Fate of 400,000 Teamster pensions rests in Ken Feinberg's hands

Discussion in 'The Latest UPS Headlines' started by cheryl, Mar 31, 2016.

  1. cheryl

    cheryl I started this. Staff Member

    Fate of 400,000 Teamster pensions rests in Ken Feinberg's hands - Pensions and Investments

    Fred Allsen, a retired truck driver and disabled Vietnam War veteran, has received a $2,700 pension check every month for the past decade. That may not last much longer.

    By May 7, federal mediator Kenneth Feinberg must decide whether to accept a plan to cut Mr. Allsen's payouts and those of thousands of other teamsters to prevent the Central States Pension Fund from going broke. The decision could set a national precedent for other multiemployer funds.

    “It would be devastating,” said Mr. Allsen, 66, who spent 32 years trucking freight in Illinois and now lives in Cape Coral, Florida. His pension check could be reduced by more than half. “We'd have to cut back on everything to survive.”
     
  2. arenc8161

    arenc8161 Member

    Yeah, I think I should do some research on this topic. I know nothing about our retirement plan or how our savings in a 401k differ from your pension.. I'm an idiot! I know.. Any recommendations on where to start?
     
  3. upschuck

    upschuck Avatar bet gone wrong

    Google

    Basic difference is that money in 401 (k), you put in and control, pension, someone else does
     
  4. arenc8161

    arenc8161 Member

    Do I put money into the pension, or is that money from the company and then they invest that for you? I just don't understand where that money from the pension is coming from
     
  5. arenc8161

    arenc8161 Member

    If that's the case, I'd rather UPS just match X amount percent into the 401K. But whatever. I don't really care.
     
  6. By The Book

    By The Book Well-Known Member

    Your hands are officially tied with regards to who does what with the pension. I recommend loading up on the 401k.
     
  7. rod

    rod retired and happy

    The bottom line is nothing is guaranteed 100% safe. Anyone can have their life savings wiped out in an instant given the right circumstances. Stock market crash- WW3-internet meltdown- civil uprising-government collapse-etc.
     
    • Agree Agree x 2
    • Like Like x 1
    • List
  8. rod

    rod retired and happy

    There are a lot of peoples lives resting in Ken Feinberg's hands. Its not like 400,000 old retired Teamsters can go out and get a decent paying job.
     
  9. Also keep yourself out of debt.
     
    • Like Like x 1
    • Agree Agree x 1
    • Winner Winner x 1
    • List
  10. rod

    rod retired and happy


    Probably the number one good suggestion----- but mostly ignored by the younger generation from what I see. Everyone now has to have the fancy house and 2 new vehicles the day after they get married.
     
    • Agree Agree x 1
    • Winner Winner x 1
    • List
  11. We've had guys that retired, that still have a mortgage.
    Our pension fund isn't in the greatest shape either.
     
  12. rod

    rod retired and happy

    I could never understand why a person who had worked 30 years at UPS still had a house payment when they retired. And car payments to boot.
     
  13. I agree
     
  14. DriverNerd

    DriverNerd Member

    Divorce
     
  15. rod

    rod retired and happy


    I love my wife :-)
     
    • Like Like x 1
    • Winner Winner x 1
    • List
  16. oldngray

    oldngray nowhere special

    It's cheaper to keep her.
     
    • Agree Agree x 1
    • Funny Funny x 1
    • Optimistic Optimistic x 1
    • List
  17. By The Book

    By The Book Well-Known Member

    I thought that was you who just drove by out front.
     
  18. Me too.
     
  19. Junkguy

    Junkguy Member

    Or Sickness.
     
  20. brown_sup

    brown_sup New Member

    But safer to just date her;)