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Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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<blockquote data-quote="Mugarolla" data-source="post: 2194445" data-attributes="member: 8481"><p>Up until 2008, I was in the Central States Pension Fund. While in that fund, my projected benefit at retirement with 30 years was $3000/mo.</p><p></p><p>How did I know this? Not because a current retiree showed me his check, but because that is what the CSPF SPD, based on my contribution rate, told me.</p><p></p><p>I expected to get the pension that the SPD stated that I would get, unless the fund changed the benefit level, or the fund went bankrupt. I did not need to see a current retiree check.</p><p></p><p>The same with the IAMNPF. You have access to the SPD and contribution rates. Based off these, we know what a 30 and out pension will be.</p><p></p><p>We do not need to see a current retiree check to very that what the SPD tells us is true, just like the CSPF, or any other pension fund.</p><p></p><p>Although, you have had multiple people on here tell you that the mechanics have said that the yearly statement they get matches exactly what the SPD says they will get.</p><p></p><p>And will they get this? Yes, unless the fund changes the benefit level or goes bankrupt. Either is a possibility in the futute, but, at least for the time being, this fund is very stable and funded over 100%</p><p></p><p>I get it. A $9000-$12000 seems unbelievable, but just like the CSPF, or any other pension fund, as long as we have access to the SPD and contribution rate, we know what the pension will be.</p><p></p><p>We have access to both, unless you think that is hearsay also.</p><p></p><p>The math has been done for you, but if you don't believe it, do the math yourself.</p><p></p><p>I'll be damned if I am going to ask a retired mechanic for a copy of his check just to prove it to you.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2194445, member: 8481"] Up until 2008, I was in the Central States Pension Fund. While in that fund, my projected benefit at retirement with 30 years was $3000/mo. How did I know this? Not because a current retiree showed me his check, but because that is what the CSPF SPD, based on my contribution rate, told me. I expected to get the pension that the SPD stated that I would get, unless the fund changed the benefit level, or the fund went bankrupt. I did not need to see a current retiree check. The same with the IAMNPF. You have access to the SPD and contribution rates. Based off these, we know what a 30 and out pension will be. We do not need to see a current retiree check to very that what the SPD tells us is true, just like the CSPF, or any other pension fund. Although, you have had multiple people on here tell you that the mechanics have said that the yearly statement they get matches exactly what the SPD says they will get. And will they get this? Yes, unless the fund changes the benefit level or goes bankrupt. Either is a possibility in the futute, but, at least for the time being, this fund is very stable and funded over 100% I get it. A $9000-$12000 seems unbelievable, but just like the CSPF, or any other pension fund, as long as we have access to the SPD and contribution rate, we know what the pension will be. We have access to both, unless you think that is hearsay also. The math has been done for you, but if you don't believe it, do the math yourself. I'll be damned if I am going to ask a retired mechanic for a copy of his check just to prove it to you. [/QUOTE]
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