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Pension Letter
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<blockquote data-quote="JonFrum" data-source="post: 148912"><p>The letter from the fund says that in 2005 the fund was only 82.7% funded, but Moody's Investment Service says in 2004 the fund was 110% funded. What happened?</p><p></p><p>Plan Name: Teamsters Local 639 Employers Pension Trust</p><p>Net Plan Assets: $703.2 million</p><p>Current Liability: $707 million</p><p>Funded Status: 110%</p><p>Total Annual Employer Contributions: $31.7 million</p><p></p><p>See page 15 of Moody's report to compare your plan to other Teamsters plans . . .</p><p>Ideally a fund should be as "overfunded" above 100% as possible so that when the inevitable adversities strike, the fund is still fully funded. 82.7% is about average for Teamsters funds, but the Western Fund, for example, is 100% funded and is still experiencing deep benefit cuts, and the Machinists Fund, which some of our mechanics are in, is 124% funded and even it has made limited benefit cuts. Aparently we must compare our funding ratios to an ideal of 130 or even 140%, not just to 100%!!! </p><p></p><p>Please see my lengthy discussion of the entire UPS/Teamsters pension situation here . . .</p><p><a href="http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/" target="_blank">http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 148912"] The letter from the fund says that in 2005 the fund was only 82.7% funded, but Moody's Investment Service says in 2004 the fund was 110% funded. What happened? Plan Name: Teamsters Local 639 Employers Pension Trust Net Plan Assets: $703.2 million Current Liability: $707 million Funded Status: 110% Total Annual Employer Contributions: $31.7 million See page 15 of Moody's report to compare your plan to other Teamsters plans . . . Ideally a fund should be as "overfunded" above 100% as possible so that when the inevitable adversities strike, the fund is still fully funded. 82.7% is about average for Teamsters funds, but the Western Fund, for example, is 100% funded and is still experiencing deep benefit cuts, and the Machinists Fund, which some of our mechanics are in, is 124% funded and even it has made limited benefit cuts. Aparently we must compare our funding ratios to an ideal of 130 or even 140%, not just to 100%!!! Please see my lengthy discussion of the entire UPS/Teamsters pension situation here . . . [url]http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/[/url] [/QUOTE]
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