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UPS Retirement Topics
Western Conference of Teamsters Pension Trust "endangered"?
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<blockquote data-quote="gandydancer" data-source="post: 527156" data-attributes="member: 9310"><p>Yes, I see the references to ERISA 304(c)(2), but I don't really have to know what mumbo jumbo they are performing on the fair market value to arrive at the "actuarial value". That's only of concern to the lawyers who sign off on the manipulations being legal. My point is that if the "fair market value" is anything like what its name says, then it's a better indication of what assets the plan has than any manipulated derivative number. And as of 12/31/08 it was $25.077B. And what I assume to be the present value of future liabilities can be estimated to have been, on that date, $34B. Which means that the plan can't afford the benefits it's paying. That it's currently better off than the other Teamster funds won't benefit me at all if it has disappeared into the PBGC before I retire. And the trustees appear to have artificially inflated the present value of their assets to keep the funding percentage above 80% so they can avoid the mandatory steps required of funds with less than 80% funding. That sucking sound I hear is the trustees paying present retirees the funds that are supposed to keep my future benefits above the PBGC minimums.</p></blockquote><p></p>
[QUOTE="gandydancer, post: 527156, member: 9310"] Yes, I see the references to ERISA 304(c)(2), but I don't really have to know what mumbo jumbo they are performing on the fair market value to arrive at the "actuarial value". That's only of concern to the lawyers who sign off on the manipulations being legal. My point is that if the "fair market value" is anything like what its name says, then it's a better indication of what assets the plan has than any manipulated derivative number. And as of 12/31/08 it was $25.077B. And what I assume to be the present value of future liabilities can be estimated to have been, on that date, $34B. Which means that the plan can't afford the benefits it's paying. That it's currently better off than the other Teamster funds won't benefit me at all if it has disappeared into the PBGC before I retire. And the trustees appear to have artificially inflated the present value of their assets to keep the funding percentage above 80% so they can avoid the mandatory steps required of funds with less than 80% funding. That sucking sound I hear is the trustees paying present retirees the funds that are supposed to keep my future benefits above the PBGC minimums. [/QUOTE]
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