Not IN Trace
Well-Known Member
I have 15 years with UPS....personally I feel in 15 more years when I retire from this company there will not be, or a maybe 25% of what we are being promised, left for me as a pension..dose anyone feel the same??
I'm with the OP.
We may have a pension at some point, but the age you can collect it will keep getting pushed back. In 15 years you may have to wait to age 90 to start collecting it.
Don't rely on a pension.
That brings up an interesting question. With all the budget cutting going on, how secure is the pension guarantee by the government? Could that also be cut?
PBGC seems woefully under-funded. Could it go under?
The PBGC has a total of $102.5 billion in obligations and $79.5 billion in assets.
If you are referring to this,
I am led to believe that they would be fine unless 78% of the pension plans they cover were terminated in a short amount of time - as that would then exceed their asset base.
However, what I am led to believe and what is true have been known to diverge, so I might be wrong.
What would happen if they could not cover all their immediate obligations, I do not know.
Bread lines and soup kitchens.
The practical consequences, absolutely - probably a march/riot or two, as well. I recall reading about something like this, albeit military in nature.
On the political side, though, I wonder if conservative politicians would make the point that government protection of pension plans is an aspect of the 'nanny state', as it were? Or, is this something so close to home for almost all working class folks that this could be an issue of partisan agreement?
Even pre year 2000 before everything collapsed my pension at Central at the time wasn`t that high, I`d be surprised if you get more than $3500 a monthMy pension is estimated to be about $5K/month. It will be very hard to replace that income if the pension should fail. You may very well see me at your local Walmart.
Even pre year 2000 before everything collapsed my pension at Central at the time wasn`t that high, I`d be surprised if you get more than $3500 a month
everyone in Central States knows how much more the other plans give ,, its just there is no way that a underfunded union with membership dropping like no other time in history can afford to pay that much money to so many people . How much longer do you have till you retire?We get pension estimates annually and I am projected to have earned a normal pension at retirement age of between $4.5-5K/month.
You can go to the TDU website, which shows all of the various pensions, and look at the NYS Teamsters pension if you doubt the accuracy of what I have posted.
everyone in Central States knows how much more the other plans give ,, its just there is no way that a underfunded union with membership dropping like no other time in history can afford to pay that much money to so many people . How much longer do you have till you retire?