Fate of 400,000 Teamster pensions rests in Ken Feinberg's hands

[cheryl]

Fate of 400,000 Teamster pensions rests in Ken Feinberg's hands - Pensions and Investments

Fred Allsen, a retired truck driver and disabled Vietnam War veteran, has received a $2,700 pension check every month for the past decade. That may not last much longer.

By May 7, federal mediator Kenneth Feinberg must decide whether to accept a plan to cut Mr. Allsen's payouts and those of thousands of other teamsters to prevent the Central States Pension Fund from going broke. The decision could set a national precedent for other multiemployer funds.

“It would be devastating,” said Mr. Allsen, 66, who spent 32 years trucking freight in Illinois and now lives in Cape Coral, Florida. His pension check could be reduced by more than half. “We'd have to cut back on everything to survive.”

 

[arenc8161]

Yeah, I think I should do some research on this topic. I know nothing about our retirement plan or how our savings in a 401k differ from your pension.. I'm an idiot! I know.. Any recommendations on where to start?

 

[upschuck]

Google

Basic difference is that money in 401 (k), you put in and control, pension, someone else does

 

[arenc8161]

Do I put money into the pension, or is that money from the company and then they invest that for you? I just don't understand where that money from the pension is coming from

 

[arenc8161]

If that's the case, I'd rather UPS just match X amount percent into the 401K. But whatever. I don't really care.

 

[By The Book]

If that's the case, I'd rather UPS just match X amount percent into the 401K. But whatever. I don't really care.

Your hands are officially tied with regards to who does what with the pension. I recommend loading up on the 401k.

 

[rod]

The bottom line is nothing is guaranteed 100% safe. Anyone can have their life savings wiped out in an instant given the right circumstances. Stock market crash- WW3-internet meltdown- civil uprising-government collapse-etc.

 

[rod]

There are a lot of peoples lives resting in Ken Feinberg's hands. Its not like 400,000 old retired Teamsters can go out and get a decent paying job.

 

[IVE GOTTA PACKAGE 4U]

Your hands are officially tied with regards to who does what with the pension. I recommend loading up on the 401k.

Also keep yourself out of debt.

 

[rod]

Also keep yourself out of debt.

Probably the number one good suggestion----- but mostly ignored by the younger generation from what I see. Everyone now has to have the fancy house and 2 new vehicles the day after they get married.

 

[IVE GOTTA PACKAGE 4U]

Probably the number one good suggestion----- but mostly ignored by the younger generation from what I see. Everyone now has to have the fancy house and 2 new vehicles the day after they get married.

We've had guys that retired, that still have a mortgage.
Our pension fund isn't in the greatest shape either.

 

[rod]

We've had guys that retired, that still have a mortgage.
Our pension fund isn't in the greatest shape either.

I could never understand why a person who had worked 30 years at UPS still had a house payment when they retired. And car payments to boot.

 

[IVE GOTTA PACKAGE 4U]

I could never understand why a person who had worked 30 years at UPS still had a house payment when they retired. And car payments to boot.

I agree

 

[DriverNerd]

I could never understand why a person who had worked 30 years at UPS still had a house payment when they retired. And car payments to boot.

Divorce

 

[rod]

Divorce

I love my wife

 

[oldngray]

I love my wife

It's cheaper to keep her.

 

[By The Book]

Probably the number one good suggestion----- but mostly ignored by the younger generation from what I see. Everyone now has to have the fancy house and 2 new vehicles the day after they get married.

I thought that was you who just drove by out front.

 

[IVE GOTTA PACKAGE 4U]

I love my wife

Me too.

 

[Junkguy]

Divorce

Or Sickness.

 

[brown_sup]

It's cheaper to keep her.

But safer to just date her