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<blockquote data-quote="Box Ox" data-source="post: 3502326" data-attributes="member: 48469">A CNN Money article from just yesterday:<a href="http://money.cnn.com/2018/05/07/retirement/pension-fund-cuts-teamsters/index.html" target="_blank">What happens when your pension fund runs out of money</a>A few excerpts:“Harry Van Alstyne and his wife Susan used to go out to dinner every Saturday night — until his pension was cut by 29% last October.Now, they&#039;re thinking about selling their home and skipping their annual trip to Maine. They&#039;ve already dipped into their savings.This is not the retirement they planned for. After working for 30 years as a truck driver for UPS, Van Alstyne was promised $5,141 a month by the The New York State Teamsters Conference Pension and Retirement Fund.When he retired in 2006, he was receiving his full pension. But the fund was hit hard during the financial crisis and never fully recovered. A 2016 report projected it would run out of money as soon as 2026.To save it from going bust, the fund cut current retirees&#039; benefits last year by 29%.Van Alstyne&#039;s pension fell to $3,650 a month.Just four<a href="https://www.treasury.gov/services/Pages/Benefit-Suspensions.aspx" target="_blank"> multi-employer pension funds</a> have cut benefits to date, including the New York Teamsters.”</blockquote>

[QUOTE="Box Ox, post: 3502326, member: 48469"] A CNN Money article from just yesterday: [URL='http://money.cnn.com/2018/05/07/retirement/pension-fund-cuts-teamsters/index.html']What happens when your pension fund runs out of money[/URL] A few excerpts: [B][SIZE=5]“Harry Van Alstyne and his wife Susan used to go out to dinner every Saturday night — until his pension was cut by 29% last October. [/SIZE][/B] Now, they're thinking about selling their home and skipping their annual trip to Maine. They've already dipped into their savings. This is not the retirement they planned for. After working for 30 years as a truck driver for UPS, Van Alstyne was promised $5,141 a month by the The New York State Teamsters Conference Pension and Retirement Fund. When he retired in 2006, he was receiving his full pension. But the fund was hit hard during the financial crisis and never fully recovered. A 2016 report projected it would run out of money as soon as 2026. To save it from going bust, the fund cut current retirees' benefits last year by 29%. Van Alstyne's pension fell to $3,650 a month. Just four[URL='https://www.treasury.gov/services/Pages/Benefit-Suspensions.aspx'] multi-employer pension funds[/URL] have cut benefits to date, including the New York Teamsters.” [/QUOTE]

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