Teamsters face 31 percent pension cut

[Mugarolla]

Our issues were employers going out of business and not fulfilling their financial obligations and the downturn in 2008.

And there are probably more issues not mentioned, but the point is that it should never be an issue regarding the ratio of retirees to actives.

 

[UpstateNYUPSer(Ret)]

Also our local made a lot of side deals ex p&c. Foods and yellow freight

The "side deals" were an effort to get something rather than nothing.

Ask the next YRC driver that you see how their side deal is working for them. I have heard that they took a huge cut and have to work until they are 65 before they can start collecting.

 

[UpstateNYUPSer(Ret)]

And there are probably more issues not mentioned, but the point is that it should never be an issue regarding the ratio of retirees to actives.

We lost nearly 30% of our total value in 2008.

Ironically, our Fund was overfunded in the 1980's and had to choose between sending a check to the government or increase benefits rather than keeping the money "just in case". They chose to increase benefits, which made sense at the time.

UPS is 76% of the fund. They pay roughly $16/hr and UPS retirees receive roughly $9/hr. The rest goes to pay retirees from other companies and orphans.

We will know on April 12 if the Treasury accepts our plan. The consensus is that they won't and that benefits will remain unchanged for the near future.

 

[retired2000]

Those companies still owe the fund a lot of dollars.

 

[UpstateNYUPSer(Ret)]

Those companies still owe the fund a lot of dollars.

...which we will never see...

You need to accept the fact that you will not be getting the $5,500/month that you were "promised" and to plan accordingly.

 

[retired2000]

I know we will never see the money from those companies

 

[Bad Gas!]

How do you forsee pension cuts cit's in the sothern region. Our top pension number under age 62 is 3900$ for 35 years full time service under option A?..Are the pension cuts going to take affect in next 5 yrs or what?

 

[soberups]

Glad to be part of the Western Conference. Our plan is in the green and I just qualified for PEER 80 last week. Not nearly ready to retire yet...I'm only 50 and my wife and I both have pre-existing medical conditions....but its nice to know the safety net is there. I crossed the finish line, now I get to decide how many victory laps I feel like taking.

 

[PT Car Washer]

Glad to be part of the Western Conference. Our plan is in the green and I just qualified for PEER 80 last week. Not nearly ready to retire yet...I'm only 50 and my wife and I both have pre-existing medical conditions....but its nice to know the safety net is there. I crossed the finish line, now I get to decide how many victory laps I feel like taking.

Congrats. The job becomes a lot more enjoyable when the worse thing you can be threatened with is retirement before you planned to.

 

[3 done 3 to go]

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.

I'm out of 294. We went from one of the best pensions in the country. To bankruptcy. In 15 yrs after the feds gave our books back to the thrives that broke it.

There has been a forensic study taken and given to the feds about all of the improprieties in the books. Hoping they help take them all away in hand cuffs.

No bail outs wanted by me! Just feel 29 yrs wasted. Looking forward to the next 29. I don't care if I need a walker to drop off a box. I will try to be the slowest ups driver in the company's history

 

[UpstateNYUPSer(Ret)]

I'm out of 294. We went from one of the best pensions in the country. To bankruptcy. In 15 yrs after the feds gave our books back to the thrives that broke it.

There has been a forensic study taken and given to the feds about all of the improprieties in the books. Hoping they help take them all away in hand cuffs.

No bail outs wanted by me! Just feel 29 yrs wasted. Looking forward to the next 29. I don't care if I need a walker to drop off a box. I will try to be the slowest ups driver in the company's history

Treasury Official Resigns:

https://www.nystpensionfund.org/media/1148/20170310treasury-official-resigns.pdf


So much disinformation, so little time.

Here is the Union's response to the so-called "forensic audit":

https://www.nystpensionfund.org/media/1141/20170103response-to-so-called-forensic-audit-report.pdf

 

[Johney]

Glad to be part of the Western Conference. Our plan is in the green and I just qualified for PEER 80 last week. Not nearly ready to retire yet...I'm only 50 and my wife and I both have pre-existing medical conditions....but its nice to know the safety net is there. I crossed the finish line, now I get to decide how many victory laps I feel like taking.

I'm pretty sure they ALL were in the green at one time or another. Nothing is guaranteed but death and taxes.