What would happen to our pension if UPS suddenly went out of business in New England? Is our pension still guaranteed because of pension insurance?
What would happen to our pension if UPS suddenly went out of business in New England? Is our pension still guaranteed because of pension insurance?
It's designed to make you hold your breathe until you breath your last.I would breath easier knowing
Choking to death on a hotdog sandwich tonightwould like to know what is the worse case scenario I could face
2 things.
1. Your pension is a multi employer pension.
2. Federal Pension Insurance Protections | Pension Rights Center
You would get a fraction of what you are supposed to get.I am 5 years from retirement and would like to know what is the worse case scenario I could face when I reach retirement. I would breath easier knowing that no matter what happens that my pension is going to be there for me in the end.
2 things.
1. Your pension is a multi employer pension.
2. Federal Pension Insurance Protections | Pension Rights Center
I have 401k and other investments. I was told by another driver that since our pension was insured that if something did happen to UPS it wouldn't matter. I found that hard to believe. I would like to know what that fraction is.You would get a fraction of what you are supposed to get.
That's why you.got.to.take.a little responsibly on your own
Are you on a multi employer fund or a UPS only pension plan?I have 401k and other investments. I was told by another driver that since our pension was insured that if something did happen to UPS it wouldn't matter. I found that hard to believe. I would like to know what that fraction is.
I have 401k and other investments. I was told by another driver that since our pension was insured that if something did happen to UPS it wouldn't matter. I found that hard to believe. I would like to know what that fraction is.
I have 401k and other investments. I was told by another driver that since our pension was insured that if something did happen to UPS it wouldn't matter. I found that hard to believe. I would like to know what that fraction is.
What would happen to our pension if UPS suddenly went out of business in New England? Is our pension still guaranteed because of pension insurance?
That depends.
Are you in the UPS Pension Plan, or a multi-employer plan?
If you are in a multi-employer plan and UPS goes out of business, you still receive your full pension until the fund cuts them because they can no longer be sustained.
If that fund goes bankrupt, then the PBGC kicks in. This is the agency that insures pensions.
For a multi-enployer plan, the limit is around $1100/mo. Yes, a third to a quarter of what you should get, but that is the limit, sorry.
If you are in the UPS Plan, well, right now it is around 100% funded, meaning there is enough money in it to pay all the current pension obligations. So you are good.
Even if the pension fund did run out of money, the PBGC kicks in, and for a single employer pension, they guarantee over $5000 at age 65.
Even if you retired earlier, they pretty much guarantee more than the amount that your pension entitles you to, so again, you are fine.
.....until the PBGC runs out of money,,,,,
I dont know what mine is. UPS, Teamsters to Restructure New England Pension Plan | UPS. I cant tell
You're a multi employer pension fund is what it looks like to me.
New England Teamsters & Trucking Industry Pension Fund – NETTIPF
I don't know.
It looks like they withdrew from the multi-employer pension and then entered a single employer pension, within NETTI.
New England Supplement
Article 69
5. The Union and UPS acknowledge and agree that UPS shall cease to have an obligation to contribute to and completely withdraw from the NETTI as of September 16, 2012 at 11:59:00 and as set forth in the Withdrawal Agreement, and shall reenter the NETTI and have a new obligation to contribute to the NETTI as of September 17, 2012 as set forth herein and in accordance with the Reentry Agreement.
Critical and declining
Might want to keep working
https://www.nettipf.com/pdf_files/criticalnotice2019.pdf