New England Teamsters Pension Fund: More Bad News

Discussion in 'UPS Retirement Topics' started by JonFrum, Mar 28, 2008.

  1. JonFrum

    JonFrum Guest

  2. JonFrum

    JonFrum Guest

    The New England Teamsters And Trucking Industry Pension Fund has just posted it's Form-5500 Annual Financial Report on its website:

    There are three reports available. They aren't the fullest versions, but they are free:

    The most recent report is for the year ending 9/30/2007:
    [918kb, PDF file, 45 pages]

    Note that the Fund has 76,085 participants (including retirees, their surviving spouses, and future retirees not yet collecting benefits); only about a third of which (25,940) are Active Employees with contributions coming into the fund on their behalf.

    The Fund only has $45.73 currently on hand to pay for every $100 of present and future retirement benefits. This funding ratio (45.73%) is down from previous years' funding ratios of 46.46%, 46.76%, 49.32%, 47.96%, and 51.12%. Healthy funds are at least 80% funded, preferably 100%.

    The 45.73% Funding Ratio is actually calculated as of Oct. 1, 2006, so things may have worsened since then with the trouble in the stock and real estate markets.
  3. Baba gounj

    Baba gounj pensioner

    Looks like I will never be able to retire .
  4. pkg-king

    pkg-king New Member

    could this be the next fund big brown bails out?
  5. JonFrum

    JonFrum Guest

    Very unlikely. UPS is prohibited from advocating that any Locals' members withdraw from any current pension plan thru Dec 19, 2017!

    Besides, UPS didn't really bail out Central States, it just withdrew its own employees and paid the Withdrawal Liability it legally owed all along. Most of the $6.1 billion payment was ultimately paid by the American Taxpayer, (when UPS deducted the payment on its tax return,) and by the employees outside the Central States area who were handed major concessions in the Master Agreement to help UPS recoup its payment. (Last August 1st we got a $1.00 raise, for example. This August 1st we didn't get a $1.10 or more, now did we.)
  6. tieguy

    tieguy Banned

    For your brothers and sisters getting their retirement plan fixed. You apparently don't care about their retirement. But then you don't care about this website and therefore refuse to support Cheryls hard work.

  7. ogrelord

    ogrelord Ground Down

    Keep beating that dead horse, Tie.
  8. tieguy

    tieguy Banned

    I will. I'm a big fan of this site and will continue to support it.
  9. New Englander

    New Englander New Member

    It's tired....he's not registering and Cheryl has not said either way if she cares. Shut's bordering on trolling and as you have accused me doing to you, Post stalking.

    Funny how in your world it's all good.
  10. tieguy

    tieguy Banned

    It is. Your opinion means nothing to me and is trolling or stalking too.
  11. brownIEman

    brownIEman Well-Known Member

    This is a bad situation that is only going to get worse. At some point, UPS is going to have to get out of these multi employer plans and just look after the UPSers. Or the union is going to have to get more union employers on board and paying in again. The system is simply not sustainable as it is, and it will not help IBT retirees for UPS to keep paying more and more to the point where it can no longer be profitable.

    There may be a workable reform coming or a government bailout at some point, but I would certainly not suggest counting on it. Like social security, I would not figure this thing too highly into my retirement plans. If you are not investing at least 10% of your income (pref. 15% or more) in a separate retirement account you are not taking care of yourself and your future.
  12. irish5569

    irish5569 New Member

    move to Chicago.
  13. New Englander

    New Englander New Member

    Well it meant enough to warrant a response. Stop being a tool.
  14. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Should I bring my own baseball bat?
  15. nhguy

    nhguy New Member

    I could be wrong but wasn't the last strike all about the company wanting to take over the pension funds! I think UPS saw all these pension funds going under at least ten years ago. Keep supporting your Union and continue to watch your funds dwindle away.
    UPS is not capable of fixing all the pension problems of the Teamsters pension funds, Nor should they.

    If I was a member, I would get together and start to really question what the hell is going on with the pensions! If you sit back and ignore it, you may find nothing left when your time comes to retire!!

    I'll be getting my pension starting next March 1, and I feel real comfortable that my check will be deposited every month!

  16. tieguy

    tieguy Banned

    soon as you stop being a fool. thank you thank you very much.
  17. New Englander

    New Englander New Member

    Again with a response. It's pretty hard to take anything you say seriously.
  18. Dutch Dawg

    Dutch Dawg Active Member

    If you have such a distrust of the Teamsters as reflected in the first half of your post. How can you be soooo sure you'll have a check deposited every month in retirement?

    Our perspectives are universes apart if you truely believe UPS's first and foremost concern in 97 with that proposed pension takeover was our (UPS/Teamster hourly employees) well being.
  19. tieguy

    tieguy Banned

    don't worry about I don't value your opinion and will sleep good tonight knowing I support all of Cheryls hardwork. Thanks for continuously sharing an opinion I do not value.
  20. New Englander

    New Englander New Member

    Tie....don't be daft. Your continued response shows you do value my opinion. The proof is in the pudding.