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 ...
is that ALL the pensions? I mean the first 3 that state employees normally get or just the 4th one that is going to be cut?
Funny thing is if Robert Kennedy had left the Mafia alone this thread would not be here today.
Easy to say until your entire savings are gone in one members final illness!
Retired 1984 and should have been OK...to at least 90...didn’t work out that way. 19 years of 1/2 pension and social security now. Next is a tent! lol
Easy to say until your entire savings are gone in one members final illness!
Retired 1984 and should have been OK...to at least 90...didn’t work out that way. 19 years of 1/2 pension and social security now. Next is a tent! lol
“The Mafia, err excuse me, Union officials should have their assets confiscated for this.”
it didn’t go wrong when the mob had the Teamsters account. It went wrong when the government took charge and forced it to be given to legitimate bankers. Just sayin’.
“.......... but most of its retirees were truck drivers.”
—
If they’re not union, they’re screwed. If they’re union, expect taxpayers to bail them out with money we don’t have.
Truck drivers.
They won’t cut gov’t employees pensions, just the lower class private employees.
Oh.
This is going to be a nightmare for baby boomers.
Yes it is, but I think the CEOs and financial heads of these companies should be thrown in jail for life. They screwed up by not putting enough money aside for the pensions they promised. Lock up every CEO and Financial person in every company that has done this past and present. Also new rules need to be passed to ensure this never happens. Funny how the Post Office will be the only agency paying their pensions for life thanks to the Republicans forcing them to put aside money for their workers.
Don’t a lot of these people work for UPS?
All officers and board members should be personally on the hook financially to fund the pensions that were promised by the company.
Yes! Yes! Yes! Post of the day.....heck week.
Hard to believe, but companies are allowed to pay dividends before they’ve funded their pensions.
One of my doctor clients had a couple of patients whose mental health benefits were administered by this group, although the claims were paid by Blue Cross. Insured actually worked for UPS.
Another patient who was a vet had coverage through another company in Chicago. That company closed its doors and dumped all their insured people into Obamacare.
Maybe it’s because it’s Chicago?
They got paid out on all those investments.
DC is not prepared for the fallout of having SS collapse. I think the uniparty’s relentless pusuit of amnesty is their way of rescuing and kicking the can down the road. We have aborted over 30 million employable Americans. We have to get their SS contributions from somewhere. That is the need to legitimize the wages of the 30 million illegals here now. I know they claim 11 million, but that’s because everybody would tar and feather every politician after finding out its over 30 million.
No I contend ( and I have no data to back it up ) another reason for Obamacare was to have a vehicle that failing Corporations and Municipalities could dump their retired or about to be workers into aka GM and Detroit which they did when they went belly up. Remember Muni Bond Guru Meredith Whitney when she warned of Mini Defaults because of legacy cost? This pension mentioned includes Municipal workers that were truckers, or so I have read and many are from Michigan.
Coming soon to other pension providers near you.
We think alike Sgt. I have said this too. The cheap labor express is to keep SSI going and I think Paul Ryan knows how fubar'd it is and keeps the game of musical chairs going because they dare not tell us the truth...
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