Sean O'Brien's New England Teamsters Pension Fund was Denied a Gov't Bail Out!!!

[Faust]

On May 30, the New England Teamsters Pension Fund (NETPF) withdrew its application after the Pension Benefit Guaranty Company (PBGC) rejected it and demanded it needed further adjustments for approval.

The Fund anticipates filing a revised application in the coming weeks. If the revised application is approved, the PBGC will have up to an additional 90 days to pay the special financial assistance (SFA) to the failing fund.

Prior to 2018, TDU published a yearly article on the collapsing pension funds. Since they sold out to Sean O'Brien who co-chairs the troubled fund they stopped reporting on it.

*Note that the New York State Teamsters Fund was also rejected multiple times before finally being approved.

New England Teamsters Pension Fund – NETTIPF

[DanaCos]

Color me shocked!

[Faust]

Here is the annual funding notice posted on January 2023 by the critical and declining New England Teamsters Pension Fund:
2023-Funding-Notice-for-Active-Inactive-Vested-FINAL.pdf (nettipf.com)

Here is the application submitted with the proposed adjustments (cuts):
NETPF-Rehabilitation-Plan-Amended-and-Restated-2022.pdf (nettipf.com)

Here is the New England Teamsters Pension Fund application for Special Financial Assistance to the Pension Benefit Guaranty Corporation (PBGC) on February 11th.
2019-pension-data-tables (pbgc.gov)

On the front page of the New England Teamsters Pension website is an update of them withdrawing the application on May 30th. Applications are normally withdrawn when the adjustments (cuts) proposed by the applicants are not sufficient. Thus meaning the PBGC rejects their application and makes requests for further adjustments. New England Teamsters Pension Fund – NETTIPF

[Thisischange?]

Here is the annual funding notice posted on January 2023 by the critical and declining New England Teamsters Pension Fund:
2023-Funding-Notice-for-Active-Inactive-Vested-FINAL.pdf (nettipf.com)

Here is the application submitted with the proposed adjustments (cuts):
NETPF-Rehabilitation-Plan-Amended-and-Restated-2022.pdf (nettipf.com)

Here is the New England Teamsters Pension Fund application for Special Financial Assistance to the Pension Benefit Guaranty Corporation (PBGC) on February 11th.
2019-pension-data-tables (pbgc.gov)

On the front page of the New England Teamsters Pension website is an update of them withdrawing the application on May 30th. Applications are normally withdrawn when the adjustments (cuts) proposed by the applicants are not sufficient. Thus meaning the PBGC rejects their application and makes requests for further adjustments. New England Teamsters Pension Fund – NETTIPF

The members of that fund deserve better than what has happened to them. Sad, lot's of families affected by this mismanagement.

[Guest]

Would you please explain this in plain English.

[Gimme_Danger]

In plain English, the new england fund applied for special funding assistance (SFA) as part of the Butch Lewis Act. The fund withdrew the application and will re-submit a revised application. Many funds have done the same thing and have received the SFA. Nothing to be concerned about, nothing that would be considered a surprise, just a delay.

[Faust]

In plain English, the new england fund applied for special funding assistance (SFA) as part of the Butch Lewis Act. The fund withdrew the application and will re-submit a revised application. Many funds have done the same thing and have received the SFA. Nothing to be concerned about, nothing that would be considered a surprise, just a delay.

Perhaps the PBGC didn't like the idea of screwing the members hired after 2012.

There is no doubt you will get the funds after the proper adjustments (cuts) are made. Those funds are suppose to last 30 years.

Jc 10 eeds to concentrate in organizing new members into the pension. The Sysco Boston members didn't get a pension in the current contract.

[JT67]

Besides the fact that TDU endorses the OZ slate why did they stop reporting on the news in Teamster land? I remember back a little while while ago TDU had teeth. It seems like they are reporting less now. When does anyone see TDU take the gloves off again.

[Thisischange?]

TDU would have been on this like flies on shit in the past. Sold their soul for a handful of jobs and a petty amount of cash. They are officially O'Briens bitch. Bring money into thepicture and you can usually measure peoples ethics. On a scale of 1 to 10------ZERO.

[Faust]

Besides the fact that TDU endorses the OZ slate why did they stop reporting on the news in Teamster land? I remember back a little while while ago TDU had teeth. It seems like they are reporting less now. When does anyone see TDU take the gloves off again.

When Fred Zuckerman retires, O'Brien will dump TDU. Only then will the dirt be exposed again.

[JT67]

When Fred Zuckerman retires, O'Brien will dump TDU. Only then will the dirt be exposed again.

Yeah you are probably right but that was s a chicken shit way to do there business. They have lost there credibility. Teamster link is the new news and reform movement.

[Guest]

In plain English, the new england fund applied for special funding assistance (SFA) as part of the Butch Lewis Act. The fund withdrew the application and will re-submit a revised application. Many funds have done the same thing and have received the SFA. Nothing to be concerned about, nothing that would be considered a surprise, just a delay.

Understood.

[Thisischange?]

When Fred Zuckerman retires, O'Brien will dump TDU. Only then will the dirt be exposed again.

Rainville O'brien are going to string the usefull idiots along to suppress their dissent. They are being bought for pennies. Fools......