Central States: “A Wave of Organized Wrath”

“If we fail, it will start a snowball," says retired carhauler Billy Scott. "There are 10 million people in multi-employer funds that this could happen to next. And who’s to say they won't pass a new law for single-employer funds, too?” 

pension_protest_springfield_thumb.jpg

Read more on the “wave of organized wrath”.


FORMER PRESIDENT BILL CLINTON SAYS

“TURN DOWN THE CUTS”

bill_clinton.jpg

Speaking on March 11, Bill Clinton called on the Treasury Department to reject the Central States pension cuts plan. He stated that, “Essentially, the treasury department should turn down the central state pension fund proposal.” Clinton said, “We don’t need any 50 percent cuts to people’s pensions that they worked their whole lives to get. And we can fix it.”

Former President Bill Clinton was speaking at a political rally for Hillary at the Teamster Local 245 hall in Springfield, Missouri. Ironically, the head of the Local, International Trustee Jim Kabell, spoke out strongly in favor of the planned cuts at the meeting of officers last April in Rosemont, Illinois.

Clinton joins a number of political leaders who are hearing from the grassroots movement to defend pensions. 

Click here to read more.


 US TREASURY: LISTENING TO RETIREE VOICES ON PROPOSED CUTS By Kenneth Feinberg

pension_mo.jpg

Last fall, I wrote about the Central States Pension Plan’s application to the Treasury Department to reduce pension benefits. This application is the result of a change in the law set forth by Congress in the Kline-Miller Multiemployer Pension Reform Act of 2014. Following the passage of this new law, Treasury Secretary Lew appointed me as a Special Master to provide a dedicated, impartial and informed review of these applications in a process that is open and fair. This is a responsibility that I have taken very seriously.

Click here to read more.


Showing 18 reactions

Please check your e-mail for a link to activate your account.
  • followed this page 2016-10-19 11:47:15 -0400
  • commented 2016-04-02 23:19:30 -0400
    Bruce, you got that right but a lot of them had humble beginnings; the same as we have. One would think they would have a bit of compassion for us but I guess the money talks louder.

    I hold them just as responsible as CSPF and Wall Street. We aren’t the only ones. I believe we are just the test on whether they can get rid of all pensions so they can keep all the gravy for themselves.

    I think 401k’s and savings accounts are being looked at as well. Let’s face it; the government is broke so looking at all pockets but their own.
  • commented 2016-04-02 19:24:02 -0400
    Lorelyn Essig;
    “Our elected”, officials at union and state, sure live by a different code.
    I believe it’s called a DOUBLE Standard!
  • commented 2016-04-02 14:12:28 -0400
    Bet all those Senators and Representatives will all get their full pension for as long as they live and when they “retire” from Congress they step into very lucrative lobbyist jobs where they “persuade” their former colleagues to support their favorite causes. These people get the pension no matter if they make nothing or $1 million a year in the lobbying job.

    Quite the deal they got going. Three day work week, lots of vacay time off, treated like celebrities wherever they go and they get $174,000 or more annual salary.

    And they can’t seem to find a way to help us even though they have bailed out other pensions. Before I vote an incumbent back in they will have to hold a torch to both feet.
  • commented 2016-04-02 12:43:00 -0400
    PENSIONS
    They are STEALING from hard working Americans ,when they are most at risk and vulnerable to the excesses of political abuses and thievery.
  • commented 2016-03-20 22:44:57 -0400
    Trump 016
  • commented 2016-03-20 22:18:19 -0400
    You’re welcome Lorelyn! I spent a year and a half looking for the reason I was sick when the doctors couldn’t tell me, so finding things and answers got easier for me.
  • commented 2016-03-20 16:17:24 -0400
    Thanks, Paul!
  • commented 2016-03-20 13:37:11 -0400
    Good read about the situation:
    http://www.kansascitytribune.com/news/business/workplace/articles/67097909.html

    I am not computer literate to know if this is a live link. If it isn’t maybe someone else can make it work.
  • commented 2016-03-19 13:18:51 -0400
    Several of those big investment corporations including Northern Trust and Goldman Sachs have been sued successfully for bad investments. Why hasn’t CSPF sued them for the return of our monies? And for high dollar amounts, too.

    Are they all in bed together?
  • commented 2016-03-19 12:38:50 -0400
    It seems to me the very 1st thing that would be done is to force CSPF to open their books and substantiate the supposed losses. If they say it’s because of the wall street meltdown in 2008 and those banks were bailed out, then they should be solvent now and paying dividends and assuming CSPF is still invested in same banks, How could the fund still be losing money. The fund does not survive on union dues alone. Just my opinion
  • commented 2016-03-19 12:24:54 -0400
    There is a reason they don’t want to open the books. Why would they hide that stuff if they weren’t doing something wrong?
  • commented 2016-03-19 04:02:47 -0400
    Yes the stock market is doing the best in the last couple of years it has ever done.My son plays with the market and he would love to see cspf books he told me unless they have a complete idiot running the fund they should be making money not losing it. CSPF is doing something wrong we should be able to see where they invested the money and how they said they lost it in bad investments.
  • commented 2016-03-18 01:55:51 -0400
    According to www.mycentralstatespensionfund.org the fund had a loss of $1,739,387 at the end of 2015 as compared with 2014.

    Net assets of $16,123.719 on Dec 31, 2015

    Net assets of $17,863,106 on Dec 31, 2014

    Seems to me they are deliberately trying to lose massive amounts of pension member’s monies. Aren’t the stock markets doing pretty well in the past couple of years? I don’t follow it very much.

    I am not at all optimistic, either.
  • commented 2016-03-17 13:34:02 -0400
    It’s to quiet, not feeling very optimistic. May 7th less than 2 months away.
  • commented 2016-03-16 21:59:12 -0400
    read between the lines, they are saying if central states is within the new law . they will pass this new law to cut our pensions. and you know central states is within the law to make the cuts . the people who are acting like they care at these meetings will tell us they check and everything is within the law. we will get screw ! !
  • commented 2016-03-16 18:01:15 -0400
    I think the cuts are going down!