Pension plan status

[oldupsman]

I just received my yearly statement on the status of the pension trust fund
of which I am a member. It is the Teamster Pension Trust Fund of Philadelphia
and vicinity. Our current funded percentage is 72.2% which puts in the endangered
category. I was just curious on how this stands compared to other plans across the country as this is very much a contract issue.

 

[bottomups]

Local 344 is at 84.3%. Trustees must not be concerned as they are increasing our accrual rates.

 

[Richard Harrow]

Boy, if only the Teamsters hadn't kept letting the company push back the progression to top rate...

 

[oldupsman]

According to federal pension law anything over 80% is satisfactory.

 

[Yaba Daba Do]

According to federal pension law anything over 80% is satisfactory.

Yeah, the government also thinks it's okay to constantly spend more than they make. Actually they prefer it. They look at the central states fund as a model to run the federal government.

 

[1989]

Boy, if only the Teamsters hadn't kept letting the company push back the progression to top rate...

What does that have to do with any pension?

 

[Yaba Daba Do]

What does that have to do with any pension?

Just because the federal government says it is satisfactory means nothing.

 

[BigMoney]

Western Conference is at 92%

 

[1989]

Just because the federal government says it is satisfactory means nothing.

I asked what the progression to full scale had to do with any pension.

 

[Yaba Daba Do]

If the plan is 84.3% funded after the last 8 years where the market has done nothing but go up, where is it going to be after the next recession?

 

[1989]

If the plan is 84.3% funded after the last 8 years where the market has done nothing but go up, where is it going to be after the next recession?

Maybe suggest bitcoin

 

[BigMoney]

Sounds like bad investments and they should not be raising the accrual rates.

 

[Yaba Daba Do]

I asked what the progression to full scale had to do with any pension.

oops i was skimming to quickly. If progression was shorter, say 2 years like it used to be, more money would be going into the pension fund sooner. The contributions would be based off of top scale wages 2 years earlier.

 

[BigMoney]

I do not understand why they would raise the accrual rate and give more money out when the fund is at 84.3%.

 

[bottomups]

oops i was skimming to quickly. If progression was shorter, say 2 years like it used to be, more money would be going into the pension fund sooner. The contributions would be based off of top scale wages 2 years earlier.

Pension contributions in my local are not based on an hourly rate.

 

[Yaba Daba Do]

Sounds like bad investments and they should not be raising the accrual rates.

They are forced to invest conservatively due to federal regulations. They are not allowed to invest the way they need to produce the returns that are needed.

 

[brownmonster]

oops i was skimming to quickly. If progression was shorter, say 2 years like it used to be, more money would be going into the pension fund sooner. The contributions would be based off of top scale wages 2 years earlier.

Our pension contributions are based on a negotiated amount that has nothing to do with the hourly rate.

 

[1989]

oops i was skimming to quickly. If progression was shorter, say 2 years like it used to be, more money would be going into the pension fund sooner. The contributions would be based off of top scale wages 2 years earlier.

Are you saying you have a pension progression too? Which pension does that? My pension get the same amount for every employee past their 30 days.

 

[Yaba Daba Do]

Are you saying you have a pension progression too? Which pension does that? My pension get the same amount for every employee past their 30 days.

Apparently not. For some reason i was thinking that's how it worked but i guess not. My fault

 

[Tony Q]

I just received my yearly statement on the status of the pension trust fund
of which I am a member. It is the Teamster Pension Trust Fund of Philadelphia
and vicinity. Our current funded percentage is 72.2% which puts in the endangered
category. I was just curious on how this stands compared to other plans across the country as this is very much a contract issue.

Central States is about 37% funded!