I A M penison out of money

[IVE GOTTA PACKAGE 4U]

You thought wrong. Been saying it's ed for years.

Sorry brother. I didn't know that

 

[1989]

You thought wrong. Been saying it's ed for years.

In 1997 it was the best pension around. Retirees could receive more to retire than continuing to work.

 

[over9five]

In 1997 it was the best pension around. Retirees could receive more to retire than continuing to work.

Lol, that's why it's in trouble now!

 

[1989]

Lol, that's why it's in trouble now!

No doubt

 

[Dr.Brownz]

cutting everything

Sounds like bad planning. I have multiple family members who worked 25 (some only 22) and left and they are living high on the hog

 

[Redtag]

no more 30 and out must work to 65

How can any of you be shocked lol Increasing amount of retirees vs. dropping union membership paying into plans of course funding is going to drop

The plan is 89 percent funded and in the yellow zone, the fund is implementing red zone policy because they predict funding is going to drop.

The subsidy for penalty free early retirement such as 30 and out or 20 years @62 is cut. You can still leave before 65 but you will get a reduced benefit.

 

[Redtag]

You thought wrong. Been saying it's ed for years.

I thought you guys in the west were in your own fund?

 

[Redtag]

POSSIBLE 72% CUT IN BENEFITS

This is seriously misleading. Did you even read the packet?

Your using the example in the packet of a man starting at 20 years old and retiring at 50 with 30 years of service. Under the current plan it is possible for him to retire with no penalty at 50 but since the subsidy for that is cut by law for pensions in the red zone he would have a reduction for retiring early. In this case it would be 15 years early so quite a reduction.

How many IAM members fit in that category? Probably few. We are skilled workers and not many 20 year olds would be hired by UPS to wrench on things.

For those of us working until a reasonable retirement age like 60-62 the reduction in benefit would be much smaller.



Oh and please post the link to a credible news source stating that this drop is due to misusing funds for parties like you claimed earlier. You do realize this fund has billions in it so that would be one hell of a party to cause the rapid drop we are seeing in the last few years

 

[Mugarolla]

• Spending and permitting others to spend fund assets lavishly on unnecessary trips, parties and extravagant food, wine, and accommodations.

US Labor Department files suit against International Association of Machinists’ pension plan, trustees for multiple fiduciary breaches | U.S. Department of Labor

 

[Mugarolla]

In 1997 it was the best pension around. Retirees could receive more to retire than continuing to work.

They went from 104.8% funded in 2013 to 89.9% funded in 2018.

 

[burrheadd]

They went from 104.8% funded in 2013 to 89.9% funded in 2018.

Must have been one hell of a party

 

[1989]

They went from 104.8% funded in 2013 to 89.9% funded in 2018.

That’s unbelievable. A mechanic told me In 2013 that they were in trouble. And were eliminating early retirement or talking about eliminating it.

 

[Faceplanted]

They went from 104.8% funded in 2013 to 89.9% funded in 2018.

In a time of economic boom. Somebody/people needs to go to jail.

 

[Faceplanted]

This is seriously misleading. Did you even read the packet?

Your using the example in the packet of a man starting at 20 years old and retiring at 50 with 30 years of service. Under the current plan it is possible for him to retire with no penalty at 50 but since the subsidy for that is cut by law for pensions in the red zone he would have a reduction for retiring early. In this case it would be 15 years early so quite a reduction.

How many IAM members fit in that category? Probably few. We are skilled workers and not many 20 year olds would be hired by UPS to wrench on things.

For those of us working until a reasonable retirement age like 60-62 the reduction in benefit would be much smaller.



Oh and please post the link to a credible news source stating that this drop is due to misusing funds for parties like you claimed earlier. You do realize this fund has billions in it so that would be one hell of a party to cause the rapid drop we are seeing in the last few years

Manual labor for 42 years.... seems legit

So where were these parties? I’m sure with all the missing finds cocaine and prostitutes were involved. Pm me the next party info please. Thanks.

 

[bowhnterdon]

No fund should have 30 and out at any age. 48-50 is to young for people to draw on a fund. Life expectancy into the upper 70’s, you are looking at paying someone for over 30 years. We had 25 and out starting in1994. Ruined the fund..

 

[What'dyabringmetoday???]

That is one reason. Another is that the math never works. At some point there will be more people drawing from it than contributing to it and the slow death begins. UPS will cry to the courts that it cannot afford to prop up a pension anymore and will file bankruptcy to get out from under the obligation. The courts allowed the airlines to do it and will allow UPS to do it.

If the money was paid in on a person it should be there regardless. Never mind.

 

[Faceplanted]

No fund should have 30 and out at any age. 48-50 is to young for people to draw on a fund. Life expectancy into the upper 70’s, you are looking at paying someone for over 30 years. We had 25 and out starting in1994. Ruined the fund..

These are not office jobs we are talking about. You honestly think ups drivers should have to wait until we are 65? That would be Over 45 years for some guy.

It’s mismanagement of money at the end of the day. Over 25-30 years at a fair age (50-55) any low risk investment that the fund chooses should return enough to support that. The problem is these funds waste so much on people “handling” the money and simple horrible investments.

100% a legal ponzi.

 

[Redtag]

• Spending and permitting others to spend fund assets lavishly on unnecessary trips, parties and extravagant food, wine, and accommodations.

US Labor Department files suit against International Association of Machinists’ pension plan, trustees for multiple fiduciary breaches | U.S. Department of Labor

While horrible and criminal in my opinion that does not explain going from 104 percent to 89 in a few years.

 

[Redtag]

Manual labor for 42 years.... seems legit

So where were these parties? I’m sure with all the missing finds cocaine and prostitutes were involved. Pm me the next party info please. Thanks.

Lol I wish I was invited since we are talking about billions on coke and hookers.

Seriously, the main reason for the shortfall is shirking membership. 30 and out is unsustainable.

BTW very few IAM ups members start at 20 with UPS. Most start north of 30

 

[1BROWNWRENCH]

I thought you guys in the west were in your own fund?

Been in rehab 10 years now. Critical and declining until recently. Now just critical.