2015 Fleet Service thread

[WeAAsles]

Is the IAMPF damaged? Or just the reputation. Things like this have been going on for years. Wasn't Hoffa doing something shady with the teamster pension fund?

"Baby Boomers are retiring in record numbers and the union workforce has been steadily declining for years. As a result, the Fund currently has more than three times as many retirees as active members — so, fewer contributions are coming in than benefits being paid out.

"To put this into perspective, for every $3.46 that the Fund pays out in pension benefits, only $1 is collected from contributing employers, which results in a $2 billion annual shortfall. Clearly, that math will never work," the letter said.

The Teamsters pension fund has spent close to $6 million dollars on lobbying and political contributions in part to push for the passage of a pension reform law that allows underfunded pensions to slash benefits.

Current workers and retirees under the age of 75 will be hardest hit by the reductions. The most vulnerable retirees over the age of 80 and those with disabilities would continue to receive full benefits, the Times said. Those aged between 75 and 80 would see reductions on a sliding scale.

Breaking News at Newsmax.com http://www.newsmax.com/US/teamsters-unions-pensions-workers/2015/05/21/id/645920/#ixzz3zKdxq2AV
 

 

[Worldport]

 

"Baby Boomers are retiring in record numbers and the union workforce has been steadily declining for years. As a result, the Fund currently has more than three times as many retirees as active members — so, fewer contributions are coming in than benefits being paid out.

"To put this into perspective, for every $3.46 that the Fund pays out in pension benefits, only $1 is collected from contributing employers, which results in a $2 billion annual shortfall. Clearly, that math will never work," the letter said.

The Teamsters pension fund has spent close to $6 million dollars on lobbying and political contributions in part to push for the passage of a pension reform law that allows underfunded pensions to slash benefits.

Current workers and retirees under the age of 75 will be hardest hit by the reductions. The most vulnerable retirees over the age of 80 and those with disabilities would continue to receive full benefits, the Times said. Those aged between 75 and 80 would see reductions on a sliding scale.

Breaking News at Newsmax.com http://www.newsmax.com/US/teamsters-unions-pensions-workers/2015/05/21/id/645920/#ixzz3zKdxq2AV
 
 

 The T/A better give us an option and  the IAMPF should not be an item that will hold negotiations any further than it probably already did.

 

[Tim Nelson]

Is the IAMPF damaged? Or just the reputation. Things like this have been going on for years. Wasn't Hoffa doing something shady with the teamster pension fund?

The fund may eventually have to seek relief. If you review the article, about half of the participants are already collecting and newbies aren't replacing them fast enough. Currently the plan is covered at 104% I believe. With today's news, it will take a hit with employers, including our negotiations I may assume. In other words, why the hell would the TWU want to toss in its members into the IAMPF now? A very bad taste as it isn't ever day when the INTL president gets busted by the feds for possibly taking gratuities and other items.

Who is damaged, that may be for the attorneys to figure out, I simply don't know but I need to find out what is going on.
regards,

 

[700UW]

Have you even read the court filing?

It's around $1 million, most of it paid to a consulting firm.

So how has one million damgaged you when the finds is in the billions?

Have you even read the court filing?

It's around $1 million, most of it paid to a consulting firm.

So how has one million damgaged you when the fund is in the billions?

 

[ograc]

Have you even read the court filing?

It's around $1 million, most of it paid to a consulting firm.

So how has one million damgaged you when the fund is in the billions?

 
The news has been duly noted and left open for further review and factual information. On the surface it could truly be a black eye for the IAM. Let's let the facts guide the investigation and subsequent response from the members. Things that make you go Hmmm...
 

 

[dfw gen]

Have you even read the court filing?

It's around $1 million, most of it paid to a consulting firm.

So how has one million damgaged you when the fund is in the billions?

Not damaging at all, he'll it's just 1 million. Was that each? Or 1 million split up?

 

[700UW]

Did you even read it?
 
The DOL didnt agree and said the hiring of a consultant was improper, there fee was originally $1.1 million reduced to $900,000, then to $700,000.
 
Improper payment of two holidays parties, a retirement party, and two dinners.
 
No one took money for personal

 

[Worldport]

Have you even read the court filing?

It's around $1 million, most of it paid to a consulting firm.

So how has one million damgaged you when the fund is in the billions?

Is somebody going to appoint new trustees? or is the plan going to be in limbo Someone without a Grand Cayman address would be preferable

 

[Worldport]

Did you even read it?
 
The DOL didnt agree and said the hiring of a consultant was improper, there fee was originally $1.1 million reduced to $900,000, then to $700,000.
 
Improper payment of two holidays parties, a retirement party, and two dinners.
 
No one took money for personal

It's just your Union leader mentality instead of taking dues money they took pension money. There should be a full investigation into the unions finances and while you're at it investigate the TWU

 

[conehead777]

Did you even read it?
 
The DOL didnt agree and said the hiring of a consultant was improper, there fee was originally $1.1 million reduced to $900,000, then to $700,000.
 
Improper payment of two holidays parties, a retirement party, and two dinners.
 
No one took money for personal

 
 



[SIZE=12pt]50. The minutes of that meeting disclose that the Board discussed a personal relationship between IAM President R. Thomas Buffenbarger and J.Weldon Granger, who is the father of John Granger, the Graystone representative who manages the Fund's account. J.Weldon Granger and his firm are currently one of the recommended counsels on [/SIZE][SIZE=12pt]www.goiam.org[/SIZE][SIZE=12pt], the Union's website[/SIZE]
 
[SIZE=12pt]. so it sounds like a brother in law deal. did you read it . in the dinners and [/SIZE]party it says as examples to me meaning there more then a retirement party and 2 dinners
 



[SIZE=12pt]Trustees' Imprudent and Improper Expenditures of Fund Assets [/SIZE]
[SIZE=12pt]72. The Trustees caused the Fund to pay for unnecessary, lavish parties and dinners for its Trustees and service providers as well as trips for Board meetings. For example: [/SIZE]

• 
  [SIZE=12pt]  [/SIZE][SIZE=12pt]An October 3, 2011 dinner paid for by the Fund featured bottles of wine priced as high as $1,185, and included Trebour, six Fund staff members, and two service providers. [/SIZE]
  
• 
  [SIZE=12pt]  [/SIZE][SIZE=12pt]On March 14, 2011, the Fund paid a $1,954.39 Investment Committee (Mart and Trebour) dinner bill, including two bottles of wine at $125 a bottle and two bottles of wine costing $375 a bottle. [/SIZE]
  
• 
  [SIZE=12pt]  [/SIZE][SIZE=12pt]The Fund paid in excess of $90,000 for two Fund holiday parties, one in 2009 and one in 2010. [/SIZE]
  
• 
  [SIZE=12pt]  [/SIZE][SIZE=12pt]The Fund paid $2,680.23 for a retirement party for a Fund Employee on August 13, 2008. [/SIZE]
  

 
 
 

 

[WeAAsles]

It's just your Union leader mentality instead of taking dues money they took pension money. There should be a full investigation into the unions finances and while you're at it investigate the TWU

Thankfully the TWU never got involved in drawing up a Pension plan or VEBA trust. Better they just stay out of those things and stick to representation.

 

[Worldport]

Thankfully the TWU never got involved in drawing up a Pension plan or VEBA trust. Better they just stay out of those things and stick to representation.

Im sure if you dig deep enough....

 

[WeAAsles]

Is somebody going to appoint new trustees? or is the plan going to be in limbo Someone without a Grand Cayman address would be preferable

Here is a list of the current trustees.

http://mypension.iamnpf.org/about-us/trustees.aspx

 

[WeAAsles]

Im sure if you dig deep enough....

 
About OLMS
The Office of Labor-Management Standards (OLMS) of the U.S. Department of Labor administers and enforces most provisions of the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA). The LMRDA primarily promotes union democracy and financial integrity in private sector labor unions through standards for union officer elections and union trusteeships and safeguards for union assets. Additionally, the LMRDA promotes labor union and labor-management transparency through reporting and disclosure requirements for labor unions and their officials, employers, labor relations consultants, and surety companies.

http://www.dol.gov/olms/

 

[WeAAsles]

Im sure if you dig deep enough....

Nevermind. It wouldn't link directly.