pension questions

Discussion in 'UPS Union Issues' started by browndown, Apr 1, 2011.

  1. browndown

    browndown New Member

    can some ppl from around the country tell me how there pension works. ours was 25 and out any age now our pension is in the red yet again and they changed it to 30 and out at the ripe old age of 65 yes 65. who the hell can deliver at 65 has anyone elses pensions changed and has your insurace changed also. ours was pretty good now its just down right horrible. my last child 2 yrs ago cost me 20 bucks thats it now my wife is pregnant again and we have already paid 500 out of pocket. part of the charm for working at ups was great pay a good retirement and good benifits well we have lost 2 of the 3 what is next. al comments welcomed and appriciated.
     
  2. Anonymous 10

    Anonymous 10 Guest

    What supplement are you under??
     
  3. browndown

    browndown New Member

    atlantic area
     
  4. Anonymous 10

    Anonymous 10 Guest

    If you are still having kids your probably still young. So this would mean you've got a long way to go. Get a financial adviser and plan your retirement as if there will be know pension or social security. This is your safest bet don't count on the other stuff.
     
  5. browndown

    browndown New Member

    that is a crappy statement from someone who only cares about thier pension dont take this the wrong way but if the pension is goning to dry up than why should my money going into the fund be spent on people who have already retired, if thats the case stop the fund give me the money and let me invest it myself, by the sounds of things i cant do any worse than whats goin on now
     
  6. Anonymous 10

    Anonymous 10 Guest

    because that's how it is and it really isn't your money.
     
  7. rod

    rod retired and happy


    Because the money that went into the fund while I was working went to pay the pension of those before me. Its not your money so don't believe for one second that they wound give it to you just to invest on your own. It would line their pockets long before you saw a dime of it.
     
  8. JonFrum

    JonFrum Member

    Almost all pension and health insurance plans are in bad shape and are making benefit cuts.

    You can get your fund's 2009 full annual financial report (Form-5500) free here . . .
    http://www.efast.dol.gov/portal/app/disseminate?execution=e1s1

    Just enter the Fund's name in the PLAN NAME field and click SEARCH.

    Then, check the box next to the Plan you want to download and hit the "Batch Full Filings" button.

    [If you enter TEAMSTER in the PLAN NAME field, you will get 179 funds starting with "Teamster" / "Teamsters"]
     
    Last edited: Apr 2, 2011
  9. menotyou

    menotyou bella amicizia

    Everyone's pension took a major hit after the stock market tanked in 2008. The situation was aggravated by the fact that the government monitors these pension funds(not really a bad thing, but)and is requiring them to maintain their pre-2008 balances. That is a very tall order. We (NY) voted to "donate" all our full-time raises for a two year period. No one can retire before thirty years, or 55.(If I am remembering correctly-its early) It all depends on what everyone voted for to bring the individual funds back into "green".

    Quit whining. You get a pension and a damn good wage.
     
  10. Jones

    Jones fILE A GRIEVE! Staff Member

    Supplement is not the same as pension plan. I'm in the Atlantic Area as well but clearly a different pension.
     
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    We are both covered by the same pension and you are remembering correctly. We used to have 30 and out at any age but now we must be at least 55. We also lost several other pension benefits and, yes, our split raises for the remainder of this contract are being diverted to the pension.

    407 is right in that retirement financial planning should focus on other investments as the pension may or may not be there for you when it is time for you to retire.
     
  12. menotyou

    menotyou bella amicizia

    You are both correct. My father(after retiring as BA for carpenter's) was the carpenters pension fund admin for the now defunct 278. Prudent financial planning dictates not depending on one source.

    Before anyone asks, he saw the Madoff thing coming long before the other carp. pension people. When he retired from pension fund, he shut it down rather than moving it to the Syracuse plan. He, also, tried to counsel his members to stay away from that plan because of mismanagement. Turns out he was right. Unfortunately. A lot of good men and women lost a lot of money because of greedy fund managers.