Skip to comments.Pensions may be cut to 'virtually nothing' for 407,000 people
Posted on 05/20/2016 5:05:57 PM PDT by bkopto
The Central States Pension Fund has no new plan to avoid insolvency, fund director Thomas Nyhan said this week. Without government funding, the fund will run out of money in 10 years, he said.
At that time, pension benefits for about 407,000 people could be reduced to "virtually nothing," he told workers and retirees in a letter sent Friday.
In a last-ditch effort, the Central States Pension Plan sought government approval to partially reduce the pensions of 115,000 retirees and the future benefits for 155,000 current workers.
The proposed cuts were steep, as much as 60% for some, but it wasn't enough. Earlier this month, the Treasury Department rejected the plan because it found that it would not actually head off insolvency.
(Excerpt) Read more at money.cnn.com ...
And so it begins....
Taxpayers: hold onto your wallets!
This is going to be a nightmare for baby boomers.
We were studying unfunded pension liability when I was in college, THIRTY YEARS AGO. Nothing was done. Best wishes to all. If you (random person whose pension vaporized) go to my church or live on my street, I’ll probably help you in some way.
The Mafia, err excuse me, Union officials should have their assets confiscated for this.
How much of the money they received went to the Clinton foundation?
Well considering that this is CNN-Clinton News Network, I don’t think I would believe to much of what has been written...
One thing you can take to the bank is that if you vote for Trump, you will be getting jobs, economy and money in your pocket and a pension...
GO.TRUMP.GO!!! ALL THE WAY TO THE OVAL OFFICE!!!
JUST ANOTHER UNION SOLD OUT BY THE UNION..
let them eat shizzle
believing in U N I O N S
bosses take good care of T H E M S E L V E S
SUCK A LEMON......
I’m enjoying my retirement while I have decent pensions coming in.I have no doubt that soon,maybe even within 10...or even 5...years my Social Security *and* pension will be pretty much gone.Then I live off of savings.
Not only for the pension plan funds but also the state and local government pension plans. The 401K crowd are not off the hook either when they discover that their 401K accounts are based upon stocks of companies that have been gutted over the last 20 years.
Or when the government just seizes everyone’s 401K, Roth IRA, and everything else. We’ve got to have equality!!! after all.
Had a hard time determining whose pensions this company manages. Anyone know?
one way or the other the taxpayer will take a hit.
If no bailout, then some will probably be on welfare.
I’m guessin the welfare will be cheaper in the long run, as there really should’t be a long run for a good many retirees.
If you’ve worked for 30 years, you probably also are on drawing social security. Can SS sustain the Teamster retiree ?
Sad state of affairs.
Looks like it is a ton of Teamsters.
teamsters for the most part apparently
Very probable. We have slid down the slippery path past socialism to communism and people think that socialism is conservatism!
A little more information on the Central States plan ...
Hoffa was instrumental in using the assets of the Teamsters’ pension plans, particularly the Central States plan, to support Mafia projects, such as the development of Las Vegas in the 1950s and 1960s. Pension funds were loaned to finance Las Vegas casinos such as the Stardust Resort & Casino, the Fremont Hotel & Casino, the Desert Inn, the Dunes (hotel and casino) (which was controlled by Hoffa’s attorney, Morris Shenker), the Four Queens, the Aladdin Hotel & Casino, Circus Circus, and Caesars Palace. The pension fund also made a number of loans to associates and relatives of high-ranking Teamster officials.
The TEAMSTERS UNION.
Legend has it, they had a better ROI, when run by the mob.
The feds forced them to move on to Goldman Sachs; that hasn’t worked out so well for them.
Now, legal plunder can be committed in an infinite number of ways. Thus we have an infinite number of plans for organizing it: tariffs, protection, benefits, subsidies, encouragements, progressive taxation, public schools, guaranteed jobs, guaranteed profits, minimum wages, a right to relief, a right to the tools of labor, free credit, and so on, and so on. All these plans as a whole with their common aim of legal plunder constitute socialism. - Bastiat
The socialists set it up. The socialists set you up. Progressive ponzi. Marxist musical chairs.
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