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Pension letter
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 2598720" data-attributes="member: 12570"><p>We had a union meeting last Saturday and our BA gave us an update on our pension issues.</p><p></p><p>Our application for relief has been submitted to and received by the Treasury Dept. with a projected approval/denial date of 4/12/17. There have been numerous phone calls between the Treasury and our Pension Fund seeking clarification but the overall feeling is that the plan will be turned down. At that point the Fund would have to weigh their options. If by chance our plan is approved the Treasury would send out ballots to all plan participants; however, the Treasury can still implement the plan regardless of the outcome of the vote.</p><p></p><p>There was an interesting development. The Plan Trustees have submitted a separate proposal for a $1B loan with a 1% interest rate and a 10 year grace period before the first payment would be due that would allow us to maintain our current benefit levels while planning on investment growth/returns to repay the loan. The Fund will be mailing out a form letter to all plan participants which we would then be asked to forward to our local representatives asking them for their support.</p><p></p><p>I received a very cool response from those in the room when I asked whether the government should be in the business of bailing out private pension plans. Our BA was quick to point out the difference between a loan and a bail out.</p><p></p><p>While I am not happy with the prospect of losing 20% of my pension, I do not support the bail out of private pension plans in any form whatsoever.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 2598720, member: 12570"] We had a union meeting last Saturday and our BA gave us an update on our pension issues. Our application for relief has been submitted to and received by the Treasury Dept. with a projected approval/denial date of 4/12/17. There have been numerous phone calls between the Treasury and our Pension Fund seeking clarification but the overall feeling is that the plan will be turned down. At that point the Fund would have to weigh their options. If by chance our plan is approved the Treasury would send out ballots to all plan participants; however, the Treasury can still implement the plan regardless of the outcome of the vote. There was an interesting development. The Plan Trustees have submitted a separate proposal for a $1B loan with a 1% interest rate and a 10 year grace period before the first payment would be due that would allow us to maintain our current benefit levels while planning on investment growth/returns to repay the loan. The Fund will be mailing out a form letter to all plan participants which we would then be asked to forward to our local representatives asking them for their support. I received a very cool response from those in the room when I asked whether the government should be in the business of bailing out private pension plans. Our BA was quick to point out the difference between a loan and a bail out. While I am not happy with the prospect of losing 20% of my pension, I do not support the bail out of private pension plans in any form whatsoever. [/QUOTE]
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