Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Biden to Announce $36 Billion for Ailing Teamsters' Pension Fund
MSN.com ^ | 08 December 2022 | Akayla Gardner

Posted on 12/08/2022 4:41:40 AM PST by zeestephen

The White House said the Central States bailout would help 40,000 workers and retirees in Michigan, 40,000 in Ohio and 22,000 in Wisconsin...

(Excerpt) Read more at msn.com ...


TOPICS: Culture/Society; Front Page News; Government; News/Current Events; US: Michigan; US: Ohio; US: Wisconsin
KEYWORDS: 2022election; akaylagardner; bailout; biden; billittothegrandkids; billittothekids; election2022; kickback; michigan; ohio; teamsters; union; unions; wisconsin
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-90 next last
To: elpadre

If the Central States Pension Fund (CSPF) fails, it will eliminate 55,000 jobs across the US, the GDP will drop $5 billion by 2025 and there will be a decline in federal tax revenue of $1.2 billion.


61 posted on 12/08/2022 9:20:59 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 17 | View Replies]

To: FlingWingFlyer

Retirees were not asking for a bailout. Only asking for 100% of what they worked for and paid into by giving up pay raises, vacations and other benefits.


62 posted on 12/08/2022 9:22:43 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 19 | View Replies]

To: 1Old Pro

Not only were they members of a union, but taxpayers, individuals, veterans, and contributors to the economy.


63 posted on 12/08/2022 9:24:28 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 36 | View Replies]

To: unread

Congress kicking the can down the road for seven years added tens of billions of dollars to solving the problem. It was estimated that it would have cost 5-6 billion dollars to fix it.


64 posted on 12/08/2022 9:26:08 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 7 | View Replies]

To: fuzzylogic

As taxpayers, retirees not only paid taxes, they also paid toward the pensions that Congress receive.


65 posted on 12/08/2022 9:28:51 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 30 | View Replies]

To: mrmeyer

Yeah, bunch of “dumb truckers” organized a grassroots movement to fight every obstacle in their way, organized dozens of lobbying visits to Capitol Hill. Teams of retired and active workers traveled to Washington on a regular basis to press for new legislation that would ultimately protect every EARNED pension. They didn’t wait for Hoffa, union officials, or politicians. They took action and became the leaders they were looking for until top union and political leaders followed.


66 posted on 12/08/2022 9:30:20 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 16 | View Replies]

To: SteveH

The truckers’ triumph: The incredible story of how a scrappy group of blue-collar retirees rescued their pensions

https://www.marketwatch.com/story/the-truckers-triumph-the-incredible-story-of-how-a-scrappy-group-of-blue-collar-retirees-rescued-their-pensions-11658839815


67 posted on 12/08/2022 9:34:28 AM PST by Deadeye Division
[ Post Reply | Private Reply | To 12 | View Replies]

To: zeestephen

Well I sure feel warm and fuzzy I get to bail them out.


68 posted on 12/08/2022 9:39:06 AM PST by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tell It Right

I like dependable income I can build a budget around and not have to depend on the market or a horrible libtard administration to bail me out.

I prefer as much self sufficiency in my retirement years as possible.

My leveraged well established diversified income funds are all paying double digit yields (10+%) except for my corporate bond fund with lower risk loans paying 9.5%

As long as I own the shares they keep paying and paying and paying.


69 posted on 12/08/2022 9:59:53 AM PST by NWFree (Somebody has to say it 🤪)
[ Post Reply | Private Reply | To 51 | View Replies]

To: Tell It Right

All tax sheltered in 401K.

Rolled a pension in too


70 posted on 12/08/2022 10:06:33 AM PST by NWFree (Somebody has to say it 🤪)
[ Post Reply | Private Reply | To 51 | View Replies]

To: Tell It Right

Plus if you die too heavy with stock in the toilet your estate will suffer unless held until recovery


71 posted on 12/08/2022 10:17:31 AM PST by NWFree (Somebody has to say it 🤪)
[ Post Reply | Private Reply | To 51 | View Replies]

To: NWFree

And the recipients will have to pay all the new capital gain taxes after death waiting for recover


72 posted on 12/08/2022 10:22:02 AM PST by NWFree (Somebody has to say it 🤪)
[ Post Reply | Private Reply | To 71 | View Replies]

To: Tell It Right

If you have to invest in that much stock after retiring then it was too early to retire - weren’t properly prepared


73 posted on 12/08/2022 10:30:54 AM PST by NWFree (Somebody has to say it 🤪)
[ Post Reply | Private Reply | To 51 | View Replies]

To: NWFree
"I like dependable income I can build a budget around" and "I prefer as much self sufficiency in my retirement years as possible".

Sounds like you and I think a lot alike. For example, I've caught heat on FR for posting about trying to make us mostly energy independent (putting solar onto our house to take advantage of Alabama sun, doing most of our driving in an EV) as a hedge of protection against the Dims' insane energy policies making energy too costly as I soon head into retirement in my late 50's. The idea being I'm trying to remove the unknown variables form my retirement budget, particular variables I have no control over. Future energy costs is a big unknown variable. But I catch heat also from the libtards at EV charging stations when I tell them I still have an ICE pickup both for pickup chores and to give us some diversity on energy dependency (if the Dims mess up electricity I have an ICE pickup, if the Dims keep messing up gas I have an EV, if the Dims mess up both I have solar to provide about 90% of all of my local driving for free). I can see how others, even like-minded conservatives on FR don't like my plan for self-sufficiency on one of the things that cost us a lot (energy), especially FReepers who don't live in an area where it can provide 80% to 90% of a solution like it does me. I'm just saying the overall mindset for self-sufficiency is common among us.

It's with that same mindset that I incorporate dividend income into my retirement portfolio. I like them, but I'm not all dependent on them. That might be were you and I see things differently. For me diversification, investing in many asset classes, provides more self-sufficiency. For starters, inflation is a real issue to deal with. Particularly to people like you and me who retire a bit early. If we live 30 years in retirement will the dividend income be enough in the last 10-15 years of life? I've been beating this drum since before Commander-by-cheat entered the WH, now with him it's all the more important to address inflation. Maybe it's not for you, but I see a need for a significant amount of growth to retire early, even if we're living mostly self-sufficiently. And I see less risk in having a large number of equities funds. In fact, I reduce risk by making inflation less of a threat. But the trick in having a huge portion in equites (i.e. 70%) is by having them spread out across many asset classes. As I posted in the graph above, even in large market downturns like we experienced the past two decades, there's always something that's up that you can withdraw from to live on. Sometimes it's traditionally safe assets (i.e. long-term treasury funds tend to go up when stocks crash). Sometimes its equity funds no one saw coming (who'd a thunk the Latin American fund would have done so well those years?). Often it's a combination of both.

So say you retired in early 2000 with $1 million spread out like I do and you withdraw 4% annually to live on. That's $40K (which meant a lot more in 2000 than today). Then in January 2001 you log into your investments again to do a 4% withdrawal and see your overall balance is down about 20%. That's a bummer, but still do-able because some of those funds are up anyway. Withdraw your living expenses (about $40K since that's what you withdrew the prior year even though 4% of the 2001 balance is lower than $40K) from those high funds and let the low balance funds sit until they come back up. Repeat the next year, then the next. In the growth years, your 4% calculation increases so you're giving yourself a raise -- much bigger than if it's just dividend equities. This lets you compete with inflation (always a problem) but also have a hedge against broad market downturns (sometimes a problem, but diversification handles it anyway).

74 posted on 12/08/2022 12:03:32 PM PST by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
[ Post Reply | Private Reply | To 69 | View Replies]

To: Deadeye Division

I’m sorry. I didn’t realize the Federal Government is paying retired railroad employee’s pensions. My mistake.


75 posted on 12/08/2022 12:16:49 PM PST by FlingWingFlyer (Hey Amerika! The whole world is watching and laughing their asses off. )
[ Post Reply | Private Reply | To 62 | View Replies]

To: zeestephen

He’s paying them back for all those phone banks and ballot harvesting they handled for him.


76 posted on 12/08/2022 12:39:24 PM PST by isthisnickcool (1218 - NEVER FORGET!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Deadeye Division

“The Central States Pension Fund became severely underfunded while under the supervision of the Department of Labor and U.S. District Court, from 1982 through 2014”

I have heard that the problem began before that. The Kennedy’s had it in for the Mafia. Robert Kennedy as Attorney General went after the Mafia controlled Teamsters. The Mafia was using the pension money to fund casinos, etc. in Vegas. The Feds stopped that and forced the fund to invest in things like US Bonds.
Turns out the Mafia/Vegas thing was a better investment than bonds.


77 posted on 12/08/2022 12:51:15 PM PST by nomorelurker
[ Post Reply | Private Reply | To 58 | View Replies]

To: woweeitsme

We’ve been laundering money to pension funds for a while now.

Deep State’s just feeling brazen after stealing the midterms and doesn’t feel the need to hide it anymore.


78 posted on 12/08/2022 12:53:21 PM PST by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: zeestephen

As long as it’s coming out of Biden’s bank account, I’m okay with it.


79 posted on 12/08/2022 12:56:31 PM PST by gitmo (If your theology doesn't become your biography, what good is it?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tell It Right

I don’t want anything invested in equities I might want to liquidate quickly or have to sell to live on.

What little I do invest in equities is long term on the side icing on the cake.

Some stock heavy portfolios are down 40 or 50 % now. Retired people don’t need to be tying up huge amounts of their life savings into investments they can’t access when needed without HUGE losses. Health problems family emergencies death etc. These people would be SCREWED.

It’s bad advice plain and simple. That’s why successful managers don’t recommend that type of high risk mix for non working retired clients unless they simply don’t have enough to make ends meet or unprepared financially and trying to make up for it after retirement with a high risk strategy used by young working adults or have a paycheck to live on


80 posted on 12/08/2022 1:20:06 PM PST by NWFree (Somebody has to say it 🤪)
[ Post Reply | Private Reply | To 74 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-90 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson