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Pension funded roll call? What is your pension funded percentage % 2022/2023
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 5575999" data-attributes="member: 12570"><p>The crucial line in the bottom letter: Projected Funded Percentage IF SFA was included.</p><p></p><p>One of the rules of the bailout was that SFA funds were to be segregated and invested according to a strict set of rules established by the PBGC. Pension funds that received the bailout will still be sending out the "we are broke" letters on an annual basis, even though they (and their members) have been made whole. As you can imagine, there will be a great deal of oversight for those funds that received the assistance.</p><p></p><p>NYST received a combined $1.3B in SFA funds when their initial and supplemental applications were approved. The 18% and 29% cuts were restored and the members received back pay from the date of the cuts (10/1/2017). There were UPSers who received six figure lump sum payments.</p><p></p><p>The only downside to this bailout was that the member had to be alive on the date that their pension fund received their money; if they had passed, their widow(er) had their pension restored but were not eligible to receive the back pay.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 5575999, member: 12570"] The crucial line in the bottom letter: Projected Funded Percentage IF SFA was included. One of the rules of the bailout was that SFA funds were to be segregated and invested according to a strict set of rules established by the PBGC. Pension funds that received the bailout will still be sending out the "we are broke" letters on an annual basis, even though they (and their members) have been made whole. As you can imagine, there will be a great deal of oversight for those funds that received the assistance. NYST received a combined $1.3B in SFA funds when their initial and supplemental applications were approved. The 18% and 29% cuts were restored and the members received back pay from the date of the cuts (10/1/2017). There were UPSers who received six figure lump sum payments. The only downside to this bailout was that the member had to be alive on the date that their pension fund received their money; if they had passed, their widow(er) had their pension restored but were not eligible to receive the back pay. [/QUOTE]
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Pension funded roll call? What is your pension funded percentage % 2022/2023
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