UpstateNYUPSer(Ret)
Well-Known Member
No but they can shift their strategy from conservative to aggressive based upon the economic climate.
UPS/IBT pension funding
- Thread starter 35years
- Start date
No but they can shift their strategy from conservative to aggressive based upon the economic climate.
Brownslave688
You want a toe? I can get you a toe.
Yeah but can they time it?
I mean look at your situation. Isn't your pension fund promising the moon and stars right now? No way that's gonna happen. Not when we have a big correction coming
P
pickup
Guest
Real simple, with all the mafia influence in the Central States, the District Court ruled in the late 70s that an outside firm had to act
as a Fiduciary, not the Teamsters.
So with Goldman Saks as a majorfiduciary during the crash in 2008 and and trying to unwind their bad positions a year or two before in the market and looking for for someone to be on the bad end of the trade , I am sure the Central States Fund got stuck with that crap.
Google Stacy Bash Polley and Goldman Saks, ripping off clients to get an idea of what Goldman Saks would do to their own clients as opposed to suffering a loss in their own trading account.
Summation : The Central States Pension fund was better off getting ripped off by the mob than by Wall Street.
brownmonster
Man of Great Wisdom
Unless they're owned by Trump.
Rack em
Made the Podium
Trump can go in halvsies with us.
rod
Retired 22 years
PT Car Washer
Banned
You will be going in halves with trump and the Russian mob.
Rack em
Made the Podium
I'm basically half KGB so I'm good with that
PT Car Washer
Banned
I have a feeling trump is going to need some new partners soon. This president thing just isn't working out for him.
Foamer Pyle
Well-Known Member
Not working out for him because he is having success, and exposing the corruption in Washington. The establishment wants him out, and has concocted this entire Russian scam. All of the leaks came from a D.C. Staffer that was murdered, shot in the back, and they tried to play it off like a robbery. Of course, he still had his wallet, watch, and other possetions on him. I am sure Russia is sitting back laughing at the Democrats going bananas.
PT Car Washer
Banned
Another Clinton conspiracy theory? When does it end?
Benben
Working on a new degree, Masters in BS Detecting!
Foamer Pyle
Well-Known Member
Liberals are parasites in Politics, and society.Get theback on your meds!
35years
Gravy route
The new annual statement has been published. Sent out April 2020
The fund continues to slide, and the slide is accelerating.
Using the old standard accounting methods...
-As of the last published report (December 31, 2019) the UPS/IBT fund had a Funding Shortfall of $4,029,746,522
Using the old tried and true accounting method:
- Now (end of 2019) funded at 64% down from 82% in 2018.
-The shortfall of $4 Billion is now more than twice what it was when UPS had to pump in excess profits to get it fully funded again...
Realize that this 4 Billion dollar shortfall was calculated on Dec 31 2019 when the market was neer record highs.
We are down about 12-15 % since then, so the 4 billion shortfall is likely closer to 5 billion today.
The fund continues to slide, and the slide is accelerating.
Using the old standard accounting methods...
-As of the last published report (December 31, 2019) the UPS/IBT fund had a Funding Shortfall of $4,029,746,522
Using the old tried and true accounting method:
- Now (end of 2019) funded at 64% down from 82% in 2018.
-The shortfall of $4 Billion is now more than twice what it was when UPS had to pump in excess profits to get it fully funded again...
Realize that this 4 Billion dollar shortfall was calculated on Dec 31 2019 when the market was neer record highs.
We are down about 12-15 % since then, so the 4 billion shortfall is likely closer to 5 billion today.
And this is why people need to save as much as you can in a 401k or ROTH IRA
Brownslave688
You want a toe? I can get you a toe.
It’ll be 10 billion by the end of 2021
And unfortunately it cannot make any cuts or amendments to the plan until it goes into a critical status.
It's not just UPS it's all pension funds are in trouble.
542thruNthru
Well-Known Member
Same here.
But we need to be vigilant and make sure it stays that way. My local has this up on their website.
The Devastating Facts of GROW
Twelve unions, representing the majority of private-sector union members, including the International Brotherhood of Teamsters, oppose the GROW Act. So why have the House Democrats included it in their latest coronavirus relief bill?
The GROW Act hurts workers, retirees, employers, and the Pension Benefit Guaranty Corporation and should not become law.
The GROW Act is deeply flawed because it allows multiemployer plan trustees to “refinance” their obligations to workers and retirees in the existing pension plan over 25 years instead of 15 years, so they can divert money to create a new composite pension plan. This weakens the existing plan and leaves neither plan—the existing plan, nor the composite plan—with enough money to pay promised benefits.
The current public health and economic crisis illustrates the harm the GROW Act would inflict on Americans. If Congress had already passed the GROW Act and it was law now, workers in a previously healthy multiemployer pension plan that converted to a composite plan would face draconian benefit cuts. The benefits composite plan participants expected they would earn would be cut 70%, and the vested benefits they already earned would be cut 25%. At the same time, the vested benefits of workers in the existing plan would be cut 21%. To avoid benefit cuts, employers would be required to increase contributions by approximately 82%—above and beyond what they already committed.
Supporters of this terrible legislation claim that transitioning to a composite plan is voluntary. Composites plans are anything but voluntary. They undermine multiemployer defined-benefit pension plans by shifting risk from the plan sponsor (employer) to the worker, thereby creating an incentive for employers to flee defined-benefit plans. If GROW succeeds, it guarantees it will be an issue in every negotiation where unions currently have defined-benefit plans and result in a race to the bottom. The more than one million Teamsters who are essential workers risking their health to continue going to work amid the pandemic deserve to retire with dignity and financial security.
We urge Speaker Pelosi and House Democrats to listen to the majority of the labor movement that opposes GROW and strip it out of the HEROES Act before it is considered on the House floor.
Sincerely,
Steve Vairma, IBT Vice President, President JC 3
Rome A, IBT Vice President, President JC 7
Rick Hicks, Presiden,t JC 28
Tony Andrews, President, JC 37
Randy
, President, JC 42 Rick M Vice President, IBT
Ron H, Vice President, IBT
