The $36 billion taxpayer bailout of the 360,000-member Central States Pension Fund, which covers multiple employers from the Dakotas to Florida, comes with no remorse expressed and no intention to repay a penny.
heads with powerful unions. As the bankruptcy-court-appointed trustee of Hawaiian Airlines in the early 2000s, he was tasked with revamping the pilots’ pension plan.. “This is essentially a 30-year fix. Any pension plan that thinks there’s going to be another one in 30 years is kidding themselves. They know they have to get their houses in order.”called the Central States Pension Fund “the most abused, misused pension fund in America.” It’s easy to see why.
The current crisis centers around how little money Central States was able to collect from its members. That’s partially due to big employers like UPS dropping out and others going out of business. Critics, however, say there’s more to it than that. Arguments about nomenclature aside, Sheaks said that critics would do well to consider the broader picture.. “If Central States hadn’t got the funding, the plan would have become insolvent. We’d have seen a lot more companies going bankrupt. That means less employees, less money going into communities. You also have employers that contribute to multiple plans. It leads to what we call the contagion effect.
“This is the worst course of action because it throws money at the problem without requiring multiemployer plans to reform how they operate,” Blahous said. “It does nothing to stop the bleeding. In fact it’s worse than that, because it rewards plan sponsors who failed to fund their pensions, so it incentivizes underfunding even more than doing nothing would have.”
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