Teamsters face 31 percent pension cut

cheryl

I started this.
Staff member
Teamsters face 31 percent pension cut - Times Union

Decline in union membership has pummeled private sector pensions

Facing theses cuts, retirees are understandably angry.

"I'm going from middle class to poor,'' said one retiree.

"I don't understand, exactly, where the money went,'' added a woman who, like many of those present, retired from United Parcel Service.

Amid this anger, Local 294 is starting to look to Congress for some help.
 

Mugarolla

Light 'em up!
According to the article, the guy was explaining that the pension fund is a Ponzi Scheme.

He says that there is more money going out than there is being paid into the fund.

Brilliant.
 

UpstateNYUPSer(Ret)

Well-Known Member
Amid this anger, Local 294 is starting to look to Congress for some help.

This "help" is in the form of a $1B loan with a 1% interest rate and 10 year grace period before repayment must begin. It is the hope that the $1B infusion will keep benefits at their current levels and that the fund will rebound over the next 10 years to the point where it can sustain benefits and make their loan payments.
 

twoweeled

Well-Known Member
Amid this anger, Local 294 is starting to look to Congress for some help.

This "help" is in the form of a $1B loan with a 1% interest rate and 10 year grace period before repayment must begin. It is the hope that the $1B infusion will keep benefits at their current levels and that the fund will rebound over the next 10 years to the point where it can sustain benefits and make their loan payments.
Interesting news. I would just hope, that with a $billion infusion, others wouldn't start to pick at it for brainstorming ideas. End up in the same boat, with an added billion in debt !
Obviously, I don't have a lot of faith in our leaders.
 

UpstateNYUPSer(Ret)

Well-Known Member
Interesting news. I would just hope, that with a $billion infusion, others wouldn't start to pick at it for brainstorming ideas. End up in the same boat, with an added billion in debt !
Obviously, I don't have a lot of faith in our leaders.

Pension funds cannot be intermingled with other funds.
 

TearsInRain

IE boogeyman
i shudder at the idea of relying on any kind of private pension

what a crappy retirement system this country has been running
 

rod

Retired 22 years
Its interesting how all of a sudden the troops are interested in saving their pensions. I remember a few years ago when the :censored2: hit the fan at Central States and those of us who retired before 2008 were in the process of getting our pensions cut at the very minimum by 50%. I had posted what I thought about it and the conclusion from 95% of you was "gee that's bad but NO bail outs--sucks to be me--let the chips fail where they fall". Well the shoes on the other foot now MF'ers.-- Enjoy
 

UpstateNYUPSer(Ret)

Well-Known Member
Its interesting how all of a sudden the troops are interested in saving their pensions. I remember a few years ago when the :censored2: hit the fan at Central States and those of us who retired before 2008 were in the process of getting our pensions cut at the very minimum by 50%. I had posted what I thought about it and the conclusion from 95% of you was "gee that's bad but NO bail outs--sucks to be me--let the chips fail where they fall". Well the shoes on the other foot now MF'ers.-- Enjoy

Although these cuts will adversely affect me, I do not think that the taxpayers should bail out private pension plans.
 

Brownslave688

You want a toe? I can get you a toe.
According to the article, the guy was explaining that the pension fund is a Ponzi Scheme.

He says that there is more money going out than there is being paid into the fund.

Brilliant.
That's the case for most pensions. They are mostly some form of Ponzi scheme.
 

Brownslave688

You want a toe? I can get you a toe.
Amid this anger, Local 294 is starting to look to Congress for some help.

This "help" is in the form of a $1B loan with a 1% interest rate and 10 year grace period before repayment must begin. It is the hope that the $1B infusion will keep benefits at their current levels and that the fund will rebound over the next 10 years to the point where it can sustain benefits and make their loan payments.
We are in the middle of one of the largest bull markets ever. The chances of a large correction over the next decade are very high. I have no idea how they'd plan on doing what they've said.


Unless they just haven't learned a damn thing.
 

Brownslave688

You want a toe? I can get you a toe.
According to the article, the guy was explaining that the pension fund is a Ponzi Scheme.

He says that there is more money going out than there is being paid into the fund.

Brilliant.
Here's another one. "The end result was far more union members withdrawing from the fund than paying into it."


When will people understand this means the fund was either under funded while they were working or they were overpromised on the benefit end?

This has nothing to do with fewer workers.
 

UpstateNYUPSer(Ret)

Well-Known Member
Here's another one. "The end result was far more union members withdrawing from the fund than paying into it."


When will people understand this means the fund was either under funded while they were working or they were overpromised on the benefit end?

This has nothing to do with fewer workers.

This has everything to do with fewer Union workers.
 
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