Posted on 05/06/2016 7:34:51 PM PDT by Olog-hai
The Treasury Department on Friday rejected an effort by the Teamsters Central States Pension Plan to cut benefits for 270,000 retired workers starting in July.
Treasury Secretary Jacob Lew said in a letter to members of Congress that while the decision blocks the pending pension cuts, it does not resolve the issue because the pension plan remains severely underfunded and is projected to become insolvent within the next 10 years. …
(Excerpt) Read more at hosted.ap.org ...
The battle of the crooks.
Weird: Reads like Feinberg says that it’s not enough of a cut to save the plan... and the liberals cheer!
I hate our lying, greedy media.
To quote the article:
“...has the power to block the cuts if they do not meet certain requirements....”
“Certain Requirements” =Non-union members/private sector workers.
How is the pension fund underfunded? This isn’t a government funded public employee retirement plan where the government spends ghe money instead of funding the plan. Granted they represent some government workers but I know in my area they perform audits on those agencies to make sure its be deposited appropriately.
I know, just double their salaries so they can save and put aside more money. Yeah, that’ll do it. It worked for low-income workers to increase the minimum wage, so it should work for the teamsters. That’s the liberal way!
If it is done the way government pension funds are funded, it works like this. You give extravagant promises in doling out pension perks based on extremely optimistic rates of returns on investing the pension funds, say a 15 to 20 percent return per year. Even though market realities return more like 1 to 5 percent return per year. And you continue telling everyone the low returns are an anomaly... year after year while promising lots of pension benefits. And that is how it becomes underfunded.
And just how does the Treasury Dept have any say in a private pension? I just hope President Trump has his Treasury Secretary change whatever this “rulling” is!
were the teamsters toying with endorsing trump if so thats why this happened
crooks and weasels....I hope Karma comes around sometime in their lifetimes....I could imagine their little peters falling off and it pleases me honestly..
Bailout time!!! Whoo Hooo!!! Free money! It grows on trees dontcha know!?
Until the shakedown artists know they can't dodge the consequences, they'll continue with business as usual.
So, in typical democrat fashion, the answer is just raise taxes right?
Close, the public masters get together with the Union bosses and create a slave contract granting themselves first rights to the fruits of labor of future generations. The courts,Congress,state legislatures All go along with this great plan of Involuntary Servitude uopn the Citizenry, because They are the beneficiaries.
You’re basically correct; reduce the pension payments to an actuarial balance. This will likely be well under fifty cents on the dollar; they won’t like it but at least it will be secure.
look up Ron Carey. They spent the funds on campaign donations to democrats instead of investing in business.
Note: this topic is from . Thanks Olog-hai.
The Treasury Department on Friday rejected an effort by the Teamsters Central States Pension Plan to cut benefits for 270,000 retired workers starting in July. [Obama's] Treasury Secretary Jacob Lew said in a letter to members of Congress that while the decision blocks the pending pension cuts, it does not resolve the issue because the pension plan remains severely underfunded and is projected to become insolvent within the next 10 years.
Almost 55 months after confessing felonious conduct, Teamster money-laundering scandal figure, Jere Nash, has finally been sentenced. U.S. Dist. Judge Thomas P. Griesa (S.D.N.Y., Nixon) sentenced Nash Apr. 9 to a mere two years probation for his role in a series of schemes which lead to the embezzlement of some $885,000 from the Int'l Bhd. of Teamsters' treasury and to $538,100 in illegal campaign contributions to the failed reelection campaign of expelled IBT president Ron Carey.
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