[Rushtalk] The Gravy Train is Running out of Steam.

John Quayle blueoval57 at verizon.net
Wed Apr 12 20:29:02 MDT 2017


/*The state of Pennsylvania has the same problem. Tom, am I right?*/


On 4/12/2017 10:18 PM, Carl Spitzer wrote:
>
>
> No more bailouts let them fail.
> We bailed out New York city long ago we should have let the city fail.
> The only reason for the city these days is the stock market the rest 
> is waste and the UN is worse.
>
> CWSIV
>
>
>
>
>
>
>   *New York Teamsters Pension Fund Goes Belly Up*
>
>
> By F McGuire   |   Thursday, 02 Mar 2017 10:34 AM
>
>
>
>
> The New York Teamsters Road Carriers Local 707 Pension Fund reportedly 
> has officially run out of
>
>
> The money as the federal insurance company has taken over payments to 
> retirees at a reduced rate.
>
> Sadly, the Pension Benefit Guaranty Corp. (PBGC) itself is also 
> running out of cash funds to cover union pensions, its director said 
> Wednesday.
>
> The federal agency’s limited liquidity "is part of the spiraling U.S. 
> pension crisis that threatens to wipe out the retirement savings of 
> more than a million Americans," *the New York Daily News 
> <http://www.nydailynews.com/news/national/federal-insurance-company-funds-cover-union-pensions-article-1.2985531>* 
> reported.
>
> The New York union’s pension fund, covering 4,000 retired truckers 
> across the city and Long Island, went belly up just last month, the 
> Daily News reported.
>
> As it has with 70 other bankrupt union pensions, the PBGC stepped in. 
> However, under the maximum benefits provided by the PBGC, many former 
> Teamsters said their monthly retirement checks have been slashed by 
> two-thirds.
>
> But the PBGC only has about a decade’s worth of cash in its coffers, 
> director Tom Reeder warned the Daily News.
>
> “We’re projected to run out of money in eight to 10 years. Many union 
> pension plans are projected to run out in 20 years,” he 
> explained. “There are going to be people in plans who run out of money 
> after we do, and there will be no water in the well.”
>
> PBGC has $2 billion in assets built up over 42 years, Reeder said. 
> Last year, when PBGC was supporting 65 bankrupt plans, it paid out 
> $113 million a month, agency officials said. Local 707 costs PBGC $1.7 
> million a month, agency officials said.
>
> The company makes its money through premiums charged to unionized 
> multi-employer pension funds.
>
> Ironically, Teamsters 707 and other Teamster pension boards attempted 
> to submit plans that would have cut benefits in order to prolong 
> payments to retirees but those plans were universally rejected by the 
> Obama administration, *Zero Hedge 
> <http://www.zerohedge.com/news/2017-02-28/ny-teamsters-pension-becomes-first-run-out-money-expert-warns-pension-tsunami-coming>*reported.
>
>
> "The Obama administration is in denial about the necessity of cutting 
> pension benefits under the Multiemployer Pension Reform Act of 2014 to 
> try to put distressed multiemployer plans on sounder financial 
> footings and make them more sustainable. It must face reality and 
> order the Treasury Department to stop blocking action," *Pensions and 
> Investments online reported late last year. 
> <http://www.pionline.com/article/20160919/PRINT/309199998/approve-those-union-benefit-reductions>*
>
> The *Daily News earlier this week 
> <http://www.nydailynews.com/new-york/n-y-retirees-struggle-survive-pension-fund-bottoms-article-1.2982399>*also 
> pointed out that the national pension nightmare is far from over.
>
>
> "Also on the brink of drying up are the pensions for two Teamster 
> locals — 641 and 560 — in New Jersey, union officials said. Plus 
> 35,000 Teamster members upstate who are part of the money-hemorrhaging 
> New York State Teamsters Pension Fund," the newspaper said.
>
> "Bigger than all of New York’s Teamster locals combined is the Central 
> States Pension Fund — another looming financial disaster that could 
> leave 407,000 retirees without pensions across the Midwest and 
> South. And there’s still more beyond that, in various industries, 
> officials say."
>
>   
> -- 
> ----CWSIV----
>
>   ,= ,-_-. =.
> ((_/)o o(\_))
>   `-'(. .)`-'
>       \_/
>
> America works when American citizens work.
> Freedom and open source the GNU paradigm.
>
>
>
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