Beef up union pension plans ??

Discussion in 'UPS Retirement Topics' started by moreluck, Jul 30, 2010.

  1. moreluck

    moreluck golden ticket member

    Did I hear right?? Durbin (D) wants to pass a bill to beef up union pension plans?

    I don't want taxpayer money to 'beef up' plans that falter because of our ugly economy or thievery or whatever.

    No one aided UPS when they beefed up Central States pension plan. When will congress learn that THERE IS NO MORE MONEY!!! Idiots!:biting:
     
  2. klein

    klein Für Meno :)

    I have no sympathy for any government to beef up the private sector pension plans.
    They, (the workers) tried that hier with GM.

    Government said no way ! And that's the way it should be !

    Company pensions are a bonus, that's all.
    Many don't even get one !
     
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The only time the government should concern itself with pensions is when the company goes bankrupt and the retirees of that company have their pension protected by the PPGC, which currently guarantees only $12,800 per year. Other than that, as was mentioned, pensions are a bonus and the govt need not interfere.
     
  4. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    We had out meeting last week on proposed changes to our pension plan. During the meeting one of the plan administrators told us about a piece of legislation being written by Sen. Casey (he didn't mention which state he was from) that would help multi-employer pension plans deal with the loss of one of the participating employers. Our plan has YRCW and this would definitely hurt us if they were to go under. Anyway, this legislation would partition the employees and retirees of the failed business and the government would then take over their pension, thereby not affecting the remaining participants in the pension plan. The current govt guarantee on a pension is $12,800 per year.
     
  5. brett636

    brett636 Well-Known Member

    If I am not mistaken the PBGC pays more to a person under a failed single employer plan versus that of a multi employer plan since it has always been assumed a single employer plan is under a higher risk of failing.
     
  6. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I didn't look it up but I do know the max that they will pay is $12,800 per year.
     
  7. What'dyabringmetoday???

    What'dyabringmetoday??? Well-Known Member

    I was surprised you were there. It is unfortunate so few of you attend the regular monthly meetings. I firmly believe that if more people stayed involved, it could help prevent some of the problems we face such as the pension. I know nobody believes that, but when you leave the cookie jar open for these guys, it becomes empty very quickly.
     
  8. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The main reason I went was to ensure that the information that I was to base my decision on was accurate and I could then relay it as best I could to those who chose not to attend. I was glad as I did as some of the information being given in the center was inaccurate. I will tell you that the conduct of some of the other members at the meeting is the main reason I do not attend union meetings. I found this meeting to be very informative, not only in the choices that we were to vote on, but on the reason that we are in this situation in the first place.
     
  9. The Other Side

    The Other Side Well-Known Troll Troll

    MORELUCK,

    Nonsense from FOX news reporting. ALL pensions are "BACKED" up by the goverment when they fail or presumed to be failing. Under GW BUSH, more pensions went into PBGC protection (backed up by goverment money) than in all the years combined before he came into office.

    These "bailouts" have been a part of the governments policy for decades.

    Peace.
     
  10. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Current PBGC annual pension is $12,800. That is below poverty. My current estimated annual pension will be $60,000.
     
  11. klein

    klein Für Meno :)

    Just, maybe a stupid question, but don't people that get PBGC also get SS pension ?
    Still more then anyone, that never had a company pension plan ?
     
  12. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Yes, but when you are planning for retirement based on a $60K pension and it is reduced to $12.8K it is hard to make up that shortfall.

    I will get my SS when I turn 66 or 67 and will start drawing from my 401k as late as I possibly can (must draw at 70 1/2, cannot start until 59 1/2-I don't know why 1/2 seems to be popular with 401k's)
     
  13. moreluck

    moreluck golden ticket member

    I started taking my SS at age 62. I don't know how long it will be around OR how long I will be around. I'm getting it while the getting is good !! My friend who was due to turn 63 this week died July 4th. She only got her SS for less than a year. You just never know.
     
  14. klein

    klein Für Meno :)

    Yup, take it while you can. Thats forsure.
    There is a lot of talk going around to elimate SS for people that get a richy pension plans, or have enough money.
    And that's going to happen. Just not enough money in that basket left.
     
  15. brett636

    brett636 Well-Known Member

    Its issues like these that remind me why I have been contributing to my 401k since I was 22(28 now). I hope that by retirement my nest egg will be big enough that it won't matter whether SS or the pension is still around. I plan to rely on myself, and only myself, for my retirement.
     
  16. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I commend you for your diligence and wish more of your generation would follow suit. SS will not be around when it is your turn to retire. It may not even be there for me and I am 49.
     
  17. What'dyabringmetoday???

    What'dyabringmetoday??? Well-Known Member

    I am guessing that is not the main reason you and most of the other members never show up. Most people have a lot of other things going and attending a membership meeting is at the bottom of the list. Of course, most love the benefits that come from being a Teamster. They just want everyone else to take care of getting those benefits for them.
     
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    There is nothing in that post that I can argue with.