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New England Teamsters Pension Fund: More Bad News
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<blockquote data-quote="browniehound" data-source="post: 380143" data-attributes="member: 4653"><p>I'm covered under this plan and could see this coming from 10 miles away. This is an example of why my financial plan for retirement does not include the pension fund or even social security.</p><p> </p><p>Its all about me and my 401k. Take notice rookies! The teamsters will have crap for you in 2040 (although maybe the balance will have shifted by this point in which there are more contributors than takers, but I DOUBT IT!).</p><p> </p><p>This is actually good news to me. I still have 25-30 years before retirement (59-64 years old) and can now plan accordingly. The pension fund is now out of my plan and should be for all of us in our 30's and early 40's.</p><p> </p><p>The people this really hurts are the guys/gals in their 50's who were counting on this to retire. Is their pension check going to dissapear sometime in their 60's? That would really hurt.</p><p> </p><p>Why did we vote to let the teamsters have control of the pension fund in '97? Boy was that a HUGE mistake! My guess is we were all paranoid that if UPS got its hands on the pension fund, they would screw us???</p><p> </p><p>Instead, we voted ourselves out of a comfortable retirement. If UPS was allowed to control the pension fund, I'm guessing it would be 100-110% funded compared to the 48% funded it is now under the teamster multi-employer plan!</p><p> </p><p>Its really too bad for us and UPS. Why are we that paranoid about UPS management to not allow them to control the pension money??? UPS contributes hundreds per week on my behalf to the pension and this money is going to a retiree who's company is now out of business and not contributing anything to the fund!</p><p> </p><p>This makes me sick! I working to keep this guy fat and happy while at the same time its putting my retirement in jeopordy!</p><p> </p><p>We should have voted to let UPS direct its money to UPSers! How can you disagree with this? I would love to HEAR IT!</p></blockquote><p></p>
[QUOTE="browniehound, post: 380143, member: 4653"] I'm covered under this plan and could see this coming from 10 miles away. This is an example of why my financial plan for retirement does not include the pension fund or even social security. Its all about me and my 401k. Take notice rookies! The teamsters will have crap for you in 2040 (although maybe the balance will have shifted by this point in which there are more contributors than takers, but I DOUBT IT!). This is actually good news to me. I still have 25-30 years before retirement (59-64 years old) and can now plan accordingly. The pension fund is now out of my plan and should be for all of us in our 30's and early 40's. The people this really hurts are the guys/gals in their 50's who were counting on this to retire. Is their pension check going to dissapear sometime in their 60's? That would really hurt. Why did we vote to let the teamsters have control of the pension fund in '97? Boy was that a HUGE mistake! My guess is we were all paranoid that if UPS got its hands on the pension fund, they would screw us??? Instead, we voted ourselves out of a comfortable retirement. If UPS was allowed to control the pension fund, I'm guessing it would be 100-110% funded compared to the 48% funded it is now under the teamster multi-employer plan! Its really too bad for us and UPS. Why are we that paranoid about UPS management to not allow them to control the pension money??? UPS contributes hundreds per week on my behalf to the pension and this money is going to a retiree who's company is now out of business and not contributing anything to the fund! This makes me sick! I working to keep this guy fat and happy while at the same time its putting my retirement in jeopordy! We should have voted to let UPS direct its money to UPSers! How can you disagree with this? I would love to HEAR IT! [/QUOTE]
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