Central States Director Says “No Resubmission”

Thomas Nyhan, the Director of the Central States Pension Plan, says the fund will not resubmit a revised proposal to the Treasury Department, because the cuts would have to be too deep.

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Nyhan told local union officers on a conference call this afternoon, there will be no resubmission, and no revised plan, because the Treasury’s guidelines would force the fund to cut even below 110% of the PBGC maximum, and not comply with MPRA (the pension cut law of December 2014). The Treasury Department’s denial said the Fund’s assumptions were too optimistic.

The fund’s press release covers similar ground.

Promise to Cooperate to Push Congress

Nyhan said “Congress has to step up” to prevent the fund’s insolvency in approximately ten years. He stated he is prepared to work with the Pension Rights Center, the AARP, the union, and all stakeholders to push for KOPPA or similar legislation. 

To date, Nyhan has directed energy toward fighting against active Teamsters and retirees who have worked to gain Congressional support – if he now puts the full resources of the fund behind our efforts, that will be a big boost.

Nyhan and the fund trustees should also urge all contributing employers, as well as UPS, to join these efforts, since they would benefit from relief to the fund because it would cut their own liability.

In response to officers’ questions, Nyhan indicated that the election of Hillary Clinton and pro-KOPPA members of Congress this fall will make it much more likely to pass positive legislation.  


Showing 30 reactions

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  • Dennis Lea
    commented 2018-04-22 00:38:32 -0400
    Gentlemen I agree with you 100%, we all need to stick together and pick up are fallen brothers and sisters and become a force to be reckoned with. Show these crooks that were coming after them. I say class action law suit. Not asking Congress to bail us out but rather go after the crooks that stoled our hard earned pension that we were supposed to have when we retire. I would like to see the crooks sit in front of a congressional hearing panel and be forced to explain how they squandered our money… make them show how and why they invested in to garbage. These people are intelligent people right ? They have money managers don’t they. Shouldn’t someone should’ve stopped them after losing millions but instead you let them lose billions. I’m not wealthy but I’m pissed if I loose 10 bucks
  • Stephanie McAllister
    followed this page 2016-09-06 13:37:25 -0400
  • Scott Knox
    commented 2016-06-11 16:42:08 -0400
    I have 30 years vested in the central states pyramid scheme I am 49, yes I started putting in to this dog when I was 19. After all these years I have come to realize I will never get the principal back I put in. The only thing that is for sure is the executives running this thing are raping it with their exuberant salaries and will continue to do so until their is no more to take. Goldman Sachs and Northern trust I believe had to a lot of our money invested in sub-prime mortgages and risky investments their odds would have been better if the went to Vegas and put the whole wad on red or black but not sure if you can play the short on that. Wish I could say I’m proud to be a Teamster but I can’t when they have let me down in such a big way.
  • douglas denzler
    commented 2016-06-04 11:04:47 -0400
    we need central states exec director and all board members to look at themselves and start by cutting their operation costs, wages, bonuses, they keep rewarding themselves for bankrupting our pension fund, nobody to blame but themselves, now asking for a government bail out but not even trying to cut yourselves first, the whole board needs to be removed and replaced
  • Joe Black
    commented 2016-05-28 10:57:13 -0400
    They want us to take cuts so they can continue not doing there job no recruiting mismanagement of everything related,I want transparency what are their salaries and bonuses the teamsters are a business plain and simple if they were a publicly traded company they would have been delisted a long time ago we have to protect our pensions from them.
  • sean langley
    commented 2016-05-25 10:19:05 -0400
  • Keith Augsbach
    commented 2016-05-24 19:53:05 -0400
    plz just divide it up and disperse it evenly amongst every one and close this fund. nyhan and his trustee are your basic crooks, look at Chicago in general . I can invest my own money I don’t need some like him screwing me . ever been to central states offices I have what a joke this fund has been there just for there personal atm going way back to jimmy senior
  • sean langley
    commented 2016-05-23 14:07:36 -0400
    Don’t throw that crap at me Eddie I have been off my butt fighting for workers and retirees long before we got the Letters! I’m just saying we are all in this together so let’s fight together as one!!!!!!!! Let’s not just hear concern about retirees let’s also hear about the Teamsters who are still working!!!!!!
  • eddie calero
    commented 2016-05-23 13:25:52 -0400
    nyhan wants to keep his job that’s all he cares about !!
  • Dave Scheidt
    commented 2016-05-23 13:25:11 -0400
    You right Sean, We do need more actives to be involved……Our meetings in KC are a mix, but all need to unite for this fight. All the unions should be on board with the International…..Also try WWW.mycspensionhandsoff.com to find a committee in your area. You can’t win if you don’t fight…..everyone should be on board to fight for victory….
  • eddie calero
    commented 2016-05-23 13:20:36 -0400
    you want to hear more about the active workers. than get them off their butts and go out and vote to remove ALL the crooks that are running the teamster union and cspf. this is why you hear nothing from them because they don’t care about you. the retiree’s band together to fight the cuts. now its up to the active members to fight the IBT and cspf. to make change’s . we can’t do it for you, we are not allowed to vote once we retire.
  • sean langley
    commented 2016-05-23 10:46:53 -0400
    Also lets start hearing more about the Teamsters who are still working and paying into this bomb fire!! All we hear about is retirees and nothing about us workers!!!!!!!!
  • sean langley
    commented 2016-05-23 10:44:13 -0400
    Would be nice to get some help from are Locals!!! If are employers were after wage cuts they would have the fight of there life! Central states is after way more than that and you hear nothing from are Locals!!!!!!!!!!!!!!
  • Charles Temple Sr
    commented 2016-05-23 08:11:59 -0400
    Eddie, Dave I agree 100%. Solidarity…..we all need each other.
  • eddie calero
    commented 2016-05-23 00:57:32 -0400
    you are right Dave, we need to band together, do you know how strong we would be if the active and retiree’s band together with all teamster members. if you think you are lucky because you don’t belong to the cspf, think again they will come after all pension plans one at a time. there should not be all these different teamster pension plans. there should be one united fund that everyone pays into. but you have the western plan, north east plan, southern plan. so many pension plans out there no one really knows where the money really goes. the crooks keep us divided and in the dark. ONE TEAMSTER UNION, ONE TEAMSTER PENSION PLAN COVERING ALL TEAMSTERS. the crooked staff of Hoffa and nyhan should be in the same pension plan as we are. I bet our fund wouldn’t be doing bad if they were. ALL YOU TEAMSTER ACTIVE MEMBERS NEED TO VOTE EVERYONE THATS RUNNING OUR UNION OUT OF THERE. retiree’s can’t vote them out or they would all be gone by now !!
  • Dave Scheidt
    commented 2016-05-22 20:56:25 -0400
    We encourage active to join with retirees to fight for pensions. A pension is deferred wages….Taking that away is Pension Theft plain and simple. Our committee had pickets in front of YRCW HQ not once but twice. We were against how they were treating their employees there as well as for pensions…..While executives are getting huge stock options and pay our Teamsters there have had wage cuts,reduced pension vesting, vacation days taken away all while being hammered for more production….If Central States goes down, so will the Teamsters….That is why we have to work together and win this fight…..Remember, even if we all had been put to the 110% guarantee…..Central States is doomed to fail….Our committee went to Washington DC to let our legislators know Central States can be fixed and fixed with out a bail out….So stop whining and let’s ALL GET TO WORK…..Central States can and will be fixed…..Join TDU and us in a fight for what is right……FOR EVERYONE……

    Dave – Director of MKCCPP
  • eddie calero
    commented 2016-05-22 19:51:28 -0400
    just remember the retiree’s for the last 15 years or so, could not vote. its you active members who kept voting in the crooks that made the pension fund go down hill. and now you want to blame the retiree’s for drawing the pension checks that WE DESERVE. how many times did you ever spend on a picket line to get what you guys think you so much deserve . now you say its time to revolt. lol go for it . your fight should be with the IBT and trying to get out the same people that still running the fund. and yes you will see all that you put in the fund go away, till you active people get off your butts and change something. VOTE SMART THIS TIME AROUND.
  • Charles Temple Sr
    commented 2016-05-22 19:04:12 -0400
    Just in tyme huh……wouldn’t be a troll would ya.
  • Scott Kendall
    commented 2016-05-22 15:28:43 -0400
    Now comes the revolt of the active members who face 10 years of continued contributions to keep every current retiree whole and having nothing left for them.
  • Kerry Bowden
    commented 2016-05-21 07:08:47 -0400
    He needs to be accountable , he has a fiduciary responsibility under the law and should be under arrest for failure to live up to those responsibilities. Hell, I saw 2008 coming why didn’t he. they did the same crap in 1993 before he came in. And as a Financial Representative ,he was asleep at the wheel and should be held accountable in federal court.
  • eddie calero
    commented 2016-05-20 14:54:29 -0400
    to the people that say, the retiree’s don’t deserve the amount we are getting, your hero nyhan said no resubmission, not asking again for cuts, so back to the drawing board. you active people can fight to remove nyhan before your money is gone to. than just maybe some of us retiree’s will come around to some sort of cuts. but we will take no cuts till nyhan and the rest of his buddies on the cspf are gone. I don’t speak for every retiree but I’m sure I do for the ones who stop the cuts from happening.
  • Kenneth Gardner
    commented 2016-05-20 13:18:42 -0400
    Sooner or later it will all equal out, as many paying in as drawing.
    You can not stop father time, maybe nyhan has found the fountain of youth
  • Michael Trotter
    commented 2016-05-20 10:33:56 -0400
    THANK YOU DAVE SCHEIDT, UNITED WE STAND DIVIDED WE FALL.
  • Charles Temple Sr
    commented 2016-05-20 09:58:09 -0400
    Thomas Nylan needs to go all right……to real jail for real time !
  • Dave Scheidt
    commented 2016-05-20 00:11:03 -0400
    There are 4 investigations going on about Central States, Our legislators are working on ideas to fix the fund, we submitted a plan while we were in DC…..Tom Nyhan needs to go…..They (Nyhan, the trustees and the NCCMP ) need to pay back the money they wasted on the MPRA…. We have won a battle, but not the war…..Let’s all get busy and do just that…..Our outline for a Real Rescue Plan can be found on our FB Page…..Missouri – Kansas City Committee To Protect Pensions…..So Join TDU in a Real fight for Pensions…..Thank You for all you Do……This Fight is just getting started…..With TDU and 63 Committees to protect Pensions this is a fight we are going to win…… Dave, Director of MKCCPP……
  • Paul Dillon
    commented 2016-05-19 22:30:45 -0400
    I am guessing there is a reason why their pensions are probably in a fund not tied to ours?

    " The Trustees have met with the Fund’s actuaries and legal advisors to carefully consider the most appropriate next steps. "

    I wonder what meetings they had over the past decades entailed? Make promises we will never be able to fulfill to get reelected?
  • eddie calero
    commented 2016-05-19 22:06:46 -0400
    good !!! that means in maybe 7 years , I won’t get a pension check, but at least this little bastard of a crook, will lose his $700 thousand dollar pay check . when we lose ours. but than again that gives him and his buddies approx. 7 years to drain our fund with their high paying pay checks. ! ! his and his buddies pension will go on. they won’t run out of money in their plan. start paying off everything you can and make no big purchase in the coming years. good luck to all the retiree’s .
  • Paul Dillon
    commented 2016-05-19 20:49:29 -0400
    " As you are aware, on May 6, the U.S. Department of the Treasury denied Central States Pension Fund’s rescue plan application under the Multiemployer Pension Reform Act of 2014 (MPRA). As a result, proposed benefit reductions required to save the Fund from insolvency will not take place. Since the application was denied, there will be no participant vote on the rescue plan.

    The Trustees have met with the Fund’s actuaries and legal advisors to carefully consider the most appropriate next steps. Based on those discussions, it was concluded that due to the passage of time, Central States can no longer develop and implement a new plan that complies with the final MPRA regulations issued by Treasury on April 26, 2016. Therefore, there will be no new rescue plan.

    Although the decision to request approval of a rescue plan was very difficult for the Fund’s Trustees, we are disappointed in Treasury’s decision. The rescue plan was a proposal of last resort, and clearly not the option that the Trustees preferred. It was, however, based on a realistic assessment that benefit reductions under a rescue plan were the only available, practical way to avoid the hardship and countless personal tragedies that will result if the Pension Fund runs out of money.

    We strongly disagree with the reasons expressed by Treasury for denying Central States’ rescue plan application. But there is little point in dissecting a decision that has already been made and cannot be changed. We do note, however, that the alleged defects in the Fund’s application could have been identified and corrected much earlier in the process, if Treasury had either pointed them out during their lengthy consideration of the Fund’s application, or by publishing final regulations in a timely manner, rather than waiting until just a few days before the deadline to reject our plan.

    Central States Pension Fund remains in critical and declining status, and is projected to run out of money in less than ten years. In a letter to Congressional leaders, Secretary of the Treasury Jack Lew reinforced the fact that Treasury’s denial in no way resolves the serious threat to our participants’ pension benefits. The fact that the federal government’s multiemployer pension insurance program, the Pension Benefit Guaranty Corporation (PBGC), is also running out of money means we may see our pension benefits ultimately reduced to virtually nothing when the Fund runs out of money. At this time, only government funding, either directly to our Pension Fund or through the PBGC, will prevent Central States participants from losing their benefits entirely.

    A significant number of Members of Congress were vocal in calling for Treasury to reject our pension rescue plan. It is now time for those and others who suggested that there is a better way to fix this critical problem to deliver on real solutions that will protect the retirement benefits of Central States participants.

    There is no time—or reason—to delay. With each passing month, this crisis becomes more difficult—and costly—to solve. For over ten years, we have fought to protect our participants’ hard-earned retirement benefits. This included painful benefit reductions for active members and mandatory employer contribution increases in 2004, legislative campaigns to secure additional funding in 2009 and 2010, and most recently, our pension rescue plan application under MPRA.

    In the coming months, we will do everything in our power to support a legislative solution that protects the pension benefits of the more than 400,000 Central States participants and beneficiaries, who should not have to bear the emotional trauma of waiting until the Fund is at the doorstep of insolvency before Congress acts. The moment for action and for doing the right thing is now.

    We understand the uncertainty and anxiety that our participants and beneficiaries may be experiencing as this process continues. As always, our goal is to ensure that the Fund is able to continue to pay future benefits.

    We will continue to track progress and provide updates on our website, through email for those who have registered on our website to receive such communications, and/or by U.S. postal mail. You can also call our dedicated hotline at 1-800-323-7640 to listen to a recorded message with updated information. "

    The email I received from the pension fund.
  • Tim Vermillion
    commented 2016-05-19 19:06:53 -0400
    Thomas Nayhan and his big salary needs to GO!!!!!! Also, all the other top money earners need to have their salaries cut and a freeze put on all raises and bonuses.
  • Lynn Chevalier
    commented 2016-05-19 18:22:08 -0400
    Thomas Nyhan, the Director of the Central States Pension Plan — We think that he should be found responsible for not doing something sooner!! Investigate and find out who else was responsible for not handling their fiduciary duty. Make them ALLEVERYONE OF THEM accountable.
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