NE Pension Fund in Critical and Declining Status for 2022-2023 Plan Year

[Over70irregs]

Didn’t they have high payouts years ago?

 

[Over70irregs]

Welcome - New England Teamsters Pension Fund

On February 11, 2023, the New England Teamsters Pension Fund (the “Fund”) filed an application with the Pension Benefit Guaranty Corporation (“PBGC”) for Special Financial Assistance (“SFA”) under the American Rescue Plan Act (“ARPA”).

nettipf.com

Sad…… Build your own pension. Screw that.

 

[Wally]

They ended up cutting the pension in half

Half? @rod retired 20 years ago, pension of 3k. That's $5k in today's money.

 

[IVE GOTTA PACKAGE 4U]

Sad…… Build your own pension. Screw that.

Stay out of debt and save that's all you can do

 

[Wally]

How did the NE pension fund get wacked?

 

[IVE GOTTA PACKAGE 4U]

How did the NE pension fund get wacked?

Same problem many of the other pension funds had

 

[Wally]

Same problem many of the other pension funds had

Poor management?

 

[IVE GOTTA PACKAGE 4U]

Poor management?

Lots of multi employer pension funds that have lots of orphaned pensioners.
In the financial crisis of 2008 really did a lot of damage to the pension system

 

[UnionStrong]

Lots of multi employer pension funds that have lots of orphaned pensioners.
In the financial crisis of 2008 really did a lot of damage to the pension system

Bingo. That plus deregulation of the trucking industry

 

[rod]

If one is in financial trouble, don't you take immediate action to rectify? They did zero, for decades?

You are right---the Fed's just turned a blind eye and let it go tits up under their control.

 

[IVE GOTTA PACKAGE 4U]

Bingo. That plus deregulation of the trucking industry

The Perfect Storm.

Plus they need to change how the pension formula is calculated.

 

[542thruNthru]

I'm just going to leave this right here....

Westcoast!

 

[UnionStrong]

I'm just going to leave this right here....

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Westcoast!
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That’s all the ho’s they got driving

 

[Over70irregs]

Stay out of debt and save that's all you can do

We have to cone up with a good thread for guys to diversify. Not advice but research areas.

 

[Over70irregs]

I'm just going to leave this right here....

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Westcoast!
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Why do I always read they keep making good decisions? WTF…..

 

[542thruNthru]

Why do I always read they keep making good decisions? WTF…..

We elect the right individuals.

 

[Over70irregs]

We elect the right individuals.

There was a local president I read about that was good at negotiations. Experienced on national level

 

[Wally]

I'm just going to leave this right here....

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Westcoast!
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Normal retirement age is set at 65 in your plan with bonus for time worked up to age 70. That is something these "in trouble" plans should have started doing decades ago.

What would the payout be at 65?

 

[542thruNthru]

Normal retirement age is set at 65 in your plan with bonus for time worked up to age 70. That is something these "in trouble" plans should have started doing decades ago.

What would the payout be at 65?

Actually our plan is at peer 80. Age + service =80

 

[DELACROIX]

Actually our plan is at peer 80. Age + service =80

Yeah..Yeah….here we go again!