Central States penson fund is ready to go under.

krash

Go big orange
I'm not sure about the medicare age. Let's say you do retire at 62 with medicare, do you know what your retirement will be (based on todays numbers) and how many years of sevice will you have in at age 62.

One other thing, if you don't care about leaving your retirement contributions to your kids, grandkids...... how about you leave me the money that will be in your 401k when your DEAD. Just send me a private message and we can work out all the details. Thanks in advance- STARS
:thumbup1:Will do. I'll put you in my will ASAP. Actually, I feel the company funded retirement is for us to have in our, well, retirement years. Now is APWA promising to let your kids pick it up after you pass. Then they will it to there kids and so forth? Man, that is one heck of a gig they got going.
I believe it was $3780 @ 62
 

Bill

Well-Known Member
:thumbup1:Will do. I'll put you in my will ASAP. Actually, I feel the company funded retirement is for us to have in our, well, retirement years. Now is APWA promising to let your kids pick it up after you pass. Then they will it to there kids and so forth? Man, that is one heck of a gig they got going.
I believe it was $3780 @ 62
The pension is meant for the employee and his/her spouse. It has nothing to do with the kids. They are not entitled to receive a pension. Where did you get this from?
 

30andout

Well-Known Member
:thumbup1:Will do. I'll put you in my will ASAP. Actually, I feel the company funded retirement is for us to have in our, well, retirement years. Now is APWA promising to let your kids pick it up after you pass. Then they will it to there kids and so forth? Man, that is one heck of a gig they got going.
I believe it was $3780 @ 62
Keep on dreamin, you will never see CS pay out that much to one person. By the way I heard UPS will out a mount on the side of your truck by the door for your walker, your gonna need it by 62.
 

mittam

Well-Known Member
$3840 a month for a driver in our center if he decides to retire, oh by the way he has 47 years of driving at the current time. That isn't much for the lenght of service he has.
 

krash

Go big orange
Keep on dreamin, you will never see CS pay out that much to one person. By the way I heard UPS will out a mount on the side of your truck by the door for your walker, your gonna need it by 62.
:lol::lol:Yea, I'm dreaming. How much did you say APWA "projected" you could receive after 30 years?? 7K, full insurance and COLA to boot plus a free limo ride when you retire:thumbup1:
 

30andout

Well-Known Member
:lol::lol:Yea, I'm dreaming. How much did you say APWA "projected" you could receive after 30 years?? 7K, full insurance and COLA to boot plus a free limo ride when you retire:thumbup1:
I don't recall writing anything like that, there you go making up stuff again.
 

3brownstars

Well-Known Member
:thumbup1:Will do. I'll put you in my will ASAP. Actually, I feel the company funded retirement is for us to have in our, well, retirement years. Now is APWA promising to let your kids pick it up after you pass. Then they will it to there kids and so forth? Man, that is one heck of a gig they got going.
I believe it was $3780 @ 62

For how many years service?
 

3brownstars

Well-Known Member
The pension is meant for the employee and his/her spouse. It has nothing to do with the kids. They are not entitled to receive a pension. Where did you get this from?

The money in your pension is your money. The way the new fund will be set up you will be able to check the status of your individual account any time you wish, it's your money. Your spouse (if you have one) gets the money when you pass, it's your money. After you and your spouse are gone the money goes to your estate, It's your money.

I don't understand why this is such a hard concept to grasp. Your 401k, IRA, money markets, CDs,and savings all go to your estate. Why can't the money (with intrest) that was paid by your employer on your behalf go to your loved ones, you earned it, IT'S YOUR MONEY!

Please forgive the redundancy, but I hope you get the point.
 

705red

Browncafe Steward
The money in your pension is your money. The way the new fund will be set up you will be able to check the status of your individual account any time you wish, it's your money. Your spouse (if you have one) gets the money when you pass, it's your money. After you and your spouse are gone the money goes to your estate, It's your money.

Really? Do you expect us to beleive that the ups single employer pension fund will be open to us for us to view? Have you attempted to look into your part time credits through this same single employer fund? Good luck with that, they wont give yoy any info, on how much is in there, whats the growth rate etc...

I don't understand why this is such a hard concept to grasp. Your 401k, IRA, money markets, CDs,and savings all go to your estate. Why can't the money (with intrest) that was paid by your employer on your behalf go to your loved ones, you earned it, IT'S YOUR MONEY!

Another mistruth, your fellow apwaers stated the only your spouse is entitled to it, now your saying that my great great great grand kids can have it?

Please forgive the redundancy, but I hope you get the point.
Actually you confused me even more.
 

18wheelbrownie

Well-Known Member
read this article, very important!:thumbup1:



Committee on Ways and Means

H.R. 2830, THE PENSION PROTECTION ACT OF 2005
Chairman’s Amendment Summary
Chairman Bill Thomas (R-CA) Page 9 of 11
Committee on Ways and Means
November 8, 2005 3:15 p.m.

4. FUNDING REFORMS FOR MULTIEMPLOYER PENSION PLANS

Current Law. Multiemployer pension plans are maintained by two or more employers in the
same industry that pool their assets and liabilities to form a pension plan for workers in the
industry. The plan is governed by a board of trustees comprised of an equal number of
employers and union representatives. Benefit and contribution levels are set by the terms of
collectively bargained agreements. Employers that withdraw from the plan must pay
withdrawal liability, and the remaining employers in the pool are liable for the benefits of
workers and retirees that remain in the plan. The PBGC maintains a separate insurance program
for multiemployer plans and acts as a lender of last resort if the plan cannot pay promised
benefits.

H.R. 2830. The bill creates a structure for identifying financially troubled plans by creating two
zones.

1. Plans in the “yellow zone” are less than 80 percent funded and considered to be endangered.
Plan trustees must adopt a financial plan to improve funding by one-third within 10 years. If
the plan is between 65 and 70 percent funded, or if the plan’s actuary certifies that the one-
third benchmark cannot be met, then the plan must provide for a one-fifth improvement
within 15 years. Benefits cannot be increased if the plan is less than 65-percent funded.

2. Plans in the “red zone” are less than 65 percent funded and considered to be in critical
financial condition. Plan trustees must adopt a reorganization plan to exit the red zone
within 10 years. The plan must include increased employer contributions, restrictions on
future benefit accruals, expense reductions, and funding relief measures to help the plan exit
the red zone.

In addition, H.R. 2830 includes two reforms that apply to all multiemployer plans. First, most
amortization periods are reduced from up to 40 years under current law to 15 years. Second, the
maximum tax-deductible contribution is increased from 100 percent of the full funding limit
under current law to 140 percent of current liability.
 

18wheelbrownie

Well-Known Member
i called and recieved the 5500 forms for central states !!!


2002 current liability............$30,978,505,000
2002 current value of assets $18,515,814,000
pension fund rating 59.8%

2003 current liability.......... $33,701,366,000
2003 current value of assets$15,380,418,000
pension fund rating 45.64%

2004 current liability...........$35,150,841,000
2004 current value of assets $17,725,136,000
pension fund rating 50.43%

2005 current liability...........$39,653,718,000
2005 current value of assets $18,717,533,000
pension fund rating 47.2%
 

18wheelbrownie

Well-Known Member
That's very comprehensive. Good work!

Let's see...what year is this? The last yrs report is...?

i'm glad you know what year it is, but what you don't know , they do not release the 2006, 5500 form until 4th quarter of 2007, it has to be audited and presented to the trustees of central states, before it's release to the members!!:closedeye

try calling for yourself and finding out or what ever pension plan you belong to and post their numbers to central states!!!!!!!:closedeye

you have a comment about the year but not about how H.R. 2830, THE PENSION PROTECTION ACT OF 2005, will not allow us to have pension increases until its 100% funded:ohmy:
 

18wheelbrownie

Well-Known Member
i notice no one has a comment to the H.R. 2830, THE PENSION PROTECTION ACT OF 2005 or the numbers concerning central states has for 02,03,04,05. this is law now. the employees of ups, that are cover under central states will not recieve any benefit increases if we keep the teamsters as our CBA!
other multi pension plans will fall into this also, if the teamsters take money out of their pension plan and put it into central states.
 

Bill

Well-Known Member
:lol::lol:Yea, I'm dreaming. How much did you say APWA "projected" you could receive after 30 years?? 7K, full insurance and COLA to boot plus a free limo ride when you retire:thumbup1:
Try looking at the whole picture. If the money that UPS contributed into the pension fund on our behalf was invested properly, we would all have over a million dollars upon retirement. They want to give us a fraction of this money upon retirement. Unfortunately, the Teamsters mismanaged our money through bad investments, and other poor choices. Employees of other companies are enjoying our money as we are in a multi-pension plan, which is a complete failure. The APWA has a viable plan, which is to support only UPS people, therefore guaranteeing all the money that UPS contributes. Properly invested, each person would have at least 1.2 million dollars and possibly up to 3 million. A conservative 8% investment return on 1 million is 96 thousand dollars. This calculates to an $8,000 per month pension. What don't you understand? Are you happy receiving much less from the Teamsters because they mismanaged the fund or 'took care of themselves and their cronies".
 

area43

Well-Known Member
Try looking at the whole picture. If the money that UPS contributed into the pension fund on our behalf was invested properly, we would all have over a million dollars upon retirement. They want to give us a fraction of this money upon retirement. Unfortunately, the Teamsters mismanaged our money through bad investments, and other poor choices. Employees of other companies are enjoying our money as we are in a multi-pension plan, which is a complete failure. The APWA has a viable plan, which is to support only UPS people, therefore guaranteeing all the money that UPS contributes. Properly invested, each person would have at least 1.2 million dollars and possibly up to 3 million. A conservative 8% investment return on 1 million is 96 thousand dollars. This calculates to an $8,000 per month pension. What don't you understand? Are you happy receiving much less from the Teamsters because they mismanaged the fund or 'took care of themselves and their cronies".
----------------------------------------------------------- Your right on, I would have never stayed on with ups if I was told I had to work 30 plus years as a driver to retire. I want out in 25 yrs. This is crap. Being a driver devours chunks of precious time which equals LIFE. We only have some much time on this earth and spending it in a brown box gets old. I want to try something else. I've been a driver with this company for 19yrs. I dont wont to reach the finish line(retirement) and find out they(teamsters)have moved it another 15 yrs.
 

Bill

Well-Known Member
Actually you confused me even more.
Here's what we do know. Central states pension fund can't sustain it's present course much longer, even with last year's investment return of 13.4%. It is time to cut your losses and abandon ship, before all is lost.
 
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