Central States Pension

rod

#1 on Upstates "list"
Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.
 

1989

Well-Known Member
Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.
Damn, and to think I thought 91.9 was low.
 

oldngray

nowhere special
Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.
UPS'ers who retired before 2007 are going to get royally screwed.
 

rod

#1 on Upstates "list"
And the real sad thing is it went tits up under Government control. The Government had taken control of it many years earlier and was in charge of seeing that it remained solvent.
 

turq

Well-Known Member
Yes we are
Sorry to hear that. How does that work exactly. Does UPS/Teamsters not help out at all? If CS goes belly up, are you just SOL? What about those of us who contributed to CS, but are still working? How does that effect us?
 

rod

#1 on Upstates "list"
Sorry to hear that. How does that work exactly. Does UPS/Teamsters not help out at all? If CS goes belly up, are you just SOL? What about those of us who contributed to CS, but are still working? How does that effect us?
My pension will go from 3000 a month to about 1200. That 1200 will be out of your tax money. Govt. will take it over at the reduced rate. Eventially all pensions will go broke and the government too--------buy lots of bullets for when that day comes.
 

badpal

Well-Known Member
Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.
Did they say anything about cuts?
 

oldngray

nowhere special
Sorry to hear that. How does that work exactly. Does UPS/Teamsters not help out at all? If CS goes belly up, are you just SOL? What about those of us who contributed to CS, but are still working? How does that effect us?
If you worked for UPS after 2007 UPS will cover any pension shortfalls from Central States (unless that changes in a later contract). If you retired before that you are :censored2: out of luck.
 

Shiftless

Well-Known Member
Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.

$3000 to $1200 That BLOWS! Sorry for your loss! Did you ever think this could happen when you were putting your retirement package together?

We took into consideration if the retirement was diminished or wiped out would we still be OK? Yes, but it would be a bummer for sure! I'm still 15 months away from medicare, that was the other concern we had which had a higher priority, could we keep health insurance up to the point of getting on medicare.
 

rod

#1 on Upstates "list"
$3000 to $1200 That BLOWS! Sorry for your loss! Did you ever think this could happen when you were putting your retirement package together?

We took into consideration if the retirement was diminished or wiped out would we still be OK? Yes, but it would be a bummer for sure! I'm still 15 months away from medicare, that was the other concern we had which had a higher priority, could we keep health insurance up to the point of getting on medicare.
I was raised to believe there are only two sure things----death and taxes. I will be fine "if" I end up only getting $1200 but I would be lying if I said I wasn't pissed.
 

1989

Well-Known Member
I was raised to believe there are only two sure things----death and taxes. I will be fine "if" I end up only getting $1200 but I would be lying if I said I wasn't pissed.
At least you have possibly of less taxes to look forward to.
 

oldngray

nowhere special
I was raised to believe there are only two sure things----death and taxes. I will be fine "if" I end up only getting $1200 but I would be lying if I said I wasn't pissed.
Just enough so you can't qualify for Welfare.
 
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