Treasury Road Tour - All Out to Columbus

Retired and active Teamsters: Make your voices heard on pension cuts, when Ken Feinberg, Special Master to the Treasury Department, visits Columbus, Ohio on Tuesday, December 8. 

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The Treasury Department is sponsoring a public meeting to hear from retirees and Teamsters. The town hall meeting will take place at the Ohio State University Fawcett Event Center from 6:30 – 8:30 pm. Pension activists from throughout Ohio will be there and others are encouraged to come. Bring signs, wear pension t-shirts, plan your remarks.


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  • followed this page 2016-10-21 10:05:20 -0400
  • commented 2015-12-14 11:26:11 -0500
    Notice of scheduled K. Feinberg Conference Call posted http://www.treasury.gov/services/Pages/Benefit-Suspensions.aspx
    Today Monday Dec. 14, 2015
    3:00PM Eastern Time
    Conference call in # 888-324-9602
    Conference participant code # 786-5356
    Ramona Murphy
  • commented 2015-12-14 02:58:02 -0500
    Several years ago, I remember the Teamster magazine bragging about the billions of pension dollars paid to retirees over the years. My point is two-fold. First, it is the retirees and actives contributions that paid for this, nothing was given. Secondly, too much was paid out!! Central states mismanagement gave too much compensation to execs and staff (such as Nyhan), They also promised too much money to some retirees relative to what they had contributed, and what the fund could afford. Let me reiterate, part of the " mismanagement" was promising AND PAYING some retirees too much money!!, Maybe SOME (not all )retirees should be thankful for being given a silver spoon! and collected off of it up to this point. Give me a break, if you think that someone can work 25 years, contribute around 100k total and collect 3k/month starting at age 48 or 50, for the rest of their life!! And continue to do so, until the fund goes BROKE, so there is NOTHING left for others that may have contributed 400K!!!
  • commented 2015-12-13 23:30:44 -0500
    Thank you Lorelyn E. for your very good input, as I really appreciate that. Do not be dismayed about the no response from the legislatures. One retired friend of ours who sent his letters certified/with return receipt said it was acknowledged only that “it was being looked into”. While we have sent email letters, they are only answered as received also. Politically, it will take time for any response as they are also waiting on the Treasurys’ response to the application of CS. The good news is that we are seeing big names write to K. Feinberg protesting the application as it fails to meet the criteria to be approved. Then there is the UPS injunction the Feds must consider. Also, The Pension Rights Centers Senior Policy Advisor, Norman P. Stein sent a detailed 13 page letter opposing the application. AARP (See also David Certner Dir. of Fed. Affairs for AARP) is working on both the Federal and state level (each state has own AARP Office) to oppose the application. Teamsters For A Democratic Union is organizing opposition in many states. ( See also Ken Paff Founder). Each state involved have their own Pension Protection Committees working with these organizations. In the last conference phone call with K. Feinberg dated Dec. 07, he stated that he expects many aspects of this case will wind up in court. That is because many of the actions the Trustees plan to utilize in their so called “rescue plan” are unconstitutional. At least this would give time for a very large but disseminated group of people ( American Retirees and Workers) to gain some help and representation from people in our government to pressure and force Wall Street banks and the Treasury to make genuine efforts at making restitution for these fiduciary failures. Our family also wrote to the Honorable Loretta Lynch, U S Dept. of Justice to investigate; also Mr. Michael Hayes: Dir. of the Office of Labor and Mgmt. in the same dept., and our State Attorney General. Our state Pension Protection committee also recommended writing/contacting Robert Scott: Education and Workforce Committee, Sander Levin: Ways and Means Committee, Patty Murray: Health Education Labor and Pension Committee, Ron Wyden: Finance Committee, and anyone else who believes the Kline-Miller Bill rewards corruptable Trustees to behave in self-serving transactions instead of for the benefit of the participants. This must not be allowed to be scapegoated onto the wrong people, all while the people who caused this mess celebrate. ( Read the Washington Post article by Jeffrey Scott Shapiro: Legal Analyst for Washington Times) where he mentions the reaction of Josh Gautbaum of the PBGC). We are making a difference when we demand our politicians represent our FAIR treatment. We don’t ask for much and we are losing more and more every year. We have friends who are right now getting ready to move out of their home because of that July deadline. They don’t know where they will end up, but can’t sit there and await foreclosure. To think our government gave license to the Trustees to put in an application in Sept., have an answer in 225 days, an act on it in July, 2016. Even at the risk of losing in the end to powerful interest groups, we will try to do our part, if at least to finally realize just how far gone the American Dream really is for many of us; and sadly, that’s just how I see it. R. Murphy
  • commented 2015-12-13 18:26:34 -0500
    To Ramona Murphy:

    I agree with all you say but I write many times to my Rep and Senators and do not get the courtesy of a reply. I am respectful but firm in telling them that it is not right to vote into law bills that are not read or discussed; rather they just vote them in.
    Really, I believe they are so used to doing as they please with no accountability to their constituents that they are embarrassed or even angered that they are called on it.
    I am to the point that I will not vote for an incumbent; they have gotten too comfortable and complacent.
    I hope KOPPA passes but there should be a way to facilitate getting MPRA repealed or rescinded or otherwise rid of it.
  • commented 2015-12-13 15:24:45 -0500
    Again, in response to the same question,reread the same answer given. Let me explain, If the USA, (as in WW2), required extreme sacrifice, I’m sure every citizen would gladly oblige, as they did. However, when it is known that the pension fund has been pilfered and mismanaged, there-in lies the difference. My husband (Not retired) is very pro-business and loyal to his company also. That does not mean they need our help by us BECOMING a VICTIM of CONVENIENCE, for the sake of feeding those “to big to fail” again, for the SECOND Time. We need to stand up and say that this is NOT the correct remedy to the problem, even if it is an uphill battle all the way, because the wrong people are being stuck with the bill otherwise! The banks that are to big to fail, and the Treasury need to put this train wreck back on the tracks, (that greed, special interests and corruption derailed). You can’t have it both ways; justice is worth fighting for; and this is the most unjust instance I have seen in my lifetime. Many people in the USA have had to fight for what was right; such as WW1 vets who waited 50some years for their promised “Bonus” money. Many Black soldiers unrecognized and unpaid, for example, and on and on. Again, it is wrong to use retirees to"BAILOUT" the fund. Everyone who believes this is wrong needs to write/contact their Congress-people, K. Feinberg, and other Pension Rights groups. Ramona Murphy
  • commented 2015-12-12 10:11:14 -0500
    This is a bailout. I said what do you propose assuming NO bailout.
  • commented 2015-12-12 02:37:39 -0500
    In a nutshell, I agree with the plans proposed by: The Pension Rights Center, AARP, and especially Bernie Sanders/Marcy Kaptur for the KOPPA BILL, and 20 other Congressmen and women who feel that by closing two tax loopholes of the wealthiest people ( who just doubled their worth in the last 6 years) they can avert a problem. Ramona Murphy
  • commented 2015-12-12 02:25:41 -0500
    Yes, about single pension funds like Enron; they are covered very differently under PBGC. They get up to about $60,000. per year as opposed to multi-employer insurance which is only at about $12,000. per year guaranteed. The PBGC is a government agency. Yes, the employers for single payer plans pay a higher premium than multi-employer plans, but they are actually recouping very well; which is what “insurance” is for. But won’t you admit that in the case of the Central States Plan, the RETIREES are being forced to provide the “bailout”? If you do not believe in “Bailouts” why should retirees be an exception. If you are believing in “taking responsibility” as in the case of business; then bad business management should expect to result in bankruptcy; why continue to bailout a sinking ship for a few years? There are other options. Restructuring this problem by other means could avert a disaster which we do not want to see unfold. The American workers were promised a “wage and benefit package” which included the pension, I say let them figure out a reasonable and respectable solution. If you let them take the easy way out then you are OPENING A CAN OF WORMS. Ramona Murphy
  • commented 2015-12-12 02:15:43 -0500
    Assume no money ( no bailout) a very good assumption, I believe. Then Romona Murphy, what do YOU propose? You want no cuts. Then I guess that the fund will go to Zero in 12 years ant 7% annual investment returns. Then what? Then complain that their is NO money for anybody? Is this your solution? Once again , let me REPEAT for emphasis, assume no bailout. What do you propose?
  • commented 2015-12-12 01:14:46 -0500
    I do not want cuts, (UNLESS, there is no bailout). True, wall street banks and auto corporations got government money. But some of them paid it back. A pension fund cannot pay anything back! Its sole course of revenue is active participants contributions and any investment gains!! That is a big difference. There is no way to pay any money back. Also, any government bail out opens up a can of worms!! Other pension companies would try to follow suit. How about single company pensions such as Enron. How about personal 401k’s that may have lost money. Where would it stop? A lot of other people would be sticking their hands out too. I’m not saying retirees and actives don’t deserve a bailout. I’m just telling you why I don’t think it will ever happen. The nation is trillions in debt to boot!!!
  • commented 2015-12-11 23:05:33 -0500
    Thanks Terri Elliot and others for the links and comments. Except Tom, I do not understand why you would call the pension a “gravy train”. Americans work longer and harder than anyone else on the planet producing great wealth for this nation. You keep repeating that MPRA is such a great thing, and since there is more money going out than in; that you are “generously agreeing with MPRA” by suggesting to ruin thousands of other peoples earned pensions to (you think) save your own. If this treachery works this time why would they not do it again? Of course ACTIVE employees/employers support the fund for retirees. Isn’t that the way it is supposed to work? For example; we all pay taxes to schools even when our own kids are through with school. It’s called good public policy because it benefits everyone, so the next generation can be educated. So to, does a promised pension. Read the articles (links below) contributed by T. Elliot as well. The outgoing, and outrageous investment manager fees, the wages and expenses of the Trustees; which they continue to spend ( should have been cut since 2008) prove they are the biggest drain here. Since 2008 and to this day, hundreds of millions of dollars have gone to Wall Street for pitiful results. There has been fiduciary failures that continue and will even be rewarded when people agree with the Trustees’ solution. The retirees are not responsible for keeping this fund balanced. They have no voice in managing the fund, and have had no (in the past) access to any information. By agreeing with MPRA aren’t you just exchanging one problem for another, such as increased Medicaid, welfare, foreclosures, not to mention human misery; and for what or who? Ramona Murphy
  • commented 2015-12-11 10:38:01 -0500
    Tom, is there a reason that you are against people receiving what they have put into all of their working lives? You call this a gravy train? My husband took many cuts to assure him that he would get the pension that he deserved. Please explain to me why it is okay for the criminals at the top are permitted to get away with this? It is time for some to be prosecuted and made to pay back monies into the fund that they have spent for their own pleasure. And yes, we need to stay on top of this and badger until something gets done.
  • commented 2015-12-10 23:20:06 -0500
    TOM Dolyniuk YOU just forgot about all that has passed away and did not collect any, and those who collected very little.i guess, just give it to the trustees from ELMER H HUGHES
  • commented 2015-12-10 16:27:17 -0500
    Old Tom , his worn out crystal ball really is wareing thin he’s just a one man show he accucuctaly out to screw the old retiree’s for his own benefit.
  • commented 2015-12-10 16:11:00 -0500
    Tom d, When you have collected what you paid into Social Security will you send a letter saying thanks and no more checks please. I think you will not do that you will continue accepting what you were promised from SS. Now that is what most of us expect from CS we paid in with a promise of a pension check.
  • commented 2015-12-10 13:32:32 -0500
    My adjustments would not only be based on the total contributions made to the fund on your behalf in your working years, but total amount WITHDRAWN. Once you have collected 4X what you have put in the fund you are DONE collecting. Otherwise, you are getting pension money at the expense of someone else (namely active participants!) You can decide if you want to continue to get the same amount until 4X is done , then you get nothing, or you can get an appropriated reduced amount. but the total amount cannot exceed four times of your total contributions!! It is time to get off the gravy train! Fair is Fair!!!
  • commented 2015-12-10 11:28:05 -0500
    Tom: Take a hike a l o n g hike.
  • commented 2015-12-10 10:52:04 -0500
    Tom D: Why shouldn’t we call and badger them? They have repeatedly not read a bill or discussed it before they voted it in. That is not doing what they were sent to DC to get done. Remember Nancy Pelosi saying " We have to pass it to find out what is in it"?
    What if they passed a law that said we will euthanize everyone who is over the age of 65; they are past the age of being productive. That might be an extreme analogy but when older people lose 1/2 or more of their income they may have to choose whether to keep heat on in the house or buy meds or food. This is what happens when these fools pass stuff through that they don’t read.

    Why are you even here posting? If this comes to pass that we will be be losing 1/2 or more of our pensions which were earned by us; and the pension fund becomes stable again we will never get back what we lost and you will be richly blessed in your retirement.
    That is if these present managers keep their hands out of that big cookie jar. They should be gone.
  • commented 2015-12-10 05:14:30 -0500
  • commented 2015-12-10 02:21:59 -0500
    If you come up with a plan for more money, they will listen. If you call just to badger them, and complain why should they respond? MPRA was enacted to prevent funds from becoming insolvent!!!
  • commented 2015-12-09 21:30:59 -0500
    To Glenn: Thanks for the link; I will go check it out.

    I was just on the Treasury site and the comments are still closed although they have posted new ones today so not sure how they are getting them posted.

    I believe Feinberg had pointed out previously that he had to implement it since it was the law now. I am hammering my Rep and Senators with emails since they caused this mess by voting it in when they had no time to read or discuss it. I imagine this happens more often than not and IMHO it is inexcusable. Of course, they have not responded back to me.
  • commented 2015-12-09 20:13:36 -0500
    You might want to read this article about the meeting in Columbus Ohio.

    http://www.cincinnati.com/story/money/2015/12/09/teamsters-head-columbus-meet-treasury-dept/76983110/
  • commented 2015-12-09 20:07:50 -0500
    I attended the meeting in Columbus last night and can tell you all that it was a very well attended ( my guess around 300 attended) Mr Feinberg was very attentive to our questions and did provide some incite into the process that he is tasked to do. One note of interest that was pointed out during the meeting was put forth by Fred Zuckerman of local 89 in Louisville, was that the excitement about UPS getting involved is not the white knight we are hoping it to be, In essence UPS wants all members in the plan to be reduced to the 110% PGP level “except” the UPS retirees. If you have a chance to attend one of the many meetings scheduled by Mr Feinberg, I highly recommend you do so. If no meeting is planned in your area by all means plan one, It may take some effort on your part but get your fellow retirees to join in and you can do it. I also learned that the period to comment to the Treasury is extended indefinitely, do take a few minutes and send you thoughts and comment to the them. We must get involved, it is now up to us to carry this forward. Changes can be implemented if we put forth the effort to get them brought about.
  • commented 2015-12-09 17:34:31 -0500
    Jimmy, if you want to go read that letter which was about 129 pages but also included the opinions from Pricewaterhouse as an addendum, it was on the Regulation.gov in a comment by Christopher Langan. One of the statements in that letter about page 20 that really stood out to me was that they had asked for more info from Nyhan and he replied that if he sent it " he would be shooting himself in the foot".

    That sounds an awful lot like they know they acted irresponsibly. I don’t think they were expecting so much push back as they are getting.
  • commented 2015-12-09 16:32:13 -0500
    I did listen tot he phone forum monday and found out UPS, has written a 129 page letter to the treasury asking to to reject and send back the application back to CSPF, because of all the un truths in the application.
  • commented 2015-12-09 13:38:11 -0500
    Can someone tell me what happened at the town hall meeting last night in Columbus Ohio? Also, did anyone participate in the phone forum on Mon. night? We were not able to connect.
  • commented 2015-12-09 08:54:10 -0500
    I see where TVA, is 53% funded and they are asking congress for help. We need to watch this and see where there helps come from because there pensions will never be cut.
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