11.04.24 #27 NUCPP AT WORK- INTERVIEWS
November 4, 2024 NUCPP AT WORK - PLEASE SHARE!Pension Warriors,
It has been a hectic couple of months! Please see the attached remarks from NUCPP President, Ken Stribling
https://youtube.com/shorts/yayxzBxvWwo?si=jwXQRjT4CbeNNrzn
In addition, Ken and I did interviews with Rick Smith, For Working People. Here is Ken’s interview:
I was asked how we were affected by the proposed pension cuts and, now that the pensions have been saved, what the NUCPP is doing going forward. My interview starts at the 30-minute mark.
https://youtube.com/shorts/yayxzBxvWwo?si=jwXQRjT4CbeNNrzn
In addition, Jimi Richards, NUCPP member from Georgia, wrote an article, which is attached:
From a posting on Facebook by Jimi Richards, Retired Teamster Member from Kennesaw, GA!
When the 1980 Motor Carrier Act Deregulated Trucking, it caused many new companies to start up, but many also closed. The CSPF was trusteed in 1983 by President Reagan and handed over to 4 Wall St. firms to handle without any checks and balances until the 2007-2008 recession happened.
Then in 2014 Congress passed a spending Bill that would cut our Pension 30% due to under funding caused by deregulation and an $11B loss that Wall St. did not recoup, even though the Feds bailed out Wall St.
Retirees found out and mobilized around the Country and for 7 years they fought to have the Pensions secured that Deregulation of 1980 caused.
Trump had the Bill that Congress passed on his desk for 2 years and would not allow Senator McConnell to put it up to a vote in the Senate.
Biden was elected and in March 2021, he signed The Butch Lewis Act that provided a one-time $86B fix to the MEPF after the Senate voted to pass it.
Oh, not one GOP Senator voted for it, even though they bragged to their constituents in their state that the retirees benefited from not having a $130B a year economic impact on the country.
The IBT Retirees fought like hell for 7 years to prove their case to Congress and they won! Retirees were told by some still working it was a waste of time. Well, I guess to those now, they see it differently?
The State of Georgia would have had a $4B a year in economic losses it those MEPF had failed. Many retirees would not be spending their money on going on cruises, trips, eating out, etc. etc. THAT was the $130B A YEAR economic impact they mentioned.
CSPF got around $36B of that, and the rest was to shore up other MEPF. It is NOT a loan, but a GRANT for a onetime fix to correct an issue that the Motor Carrier Act of 1980 caused. Yeah, we all know Carter signed the Bill that he did not have enough support to veto it, but Reagan could have abolished it when he got into office, but instead trusteed the CSPF instead.
Not passing the Butch Lewis Act would have caused the MEPF to crash, and PBGC would not have the Funds to even pay us out for 30% of our Pensions and keep the others they oversee going to.
The $86B GRANT stopped that from happening and stopped a $130B A YEAR economic impact that would cause you, your children and grandchildren to suffer from.
AND, those who have been in CSPF during all those years would have seen even more reductions in their Pension checks as the CSPF ran out of money.
AND, for those retired, and those who retired after Yellow shut down, our LAST PENSION CHECK would be 12/01/2024.
Jimi Richards, Teamster Retiree, Local 728, Atlanta, GA
Thanks for taking the time to read these articles, and as always, thank you for your continued support of the NUCPP.
Take care and stay safe. AND WE THANK YOU FOR VOTING!
NUCPP Board of Directors
Dana M. Vargo
Director of Communications