09.25.24 MINUTES OF NUCPP ANNUAL MEETING
MINUTES OF NUCPP ANNUAL MEETING
DATE: 9/25/24 TIME: 9:00a.m. EST
ATTENDANCE INCLUDING OFFICERS: approximately 80.
OPENING OF MEETING: President Ken Stribling and Director of Communications/Secretary Dana Vargo welcomed attendees.
PRAYER: said by Tom.
PLEDGE OF ALLEGIANCE: recited by attendees followed by recognition of veterans in attendance. A brief time to remember departed NUCPP members and supporters.
OPEN COMMENTS: reminder that NUCPP is non-partisan, stick to facts carrying out our purpose of representing members on retirement issues.
SPEAKERS: Tom Bennett, Local 200 President, presented with plaque for Local’s support and donation of $300. ZOOM – Robert Roach, ARA President – comments: PBGC needs more tools for combatting corporations moving away from pension plans and engaging younger generations in retirement/pension savings. Retirement security is an earned benefit. A call to an action-fight for retirement security. Rich Fiesta, ARA – gave update on Social Security. SS Trustee Report-can pay full benefits till 2035 then faces shortfall and able to pay 83% of benefits unless there is intervention. Trust Fund reserves are currently 2.8 trillion. Legislation HR5723-increase payroll tax on above $400,000 incomes and change COLA to ensure calculated by CPI-E which takes into account items retirees spend money on. Estimated SS COLA starting 1/1/25 is 2.5-2.7%. Legislation SS HR82 – has 2 parts-WEP(Windfall Elimination Provision) and GPO(Government Pension Offset) which are outdated provisions that HR82 would repeal. WEP affects about 2 million public sector retirees reducing SS benefits for public sector retirees who receives public pension from a job not covered by SS. GPO reduces by two-thirds the spousal or survival benefits of nearly 800,000 retirees who collect a public pension from a job not covered by SS. Seniors for Harris Heather Booth – called NUCPP heroes of working people. Work done is worthwhile for all. Stated election between 2 vastly contrasting plans with Harris plan-1) lower cost of homes & healthcare 2) invest in American entrepreneurs 3) lead the world in industry 4) protect Social Security and Medicare as seniors are one of most important voting groups.
SLATE-BOARD OF DIRECTORS Going forward presented by Ken Stribling:
Ken Stribling-President, Davey Grubbs-Vice-President, Dale Hanner-Treasurer, Dana Vargo-Secretary/Director of Communications, Tom Schwarzenberger-Trustee, Frank Pastorino-Trustee, and Cynthia McDaniel-Trustee.
Motion by Willie Hardy to Accept the Slate as announced and seconded by Ron Youngblood. The Yeses carried the vote.
VIDEOS: members viewed videos sent to NUCPP from Bryan Steil of Wisconsin who stated, “will protect SS and Medicare,” Senator Ron Johnson, Senator Tammy Baldwin commented, “pensions have been worked for and are so very important. Your voices of NUCPP members ensured pensions saved for millions,” Glen Grothman of Wisconsin.
Davey Grubbs encouraged members to reach out to senators and congresspeople for clarity on what is being done and to fight the shortfalls existing for Social Security and Medicare.
FINANCIAL REPORT: given by Bernie Anderson:
Operating Fund (membership dues) $27,712.67
CD Fund $51,550.47
SW Davey $ 189.98
CC Rewards $ 200.49
Lawyer Retainer $ 928.00
Balance $80,581.61
MEMBERSHIP REPORT: given by Dale Hanner:
Membership currently at 455 with 2 added 9/25/2024. Our membership drive consisted of letters and email reminders. Online payment available.
SPEAKERS: Ken recognized Bill Carroll, President Joint Council 39, and Local Union Principal Officer, for support and donation of $250 to NUCPP. Mr. Carroll encouraged members when voting to ask, “Who is the candidate that supports organized unions and working-class people?” He stated his appreciation for how much work the NUCPP has done. ZOOM-Karen Friedman with Pension Rights Center (PRC) stated the PRC is focused on making sure everyone has a good retirement plan. PRC continues to advocate for universal security of pensions and social security. She encouraged members to start a campaign with grandchildren and work together on movement to make sure everyone retires with adequate income. Karen mentioned companies selling off retirement monies to insurance companies taking away/reducing risk from companies. She advised that PRC has a legal program that helps people with their pension problems.
ADVISORY BOARD introduced by Ken Stribling: Jack Palush, William Wright, Willie Hardy, Steve Baribeau, and new members: Dennis Kooren and Bobbie Hanner. Former member Gary Luman resigned due to wife health issues.
Certificate presented to Patrick McKenna as Printer Extraordinary for all his support and printing work done for NUCPP.
SPEAKERS: ARA Maureen Dunn and ARA Wisconsin Chapter Director Alex Bower – ARA has 39.1 million members. ARA working on pension, retirement issues, and social security for everyone and supports preserving, protecting, and expanding social security. Pete Priede with Central States Pension Fund (CSPF) advised CSPF current assets at $38.9 billion nearly 100% funding (96.9 funded) and is 99.5% funded calculated using Treasury Yield Curve. CSPF each year has approximately 10,000 new retirees, 10,000 passing, 190,000 participants pay out $2.9 billion which is about $240 million per month. CSPF investments are 100% in investment grade bonds at 70% US Treasury bonds and 30% Corporate grade bonds. 90% of all assets in cash matched strategy-bonds that pay interest out. Reserve builds after 100% funding reached. Investment advisory review in October will make recommendations. Over 70 new employers have joined CSPF since Secure Act monies received and are constantly working to bring on new employers. CSPF has a redesigned website. Approximately, $127 million of Secure Act monies returned due to deceased participants and has hired a company to “scrub” CSPF data against other data to find any deceased participants. The Social Security master death file is a private data file not shared with CSPF and while some monies are paid out, CSPF works to retrieve those monies. Plan is not allowed to be overfunded. If a plan is severely overfunded, the government says the fund is using as a “tax shelter” and therefore, have a rule for handling overfunding.
GPO and WEP – Mike Walden told how NUCPP members have inspired many other organizations to fight for what they want. The importance of getting to our younger generation that they too will need and have retirement one day. He ended up thanking members for past efforts and all they continue to do. Rita Lewis proudly stated, “we made a name for ourselves and are a force to be reckoned with.” Sherrod Brown fighting GPO and WEP affecting teachers and other workers. Senator Brown is working and has legislation to ‘overturn’ GPO & WEP.
RECOGNITIONS:
Honorary Membership certificates presented to Mike Walden and Rita Lewis. A plaque as Honorary Member for Patrice Adams who passed away September 2024 to be given to her family. Wisconsin members recognized by Bernie and Ken. Tom Schwarzenberger and Connie Marascuilo presented Bernie Anderson with a beautiful wooden plaque and a memory book covering his years fighting the pension fight.
Around 3:30pm, Ron Youngblood closed the Annual meeting with prayer.