I think I might have the answer...
Posted on 10/19/2015 4:10:51 PM PDT by afraidfortherepublic
No wonder Tom Minerath is angry.
Sixty-eight years old and retired since 2007, the Town of Merton man is about to have about $20,000 taken away from his annual pension — money he earned, money that was promised him, money guaranteed in contracts negotiated by one of the country's strongest labor unions.
"I'm going to make it through this, but it's just not right," he said. "It's just not right."
Which probably sums up the feelings of more than 270,000 people, including thousands in Wisconsin, who have been told by the financially troubled Central States Pension Fund that their pension payments must be cut, in some cases by 50% or more.
It's a breaking wave in a financial tsunami created in significant part by a change in government policy more than three decades ago that set in motion overwhelming economic forces.
But where the federal government stepped in to prop up giant investment banks after the 2008 crash — a financial debacle the banks helped cause — no bailout is in sight for Minerath and other retired Teamsters truckers. Barring a huge change in congressional sentiment, they'll have to do the bailing themselves.
"It's going to take our living wage, comfortable living wage, and make it non-livable," said retired driver Thomas Botic, 69, of Pewaukee, who recently got notice that his $2,800-a-month pension would be sliced to $1,400. "And at (almost) 70 years old, I don't feel like going out and finding a new job.
"It doesn't sit well with me, that's for sure."
Many of the deepest cuts are being dealt to retirees who worked 30 years and earned relatively large pensions — on the order of $35,000 annually or more — that have let them retire comfortably, but not lavishly.
(Excerpt) Read more at jsonline.com ...
Our politicians are afraid to cut the free housing, free medical, welfare, food stamps and Obama phones. They're not afraid to cut social security. Why?
(the dreaded triple-post! *yikes*)
My side comment notwithstanding you should run the numbers for marriage vs. fiancee (although “Fiancee” means you have already made plans).
As I said, it is unfortunate you are having physical difficulty. Remember — you paid into SSDI and Worker’s Comp and you are owed them. It isn’t government largess, it is your proper place to claim them, loudly and proudly.
These are essentially insurance policies (as I said, participation is enforced at the point of a gun). I pay auto insurance every year and haven’t made a claim in many many years. Others have made more recent claims. The idea is my lack of claims pays for their claims.
Your is the same. Don’t hesitate and, as I said, keep doing what you are doing and accelerate it if at all possible.
You have about 15 years to retirement — you can really make small investments work for you and enjoy retirement in a lifestyle you want to become accustomed to.
> So they should get both. Every penny.
They are. The problem is that the money was managed by the Teamsters...
“I am not a union fan, but the union leader/thugs/felons promised the money. If they cannot deliver, they should be dealt with by the law.”
Now how is this any different that what’s been happening as cities and towns all over the country go through bankruptcy? The fact that these people were “contractually” promised retirement money doesn’t mean $hit if there’s no money there. We’re on the verge of being just like the Soviet Union when it collapsed. No amount of judges “imposing settlements” or “issuing decrees” is going to put one effing dollar in anyone’s pocket. The level of corruption in union pension funds isn’t any different than it is in government. Before 2007, we had more than adequately provided for our own retirement. In fact, our 401k was growing despite withdrawals. But now it’s all different, no 12% returns on investments (lucky to get 6%) and the vultures on Wall St. managed to “confiscate” 30% of our assets, so we now have a double whammy and the 401k money will run out within 5 years (unless Wall St. gets another turn at bat).
triple post!!! lol. I think i remember getting impatient with the slowness of my PC lol
“That’s no different from me agreeing to hire you at $5,000 per month then at the end of the month telling you that I can only afford to pay you $2,000........”
No, it a whole lot worse because at least if it happens during your working life, you have a way of trying to fix the situation. Whereas if this happens after you’ve retired and are too old to go out and get a job, you may end up out on the street.
“Savings and wealth can be wiped out in an instant.”
And this is what government will do to try and salvage the national debt. Make everything you’ve saved for retirement worthless!!!
The older fighters are retired or dead ...
In every area (not just trucking, unions, etc.) ... stereotypes no longer exist
>>In every area (not just trucking, unions, etc.) ... stereotypes no longer exist<<
Not true. I go back to when they called what we now say is “IT” (or “IRM”) as “DP.”
I am 100% the stereotype.
OK, no pocket protector. But conceptually — I am all of them rolled up.
/8^)
Your tag says it all and I am totally on board!
I think we ran this thread into a wall — LOL.
My question is this: How much of the Pension money was ‘borrowed’ over the years to be used as political ‘contributions’?
I think I might have the answer...
The Department Of Labor selected the Banks/fiduciaries that mismanaged the assets of the CSPF to the brink of insolvency. The Employee Benefit Security Administration (EBSA), an agency at the DOL, failed to enforce the provisions of ERISA that govern plan fiduciaries, as was their responsibility. As a result of the EBSA failures the fiduciaries repeatedly breached their duty and lost an estimated $19 billion due to investment strategies that did not conform to ERISA federal law.
After 40 years in the House of Representatives, Rep. George Miller, D-Calif., who helped push through the Multiemployer Pension Reform Act of 2014, resulting in Central States Pension Fund retirees having their pensions reduced by up to 60%, retired and is receiving an annual pension of $125,500/year.
http://www.bradenton.com/2014/11/25/5496464/a-130500-pension-some-in-congress.html
H.R. 584, the End Pensions in Congress Act. This legislation would end pensions for all future Members of Congress as well as those currently serving.
It is wrong to ask taxpayers to fund pensions for Members of Congress when the majority of the private sector is no longer offered pension benefits.
The Central States Pension Fund is said to be “underfunded”, and retirees are having their pensions reduced by up to 60%. Yet, Congress receives their pensions, subsidized by retirees, despite our $17 trillion National Debt?
ERISA was enacted in 1974 and signed into law by President Gerald Ford on September 2, 1974, Labor Day. Aug. 22, 1974 – The Employee Retirement Income Security Act (ERISA), passes the Senate by a vote of 85 to zero. It is signed into law by President Gerald Ford on Sept. 2, 1974.
ERISA was introduced in the U.S. House of Representatives on Jan. 3, 1973 by Rep. John Herman Dent (PA-21). It passed the House on Feb. 28, 1974 by a vote of 376-4. It then passed the Senate on March 4, 1974. Due to differences between the House and Senate versions, ERISA went to a joint conference committee, which worked out the differences and sent it back for a vote on Aug. 12, 1974. The House voted 407-2 on Aug. 20, 1974, and the Senate voted on Aug. 22, 1974.
The two Congressmen who voted “Nay” on Aug. 20, 1974 were Earl Landgrebe (IN-2) and James Collins (TX-3). Congressman Landgrebe lost his bid for re-election in November of 1974.
ERISA was passed because it was the right thing to do. Republicans and Democrats came together.
Repealing the Multiemployer Pension Reform Act is the right thing to do.
It was the responsiblity of the EBSA to assure security of pension benefits for American workers and their families; and also enforce the provisions of the Employee Retirement Income Security Act (ERISA) that governs the conduct of plan fiduciaries that manage the plan assets. The EBSA failed the Central States Pension Fund (CSPF) on a large and egregious scale. Google the history of the EBSA and ERISA. It’s all spelled our in easy to understand terms, “at the EBSA’s own website!”
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