Posted on 10/19/2015 4:10:51 PM PDT by afraidfortherepublic
Don’t go all Mad Max on me!
Their widows are receiving survivor’s pension reductions, too. I’m sure you don’t give a rats a$$ about them, either. No one wants your gawddamn pity.
Then they won’t miss it.
Good old George Miller. Commie bastard!
If every person in a union household sat out the election, Obama still would have won. Forty percent of union households didn’t vote for Obama.
Har, har, har....
Considering the Department of Labor and U. S. District Court supervised the Central States Pension Fund from 1982-2014, the fact that the CSPF became “severely underfunded” makes me wonder how much better the Mob probably ran the Fund than the government.
See post #127
I know that there were millions in bribes, kick-backs and mob loans taken prior to that time. How underfunded it was can’t be repaired in a declining membership era.
I was not aware that the Feds appointed the management for that length of time. I would have hated to be on that board.
My current understanding is the vote was to cut benefits by 23% to protect solvency and take care of the unfunded liability. Is that your understanding as well?
Think they’ll be impressed by the fact that Trump is drawing a $110,000 pension from The Screen Actor’s Guild?
No. The 23% figure figures in all retirees, including the retirees whose pensions were not reduced due to the fact they are 80 years old, and those who are disabled, and are not cut. Some are cut as much as 60%, some have been cut 100%. That’s why an independent audit is necessary. Also, a detailed explanation of the formula used in calculating the percentage of reduction they are receiving.
The Central States Pension Fund Executive Director, Thomas Nyhan has lost $10 billion on his watch. One of the banks responsible, in part, for the losses, the Northern Trust Group, is still the Fund’s named fiduciary. This same bank somehow managed to lose $1.2 billion in the third quarter of 2014. Nyhan hasn’t replaced the bank, objected to the losses, or used ERISA law to have the losses restored to the pension fund. Nyhan has said he “doesn’t blame the banks for the steep losses.” There is no accountability.
As having served as an employer rep on a union pension board of trustees, I can tell you that dividing up the funds between four major investment managers with four different approaches and vehicles was a significant concern to prevent a major loss like that.
How this was allowed to occur is beyond belief considering the fabled history of this fund. I actually knew mob connections that were involved with this in the 70s and saw how open it was.
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