Central States Pension

Discussion in 'UPS Retirement Topics' started by rod, Apr 30, 2019.

  1. rod

    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.
     
  2. 1989

    1989 Well-Known Member

    Damn, and to think I thought 91.9 was low.
     
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  3. oldngray

    oldngray nowhere special

    UPS'ers who retired before 2007 are going to get royally screwed.
     
  4. rod

    rod #1 on Upstates "list"

    Yes we are
     
  5. rod

    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.
     
  6. turq

    turq Member

    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?
     
  7. rod

    rod #1 on Upstates "list"

    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.
     
  8. badpal

    badpal Active Member

    Did they say anything about cuts?
     
  9. oldngray

    oldngray nowhere special

    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.
     
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  10. yadadamean116

    yadadamean116 Member

    Funny how most union employees still think pension is better than a 401k match. I’ll manage my own money thank you
     
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  11. 1989

    1989 Well-Known Member

    Does your 401K match allow you to withdraw about 5K a month for life at age 50. Plus medical?
     
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  12. Shiftless

    Shiftless Active Member


    $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.
     
  13. brownmonster

    brownmonster Man of Great Wisdom

    My Teamster pension sure doesn't.
     
  14. rod

    rod #1 on Upstates "list"

    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.
     
  15. 1989

    1989 Well-Known Member

    At least you have possibly of less taxes to look forward to.
     
  16. rod

    rod #1 on Upstates "list"

    Seriously? I hope you were just trying to be funny. :-)
     
  17. 1989

    1989 Well-Known Member

    Of course I was. I honestly hope you never see a cut tho.
     
  18. rod

    rod #1 on Upstates "list"

    Time will tell :-)
     
  19. oldngray

    oldngray nowhere special

    Just enough so you can't qualify for Welfare.
     
  20. rod

    rod #1 on Upstates "list"

    Just my luck. Give me some of dem food stamps