" or Hillary cankles ?

It's smells like another trillion dollars stimulus of taxpayers money bailing out the unions pensions funds that we saw back in 2009.

 

they were a promised a pension while being paid more than their private competitors like fedex which has no pension and pays lower?

if they lose their pensions they still come out winners.

 

Completely different fund and funding mechanism.

 

That doesn't even start to make any sense if you accept the notion of free market capitalism.

 

These Americans who are affected by the golden ring through their nose pulled by the corruption of democrats and their union masters should outrage everyone. Sadly, the left loons continue to act like the lemmings they are, and will allow these crooks to continue ripping them off

 

Psst...so what does that inane comment have to do with the contract they signed onto? (*)(*)(*)(*)ing corrupt liars like Clinton will continue to rip you off, and people like you will be fine with it. I saw this immense fraud coming since the early 1970's, and am not in that financial cesspool. You will be ripped off of any retirement, and social security and like most subjects of communist regimes, you will stay quiet. I am 65 years old, and saw this coming, and I am giving you fair warning of what is yet to come

 

the biggest question union members should be asking, since pensions are being cut, will political spending on the 2016 elections be cut? or will they keep political spending at record highs while pensions are being cut? thats the one big question every pension holder should be asking about their unions... I posted in another thread about unions spending in the 2012 election cycle added up to $1.7 BILLION in lobbying and elections... that could fund a LOT of pensions being cut by 60% now... I mean sadly we will have to wait and see how much they spend in the 2016 cycle but so far the money they've spent shows they are on track to beat spending in 2012... insane...

http://www.huffingtonpost.com/2014/03/15/kochs-brothers-labor_n_4966883.html

P.S. thought I would add a link to that huffington post story about unions spending more than the Kochs... since Koch is a trigger word for liberals... most think I lie about unions spending more than the Kochs, they can't reject the huffington post as fact right, so now its indisputable... unions spend more than Kochs... while pensions get cut... amazing priorities...

 

Unions don't spend more than the Kochs, they just report more than the Kochs do (because they have to). Political spending is not a cut and dry, and you know it. Thank Citizens United for the dark money craze. Tell me how much money to Kochs have spent on lobbying and the elections this year ?

Hint: Its a trick question

 

And so will the right. This isn't a partisan issue, this is a political issues. While you blame unions, will you also blame Delphi who broke away from GM knowing full well they couldn't cover the pension liability, so they dumped that onto the PBGC while increasing executive compensation ? Will you blame them for increasing your taxes so that you could subsidize their payroll ?

 

so even with a liberal source you're still rejecting that unions spend excessive amounts on lobbying and elections while pensions get cut by 60%... insane... insane...

 

NO, I never said that ?

Unions only started spending more on lobbying when every large corporation started lobbying to take away their rights. Understandable, but still wrong. You have 5 or maybe 10 unions in the country with any real lobbying power, against what, 100,000 corporations who lobby to take away their power ?

I also see that you didn't mention my post on how they were legally allowed to cut the funding for those pensions

 

because I have no interest in your bait and switch tactics "I refuse to address your issue, but will substitute an answer with a new question"... I'm tired of this old tactic used by yourself and others who refuse to directly address things brought up because you can't justify unions spending BILLIONS while pension holders lose 60% of their promised retirement... the unions FAILED them, you can't blame the companies, the unions FAILED them... you can blame everyone you want to justify and rationalize in your head the unions are fault free, but at the end of the day the unions FAILED to live up to the promises given to their members, and they FAILED to address this issue for decades, because they were hoping it would just magically go away or fix itself... thats a lot of FAILED management by the unions... and now the retirees pay the price...

 

An AMAZING post. And EXACTLY whats wrong with this country. You refuse to address the cause, but lay blame on the result.

You "have no interest in bait and switch tactics" because you cant defend them. you would rather blame a traditionally democratic demographic than to address the cause. Do you blame the executives at Delphi for what they did (their pensioners got theirs cut by 70%)? Do you hold those who lobbied for and got the legislation to change the funding rules ? Do you hold those corporations that did the EXACT same thing as accountable as you hold a union ?

I await your reply.......

 

I said in my OP who was too blame, the fact that liberals are too stupid to see the writing on the wall. Anytime you put your faith into someone else handling your hard earned money, you will be more likely to get screwed. Liberals entire belief is dependent on government, that is the exact opposite from what conservatives believe.