Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions

[10 point]

Correct.



10 point is correct. Apparently you are clueless.



You should know better. I would think a Big Union Guy would have a clue as to what other UPS union pensions are.



I guess if you mean he is correct on this, then he is probably correct on all his other posts.



They got the same pension contributions and increases that we did. They managed it better.



Wanna bet?



We're talking IAM, not IMAC. But there is speculation about sustainability, although it is good right now.

$9150/mo for 30 years
$10675/mo for 35 years.

View attachment 81306

And their fund appears very solid.

I would believe our mechanic's word any day. At least he doesn't misstate things on purpose for political reasons. (Unlike some on here including 5habits who in his recent post claims to be the standard of truthfulness but is truly the most frequent liar ... just a cat dragged around on a chain.)

What I posted was actually in disbelief. What I found was phenomenal. I'm happy for our mechanic. He's truly a great person and father.

 

[Mugarolla]

And their fund appears very solid.

I would believe our mechanic's word any day. At least he doesn't misstate things on purpose for political reasons. (Unlike some on here including 5habits who in his recent post claims to be the standard of truthfulness but is truly the most frequent liar ... just a cat dragged around on a chain.)

What I posted was actually in disbelief. What I found was phenomenal. I'm happy for our mechanic. He's truly a great person and father.

The mechanics where I am do not lie, nor brag, about their pension. I am very good friends with 2 of the mechanics in my area.

They get a letter from their pension fund, IAMNPF, regularily stating what their pension payment will be after x amount of years of credit.

30 and out at over $9000/mo. They don't stick around past 30 years.

They did get dumped into Teamcare by the IAM though.

 

[10 point]

The mechanics where I am do not lie, nor brag, about their pension. I am very good friends with 2 of the mechanics in my area.

They get a letter from their pension fund, IAMNPF, regularily stating what their pension payment will be after x amount of years of credit.

30 and out at over $9000/mo. They don't stick around past 30 years.

They did get dumped into Teamcare by the IAM though.

Same here.
Ours is getting up in age and is pretty tired of laying on unheated concrete.
He told me that he got updated on his pension amount recently and at 15 yrs he'd get what we got at 30 yrs. I said "Are you serious?".

Good for him. I wouldn't trade him jobs though.

 

[IVE GOTTA PACKAGE 4U]

Same here.
Ours is getting up in age and is pretty tired of laying on unheated concrete.
He told me that he got updated on his pension amount recently and at 15 yrs he'd get what we got at 30 yrs. I said "Are you serious?".

Good for him. I wouldn't trade him jobs though.

My mechanic also has a lot of pain in his back. Some days he almost has tears in his eyes. He only has a little over a year to go,before he retires. I will miss him but will glad to see him go.

 

[BigUnionGuy]

We're talking IAM, not IMAC. But there is speculation about sustainability, although it is good right now.

$9150/mo for 30 years
$10675/mo for 35 years.

View attachment 81306

If those numbers are correct, that's some mighty impressive financial wizardry.

How can a plan can be sustainable.... paying out 4x what they receive in contributions ?

I would also wonder what the ratio of "active vs retired" is ?

Apparently you are clueless.

You should know better. I would think a Big Union Guy would have a clue as to what other UPS union pensions are.

When you have to eat crow....

I was always told, it tastes better when it's warm.



-Bug-

 

[Mugarolla]

If those numbers are correct, that's some mighty impressive financial wizardry.

How can a plan can be sustainable.... paying out 4x what they receive in contributions ?

I would also wonder what the ratio of "active vs retired" is ?





When you have to eat crow....

I was always told, it tastes better when it's warm.



-Bug-

Been there, done that.

 

[10 point]

If those numbers are correct, that's some mighty impressive financial wizardry.

How can a plan can be sustainable.... paying out 4x what they receive in contributions ?

I would also wonder what the ratio of "active vs retired" is ?





When you have to eat crow....

I was always told, it tastes better when it's warm.



-Bug-

It's okay bug we all make mistakes now and then. The worst part of this whole post is the personal jabs and the animosity that is stirred up because of it.

Eating crow for an honest mistake is nothing compared to have it shoved down your throat after posting consistent venomous lies. I would have hoped that you didn't consciously step into that Arena too. You have a good day.

 

[Mugarolla]

Here is the current Summary

 

[BigUnionGuy]

Here is the current Summary

View attachment 81328 View attachment 81329

Thanks, for posting that.


A lot of information (should) be gleaned from that.

Especially.... the "Participant Information".

It's okay bug we all make mistakes now and then. The worst part of this whole post is the personal jabs and the animosity that is stirred up because of it.

Eating crow for an honest mistake is nothing compared to have it shoved down your throat after posting consistent venomous lies. I would have hoped that you didn't consciously step into that Arena too. You have a good day.

I wasn't apologizing.



-Bug-

 

[Mugarolla]

If those numbers are correct, that's some mighty impressive financial wizardry.

How can a plan can be sustainable.... paying out 4x what they receive in contributions ?

-Bug-

It is not 4x.

The contribution rate is a daily or hourly rate.

The benefit amount is a monthly amount.

$84/day is over $1600/month contribution. The benefit amount is only $305/month.

That is less than 1/5, not 4x.

 

[BigUnionGuy]

It is not 4x.

The contribution rate is a daily or hourly rate.

The benefit amount is a monthly amount.

$84/day is over $1600/month contribution. The benefit amount is only $305/month.

That is less than 1/5, not 4x.

Even worse.

How does that equate to.... $9100.00 a month ?

 

[Lead Belly]

Even worse.

How does that equate to.... $9100.00 a month ?

They should merge that one with central states.

 

[IVE GOTTA PACKAGE 4U]

They should merge that one with central states.

Still wouldn't help.

 

[10 point]

They should merge that one with central states.

I thought it was "unsustainable" and "irresponsible".
Looks like the girlfriend in the other state was right.

 

[Mugarolla]

Even worse.

How does that equate to.... $9100.00 a month ?

$305.40/mo for every year worked.

30 years at $305.40/mo = $9162/mo

I agree that once they get past 6 years, their benefit amount ($305.40/mo) starts exceeding the contribution amount ($84/day), but this is where the return on investment makes up the shortfall.

$84/day contributed for 30 years at a 6% rate of return will yield $1.7M in this persons same, per se for his retirement. Withdrawing $9000/mo out of this $1.7M and keeping the rate of return the same, will still leave 1.2M in the account after 30 years of retirement.

Not many people live past 30 years of retirement. What is the average age? 78?

If the average retirement age is 60, they only need, on average, 18 years of retirement payments, not 60.

The fund has expenses also, which is why the amount per retiree (1.7M) is rather large.

Trust me. There are financial planners and economists far better qualified than me to figure this out. They have run all the numbers and the IAMNPF has an unbelievable pension.

The mechanics make more being retired than working, far more.

Could the fund take a downturn? Yes. But they have done pretty good with it so far, even with the recession.

 

[10 point]

$305.40/mo for every year worked.

30 years at $305.40/mo = $9162/mo

I agree that once they get past 6 years, their benefit amount ($305.40/mo) starts exceeding the contribution amount ($84/day), but this is where the return on investment makes up the shortfall.

$84/day contributed for 30 years at a 6% rate of return will yield $1.7M in this persons same, per se for his retirement. Withdrawing $9000/mo out of this $1.7M and keeping the rate of return the same, will still leave 1.2M in the account after 30 years of retirement.

Not many people live past 30 years of retirement. What is the average age? 78?

If the average retirement age is 60, they only need, on average, 18 years of retirement payments, not 60.

The fund has expenses also, which is why the amount per retiree (1.7M) is rather large.

Trust me. There are financial planners and economists far better qualified than me to figure this out. They have run all the numbers and the IAMNPF has an unbelievable pension.

The mechanics make more being retired than working, far more.

Could the fund take a downturn? Yes. But they have done pretty good with it so far, even with the recession.

Even at 46% funded they'd be better off than CS.

 

[BigUnionGuy]

$305.40/mo for every year worked.

30 years at $305.40/mo = $9162/mo

I understand the math. (on that one)

Let's revert back.... 30 years.


What are the recent (or current) retirees receiving ?

$100,000.00 a year ? From a pension ?


That's like winning the Lottery.

Help me understand this.



-Bug-

 

[By The Book]

If those numbers are correct, that's some mighty impressive financial wizardry.

How can a plan can be sustainable.... paying out 4x what they receive in contributions ?

I would also wonder what the ratio of "active vs retired" is ?





When you have to eat crow....

I was always told, it tastes better when it's warm.



-Bug-

According to my numbers with this info of $1650.00 contributed and $9150.00 paid out its about 5.5 times what was paid in. There are 35.22% active participants also. That's one hell of a pot of cash for only 276,217 participants.

 

[By The Book]

$305.40/mo for every year worked.

30 years at $305.40/mo = $9162/mo

I agree that once they get past 6 years, their benefit amount ($305.40/mo) starts exceeding the contribution amount ($84/day), but this is where the return on investment makes up the shortfall.

$84/day contributed for 30 years at a 6% rate of return will yield $1.7M in this persons same, per se for his retirement. Withdrawing $9000/mo out of this $1.7M and keeping the rate of return the same, will still leave 1.2M in the account after 30 years of retirement.

Not many people live past 30 years of retirement. What is the average age? 78?

If the average retirement age is 60, they only need, on average, 18 years of retirement payments, not 60.

The fund has expenses also, which is why the amount per retiree (1.7M) is rather large.

Trust me. There are financial planners and economists far better qualified than me to figure this out. They have run all the numbers and the IAMNPF has an unbelievable pension.

The mechanics make more being retired than working, far more.

Could the fund take a downturn? Yes. But they have done pretty good with it so far, even with the recession.

The problem I see with your word problem is you are using the most recent amount per month in your calculations. I think you would have to use the actual monthly benefit amounts from each statement, from the start, and average them to come up with your scenario. By doing this though it only makes the payout to actual contribution received that much higher though. However it greatly reduces your 1.7 million figure.

 

[Mugarolla]

What are the recent (or current) retirees receiving ?

Dunno.

$100,000.00 a year ? From a pension ?

Yup.

That's like winning the Lottery.

Yup.

Help me understand this.

Can't.

It is what it is. So says the IAMNPF.