Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
Pensions cuts
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 744462" data-attributes="member: 12570"><p>The NYS Teamster Pension Plan is undergoing some changes due to the critical fund status. We never had 25 and out. We currently have 30 and out at any age--this is being revised with a minimum retirement age, either 55 or 57, by the end of this year. There has been no talk of a grandfather clause, which I think is unfair as you may have some employees who are within 5 years of retirement who may have to work beyond their 30 to receive their Normal Pension, which is roughly 4K/month. I have a couple of younger co-workers who may have to work 5 to 7 years longer to receive a lower pension than I will receive when I get my 30. We have also been told that the Plan will stop contributing to our pensions and will rely solely on company contributions and investment performance.</p><p> </p><p>The reason for this change is there is more money being paid out than they have coming in which has left our plan in critical status, meaning it is severely underfunded.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 744462, member: 12570"] The NYS Teamster Pension Plan is undergoing some changes due to the critical fund status. We never had 25 and out. We currently have 30 and out at any age--this is being revised with a minimum retirement age, either 55 or 57, by the end of this year. There has been no talk of a grandfather clause, which I think is unfair as you may have some employees who are within 5 years of retirement who may have to work beyond their 30 to receive their Normal Pension, which is roughly 4K/month. I have a couple of younger co-workers who may have to work 5 to 7 years longer to receive a lower pension than I will receive when I get my 30. We have also been told that the Plan will stop contributing to our pensions and will rely solely on company contributions and investment performance. The reason for this change is there is more money being paid out than they have coming in which has left our plan in critical status, meaning it is severely underfunded. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
Pensions cuts
Top