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Brown Cafe UPS Forum
UPS Retirement Topics
Western Conference of Teamsters Pension Trust "endangered"?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 526693" data-attributes="member: 12570"><p>Pension managers are required by the govt to keeps its members informed of the strength of the pension--this is why you got the letter. It doesn't necessarily mean that they will be lowering penion benefits (again) but it also doesn't mean that they won't.</p><p> </p><p>We received a similar letter here in Upstate NY and I have heard from some of the younger members that the NYS Teamsters Benefit Fund is proposing some changes, chief among these being raising the minimum retirement age for normal pension to 57 regardless of years of service. Prior to this proposed change you could retire at any age if you had 30 years of service. This won't affect me as I will be 58 when I get my 30 but we had a recent retiree who was 50 w/30 yrs of service (not all at UPS but all within NYS Teamsters) so he would have had to work 7 more years to receive the same pension benefit.</p><p> </p><p>This should be a wake-up call to anyone here who is counting solely on their pension and Social Security at retirement. It is crucial that you have other retirement investments in place. While I do believe that the pension will be there it may not be in the amount that you may be counting on.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 526693, member: 12570"] Pension managers are required by the govt to keeps its members informed of the strength of the pension--this is why you got the letter. It doesn't necessarily mean that they will be lowering penion benefits (again) but it also doesn't mean that they won't. We received a similar letter here in Upstate NY and I have heard from some of the younger members that the NYS Teamsters Benefit Fund is proposing some changes, chief among these being raising the minimum retirement age for normal pension to 57 regardless of years of service. Prior to this proposed change you could retire at any age if you had 30 years of service. This won't affect me as I will be 58 when I get my 30 but we had a recent retiree who was 50 w/30 yrs of service (not all at UPS but all within NYS Teamsters) so he would have had to work 7 more years to receive the same pension benefit. This should be a wake-up call to anyone here who is counting solely on their pension and Social Security at retirement. It is crucial that you have other retirement investments in place. While I do believe that the pension will be there it may not be in the amount that you may be counting on. [/QUOTE]
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