bonus

[brownsyr]

<font color="000000"><font face="arial,helvetica"></font>say, i just heard that here in upstate ny if you stay after your 30 years( who would want to) you get a bonus of anywhere from $3,000 to $6,000. is this true any where else.</font>}

 

[tieguy]

upstate ny has one of the best retirement payouts in the country.

 

[trickpony1]

Can someone help me understand why upstate NY has one of the best payouts while other regions of the country has "chicken scratch"?

 

[deliver_man]

<font color="ff0000">Can someone help me understand why upstate NY has one of the best payouts while other regions of the country has "chicken scratch"? </font>
Have you checked out the cost of living in upstate NY?

(Message edited by deliver_man on October 06, 2005)

 

[my2cents]

The New England Fund, as part of the recent changes, effective July 31, 2005, instituted a rule, which states: "A supplement of $1000 per month will be payable from age 60 to 62 if retiring on a Special Service or 3-Year Full Service Pension after October 1, 2008." I believe this rule was added to create an incentive for later retirements, which would have the effect of slowing the negative cash flow out of the fund. I wouldn't know if the Upstate New York Fund has the same idea in mind, although I noticed two of the employer trustees - J. Dawson Cunningham and Thomas K. Wotring, are trustees on both the New York and New England Fund. Furthermore, I assume the higher payouts go hand-in-hand with higher contribution rates because the funding level of the plan is not high.

 

[over9five]

We're all scre...d. Don't rely on the pension. Have a plan.

 

[opie]

I believe I read somewhere online that in Chicago Local 705, you would get $1,000 for each year of service. So if you worked 30 years, you would get a one time payment of $30,000. My local is one of the better ones fortunately, local 177. $3,700
a month and only $50/month for health coverage (30 and out). Upstate New York it is $5,800
a month and $340/month for health coverage.

 

[speeddemon]

It shoudnt matter what local you work in. We should all get the same.

 

[toonertoo]

speed, nothing is the same anywhere as you have seen in vacas, sick days etc. Nothing is uniform. Except the work, thats the one thing that is the same EVERYWHERE.

 

[brownsyr]

<font color="000000"><font face="arial,helvetica"></font>as far as the payout goes here in upstate ny. it has alot to do with what the fund did with the money. investments and all. </font>}

 

[trickpony1]

....so if Central States had done the same thing with their investments as the fund that covers upstate NY then we, the folks that got bent over by CS, would be in tall cotton?
It's amazing. A reasonable person would think all the fund advisors would be in the same building in Chicago (Teamster's headquarters) and might actually talk/confer among themselves regarding prudent investment issues.

 

[my2cents]

Just gave my copy of the 2003 Form 5500 filing a second look and found one interesting fact. On page 203 of the filing, one statement says: "One of the Fund's contributing employers comprises approximately 45% of total employer contributions." Hmmm. Wonder who that one employer is?

 

[feguy]

The reasons our pensions are in such a mess has virtually nothing to do with the recent state of the investment community. Please tell me you understand that. Please. Oh, wait, you don't even understand that a companies capital expeditures don't affect it's bottom line...
I can see why this is frustrating for many of you.

 

[trickpony1]

...where did that come from?

 

[trickpony1]

FEguy,
maybe some day we will all be as smart as you ........or at least as presumptuous.

 

[pd109]

Yea FE guy you have to fight to keep that 3 million dollar house up and running while the rest of us have to come up with the mortgage every month,worrying about what kind of cat food we`ll be able to afford when we retire.trickpony is right.Why dont you register?UPS told you to infiltrate and you got involved?I`m sure your comments here are not company opinions,just your opinions,and they hold no truth.go to upsers.com

 

[feguy]

wow, pd, you are right, my opinions are not company opinions.

 

[RockdaleEddie]

wow, pd, you are right, my opinions are not company opinions.

fact is we work for baby hitler...problem is they keep it just good enough not to quit.

 

[Mike Hawk]

Stop resurrecting old threads for useless comments please. If you have a valid question or comment feel free to post it, if not then don't.

 

[UpstateNYUPSer(Ret)]

We just had a driver retire and he had looked in to the possibility of staying, based partly on this new incentive, and the numbers just did not make it worthwhile for him in his situation. That is not to say that it may not work for others as each situation is unique. I have 11 years to go but I will definitely look in to it as I get closer and to see if, along with all of my other financials, it would be a worthwhile option to pursue.

Basically, from what I read, you have the option of receiving an increased monthly benefit or a lump sum payment based upon the number of months that you defer payment as a percentage of your normal annual pension payment. I will admit that I did not fully understand all of the math but it was approx. an extra $1-2K/month if you deferred retirement for 5 years. As I said above, this decision would be a personal one based upon personal factors but our most recent retiree simply said the math was not worth it, for him.