U.S. Steel Canada should stop paying retiree benefits: restructuring monitor
Source: Hamilton Spectator
By Mark McNeil
The court-appointed monitor overseeing U.S. Steel Canada's restructuring says "a near-term cessation of operations will be necessary" if the company is not given relief from paying retiree benefits, among other things.
And as those words reverberated through the company's pensioner community Monday, eyes are focusing on a Toronto courtroom Wednesday and Thursday where the issue could be decided.
With the overseer of the process agreeing with the company's contention, United Steelworkers Local 1005 president Gary Howe says, "This week is a critical week."
He and other steelworker union leaders are organizing a protest outside the courtroom, and on Monday union members took to the sidewalk in front of Conservative MP David Sweet's campaign office on Upper James Street.
FULL story at link.
US STEEL
John Rennison,The Hamilton Spectator
The court-appointed monitor overseeing U.S. Steel Canada's restructuring says “a near term cessation of operations will be necessary” if the company is not given relief from paying retiree benefits.
Read more: http://www.thespec.com/news-story/5945411-u-s-steel-canada-should-stop-paying-retiree-benefits-restructuring-monitor/
You earn a benefit. You budget how much you you need to live when you retire. Losing pension, drug, dental, vision and other benefits blows your math out of the water!
= new reply since forum marked as read
made an agreement, they signed an agreement, there word is not even worth the paper they are written on.
Then to have a "monitor" great word "monitor" makes everything have that feely, fuzzy warm feeling says this................
No wonder human beings are upset---------we all should be upset
"The court-appointed monitor overseeing U.S. Steel Canada's restructuring says "a near-term cessation of operations will be necessary" if the company is not given relief from paying retiree benefits, among other things."
And just guess what CANADA just did, there infamous trade negotiators just rubber stamped the TPP agreement.
Do they realize that this is a sovereignty issue of national security implications, on everyone including there promise of paying out pensions--------------------do they really think workers of the country are that stupid, its all tied together.
They (Canada) have an election pretty soon and that conservative right wing leadership is more than likely going to get voted out, if I were them I would seriously void that TPP "deal" and start asking question as to where the pension money is----you US Canada signed an agreement and now you want to change the terms in the middle of the river-------really ---------------they screw everyone unless you are a crony and are on the take, just look at this "Monitoring Deal" -----------------amazing
The company was robbing the pension funds , employees where putting there agreed amount in the fund, the company on the other hand said they were also, and more than likely in team meetings saying the funds are protected and they are fully funded-----------------well now it's known that it was a LIE.
But in fact were not and were using the fund as a piggy bank to go do what, buy another company, use the funds for what reason.
In the airline industry from which I was employed they were doing the same thing .
To get money the airline would then go to another airline to merge or code share routes, and then promise to use the funds to pay back the borrowed money from the other airline, pay measly dividends or none at all to price support the shareholder, give bonuses to the CEO and others --------------------I know, I seen it with my own eyes in the airline industry, this dichotomy that deregulation's was a good thing and would lower prices---------well, almost 35-40 years later how many airlines are left------------not many, there is no competition, just like this TPP trade deal" the same thing will play out and then there will be more "monitors" telling the dwindling pensioners sorry your out of luck
This is why airline workers, mine workers , and other industries that went into bankruptcy here in the states, they saw there pension wiped out, and placed in the PBGC (so that the taxpayer has to foot the bill, the employee gets half of what they were promised, the company reorganizes and walks away from there promise to fund the plan-------------and now they offer these worthless 401k plans--------------oh boy , place your bets with wall street, -------no thanks-----------there worse, I have to balance my check book why didn't you) and to top it all off when they file there 10K paperwork, they have a accounting charge to make it look good on the prospectus, that everything is fully funded so they get more money from the crooks.
I mean just look at what Goldman Sach's did with Greece-----------------its the same.
And here in the US, we have a president jumping up and down with his trade hypocrite corporate lackey signing the TPP "Deal"---------that's a fact, what about the promises-------------------for retirees-----------------did you think about that when you signed the sovereignty away on that worthless piece of paper, now those pensions are in jeopardy, and some in the MSM are touting this thing again?
I tell you what ----------------------enough is enough
Honk--------------------for a political revolution Bernie 2016
but they are told, they are shown, that in the meetings that the pension funds are fully insured, they are not.
This is why hedge funds are always lurking, looking at those pension funds, look no further than Frank Lorenzo and Carl Ichan, Mitt Romney, they rob the plans to pay down the debt and pay themselves and then withhold the funds and liquidate the company, and then tax payers are left holding the bag, homeless, unemployed, no money going into your social security, medicare.
The 10K filing shows what they put in the funds and what charges they take to the funds.
They can short change the plans fund and say they will catch up on the plan, this is legal today and from the past.
Then when they go and borrow more money to operate they have to pay a higher bond---------because they show they can't fund the plan properly---------------this then is placed on the backs of the worker on the other end, and even then all the company has to do is file for bankruptcy and say they don't have the funds, and place it in the PBGC and get an insurance to cover whatever percentage they can afford
Can you or I do this, hell no, if we file for bankruptcy they can garnish your pay check, and if your on social security they can take your money to pay off school debt, while these guys wipe there book clean.
Honk------------------for a political revolution Bernie 2016
Sad to see it spreading north. 
