Central States Pension Fund cuts, anyone affected?

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I worked 8 years with the teamsters. I still get statements. I feel horrible for those that depended on this pension. It will be gone when I retire in 20 years.
 
I'm a journeyman diesel semi mechanic at UPS and it does indeed affect me. I knew when I started working at UPS the pension couldn't sustain itself. I've long been investing for my retirement on my own.

Most trucking companies that had a Teamsters union are no longer around. ABF and YRC are the only big ones left. YRC has $1.1 billion in debt due by 2019.
 
Pensions aren't a bad thing per se, though many would want to make them out to be. But the games played and bad assumptions made about them have done many a disservice. Meanwhile we have to pay for these mistakes.

I do really like tar and feathers.

From long ago:

Originally Posted By: Gary Allan
Yes, first they disallowed corporations from hiding profits in overfunded pension funds ..treating them as assets. Then they allowed them minimum funding (I don't know- but it was probably something that generated TODAY'S liability in revenue plus some growth factor) ..then they allow them to default.

Sounds like a plan to me. It worked flawlessly. Liberated all that cash for yesterday's economies and bumped the liabilities to another time and other's pockets.
 
Originally Posted By: skyactiv
Most trucking companies that had a Teamsters union are no longer around. ABF and YRC are the only big ones left. YRC has $1.1 billion in debt due by 2019.

This is also why the Teamsters is pushing to unionize companies like Con-Way. They need them to fund the pension.
 
Clever public LCD extortionists here in CALSTERS and CALPERS here shell gamed guaranteed huge multiplicity
indexes in their slush funds regardless of ill-advised 'investment returns' and actual losses, of course.

Good thing some of us run remunerative businesses and have capital gains with which to feed those gorging at the trough.

No offense to Mr. Nice as he's one of the good gents on BITOG imho.
smile.gif
 
To be fair, UPS did buy itself out of the Central States fund.
Conway was formed by Consolidated Freightways. Conway employees already have good pay and benefits and know collectively a union is a bad idea.
The Teamsters are going after the wrong truckers. LTL drivers at most companies, union or not, make good money. The truck load industry i.e. Swift, Werner............. are cut throat and pay their drivers poorly.
 
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