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local 804 pension problems
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<blockquote data-quote="JonFrum" data-source="post: 147399"><p>I didn't say it. The article I quoted said it. Or at least something approaching it. </p><p></p><p>I quoted the whole article for completeness sake, but it was the rest of the article that was revelant to John McDevitt's testimony. The actual sentence, which came along for the ride was: " . . . Some [pension funds] even pay close to $5,000 per month with thirty years of service." </p><p></p><p>In any event, I've read that "Upstate NY" was paying $5,800. So I tried to verify this by going to . . .</p><p><a href="http://www.nytfund.org" target="_blank">NYS Teamsters Benefit Funds</a></p><p>(I hope that is the correct site.) Unfortunately they don't seem to publish their benefit levels, or much of anything, online. </p><p></p><p>However, this 12/8/2003 notice . . .</p><p><a href="https://web.archive.org/web/20050104151404/http://www.nytfund.org/newsletter/Change%20in%20Fund%20Benefits.pdf" target="_blank">https://web.archive.org/web/20050104151404/http://www.nytfund.org/newsletter/Change in Fund Benefits.pdf</a></p><p>contains the following example on page 8:</p><p>"Example 1:</p><p>Let’s say your employer’s contribution rate is $6.115 per hour as of January 1, 2004:</p><p>You are age 58 as of January 1, 2004 with 30 years of Future Service Credit and your accrued</p><p>benefit as of that date equals $5,281.50 per month. You could retire as of January 1, 2004 and</p><p>receive $5,281.50 payable for life with 60 payments guaranteed.</p><p>If the Fund was not amended to change the benefit formula and you continued working for four</p><p>more years until age 62, you could retire at age 62 as of January 1, 2008 and receive $6,161.50</p><p>payable for life with 60 payments guaranteed.</p><p>Under the Fund as amended, if you defer your retirement for 48 months beyond your Unreduced</p><p>Retirement Date, you would be eligible to receive a Supplemental Benefit payable over 48</p><p>months equal to 75% of $63,378 ($5,281.50 monthly for 12 months) divided by 48, or $990.28</p><p>per month. As a result, you could retire on January 1, 2008 with $6,984.46 (5,994.18 + 990.28)</p><p>per month payable for 48 months and $5,994.18 per month payable for life beginning January 1,</p><p>2012.</p><p>Or, if you choose to receive the Supplemental Benefit as a lump sum, you could retire on January 1,</p><p>2008 and receive $5,994.18 per month for life plus a lump sum of $40,344.48."</p></blockquote><p></p>
[QUOTE="JonFrum, post: 147399"] I didn't say it. The article I quoted said it. Or at least something approaching it. I quoted the whole article for completeness sake, but it was the rest of the article that was revelant to John McDevitt's testimony. The actual sentence, which came along for the ride was: " . . . Some [pension funds] even pay close to $5,000 per month with thirty years of service." In any event, I've read that "Upstate NY" was paying $5,800. So I tried to verify this by going to . . . [URL='http://www.nytfund.org']NYS Teamsters Benefit Funds[/URL] (I hope that is the correct site.) Unfortunately they don't seem to publish their benefit levels, or much of anything, online. However, this 12/8/2003 notice . . . [url]https://web.archive.org/web/20050104151404/http://www.nytfund.org/newsletter/Change%20in%20Fund%20Benefits.pdf[/url] contains the following example on page 8: "Example 1: Let’s say your employer’s contribution rate is $6.115 per hour as of January 1, 2004: You are age 58 as of January 1, 2004 with 30 years of Future Service Credit and your accrued benefit as of that date equals $5,281.50 per month. You could retire as of January 1, 2004 and receive $5,281.50 payable for life with 60 payments guaranteed. If the Fund was not amended to change the benefit formula and you continued working for four more years until age 62, you could retire at age 62 as of January 1, 2008 and receive $6,161.50 payable for life with 60 payments guaranteed. Under the Fund as amended, if you defer your retirement for 48 months beyond your Unreduced Retirement Date, you would be eligible to receive a Supplemental Benefit payable over 48 months equal to 75% of $63,378 ($5,281.50 monthly for 12 months) divided by 48, or $990.28 per month. As a result, you could retire on January 1, 2008 with $6,984.46 (5,994.18 + 990.28) per month payable for 48 months and $5,994.18 per month payable for life beginning January 1, 2012. Or, if you choose to receive the Supplemental Benefit as a lump sum, you could retire on January 1, 2008 and receive $5,994.18 per month for life plus a lump sum of $40,344.48." [/QUOTE]
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