Pension requirements
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brownrodster
Well-Known Member
Haven't heard much of anything about our pension fund.
A couple years ago we were fully funded with 34 billion in the fund.
I would like to know how much we have in the fund now.
A couple years ago we were fully funded with 34 billion in the fund.
I would like to know how much we have in the fund now.
Our local is announcing changes in retirement next month. We just voted for officers and they wanted to wait until after the vote before revealing the changes. Plenty of doomsday rumors floating around and we have had quite a few senior Feeder drivers decide to retire.
Local 639
Local 639
helenofcalifornia
Well-Known Member
I believe that the last I read from the Western Conference was that our pension was now only funded to the tune of 84%. The recent economy downturn took quite a toll on it.
Catatonic
Nine Lives
No one heard the bells.
soberups
Pees in the brown Koolaid
It is still one of the best performing plans in the country.
When the market tanked, the board of trustees cut the accrual rate in order to keep the plan in "healthy" status required by the new pension law to avoid government intervention.
We "bought" PEER 80 so they cannot take it away from anyone who is already vested.
Study ERISA law and know your vesting rights, from my limited understanding there are only certain requirements that any trustee can change relating to your pension benefits. They can change the formula of your future pension benefits, case in point the Central States debacle. They cannot change your previous vested time or your previous monetary benefit.
They can raise your retirement age requirements, for example from age 55 to age 62 to collect an early retirement package. By law all pension plans are set up to be collected at the standard age of 65, including the current social security system. There seems to be a shift going on for pension plans to save money on covering medical for retirees by raising the age for early retirement. Medicad or Medicare insurance takes over when you become eligible for social security usually at age 65.
Your current vested time is protected, no one can take that away. Against federal law, if that means anything anymore.
If you are concerned to any changes going on with your pension benefit, go to the HR department or write you pension plan trustees and ask for an estimate and the current SPD for that plan, keep it in a very protected place for any possible future use.
Again, look at Article 34 master on the monetary funding of your pension plan. The Western Conference plan is a monetary contribution plan therefore money is being put away per individual into your trusts. Most of the monetary contributions with this current contract are going into the pension and or health and welfare plans. I could be wrong on this but I believe that by the last year of this contract that over 500 dollars a week per individual will be going into your plan. That is alot of money.
Your vesting ratio of 84 percent is far above any current Teamster's run plan.
The real solution to any current pension underfunding especially with the Union run plans to to get more members to support the flood of baby boomers who will be eligible for retirement in the next 10 or 15 years. That is why our Union better get it's act together and start to get more appealing for workers to want to be members of a collective bargaining unit.
Bottom line get rid of the dumb politics and stupid me first attitutes of some of the leadership in all areas, Local, Joint Councils and International. Start prettying up to take advantage of the possible labor laws that might be coming down the pike to help all us members.
Off my soapbox...for now....
They can raise your retirement age requirements, for example from age 55 to age 62 to collect an early retirement package. By law all pension plans are set up to be collected at the standard age of 65, including the current social security system. There seems to be a shift going on for pension plans to save money on covering medical for retirees by raising the age for early retirement. Medicad or Medicare insurance takes over when you become eligible for social security usually at age 65.
Your current vested time is protected, no one can take that away. Against federal law, if that means anything anymore.
If you are concerned to any changes going on with your pension benefit, go to the HR department or write you pension plan trustees and ask for an estimate and the current SPD for that plan, keep it in a very protected place for any possible future use.
Again, look at Article 34 master on the monetary funding of your pension plan. The Western Conference plan is a monetary contribution plan therefore money is being put away per individual into your trusts. Most of the monetary contributions with this current contract are going into the pension and or health and welfare plans. I could be wrong on this but I believe that by the last year of this contract that over 500 dollars a week per individual will be going into your plan. That is alot of money.
Your vesting ratio of 84 percent is far above any current Teamster's run plan.
The real solution to any current pension underfunding especially with the Union run plans to to get more members to support the flood of baby boomers who will be eligible for retirement in the next 10 or 15 years. That is why our Union better get it's act together and start to get more appealing for workers to want to be members of a collective bargaining unit.
Bottom line get rid of the dumb politics and stupid me first attitutes of some of the leadership in all areas, Local, Joint Councils and International. Start prettying up to take advantage of the possible labor laws that might be coming down the pike to help all us members.
Off my soapbox...for now....
Last edited:
1989
Well-Known Member
Don't we buy "peer 80" every month? So they can't take that away from past vested contributions. But they may be able to take away "peer 80" from future contributions.
soberups
Pees in the brown Koolaid
We "bought it" by having an additional portion of our hourly wage diverted to the pension fund, I believe this occured something like 20 yrs ago. In order to "take away" PEER 80 they would have to stop contributing this additional amount, and even then it would only apply to anyone hired after that occured.
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