Teamsters pension cut

[rod]

Now his pension is $760 a month after taxes, he said.

“I pay $13,000 a year in property taxes alone. My mortgage is $2,300 a month,” Acosta said.

Yet this guy decided to retire.

While it may be too late for 707 and possibly a few others, I am hopeful for some of the other funds now that the stock market has eclipsed 20,000 and the future looks good, for the time being.

Why in hell would a 75 year old guy still have a $2,300 a month mortgage payment? Milton must be dumber than a box of rocks.

 

[IVE GOTTA PACKAGE 4U]

Why in hell would a 75 year old guy still have a $2,300 a month mortgage payment? Milton must be dumber than a box of rocks.

He has a young wife?

 

[PASinterference]

Why in hell would a 75 year old guy still have a $2,300 a month mortgage payment? Milton must be dumber than a box of rocks.

Gotta park the Ferrari somewhere.

 

[rod]

Hit young wife?

why would he hit his young wife?

 

[IVE GOTTA PACKAGE 4U]

why would he hit his young wife?

I screwed that post up. I fixed it.

 

[retired2000]

Wally to many companies have gone out of business and the union members from those companies are still collecting. We all are living longer also. Some bad investments by the fund have not helped either

 

[upschuck]

So pensions are Ponzi schemes.

Only poorly run ones are.

 

[Mugarolla]

So pensions are Ponzi schemes.

Seems to be what the article is inferring.

The fund began to topple, with roughly 700 workers paying into a fund supporting more than 4,000 retirees. Local 707’s fund pays out $48 million a year — and takes in $7.5 million in contributions, McCaffrey said.

 

[Mugarolla]

Why in hell would a 75 year old guy still have a $2,300 a month mortgage payment? Milton must be dumber than a box of rocks.

That's why I quoted the article.

Unbelievable.

 

[Mugarolla]

Yawn squared.

Yawn²

 

[Brownslave688]

Only poorly run ones are.

Most of them are are at least some form of a Ponzi scheme.

 

[barnyard]

This is exactly why we should get defined pension contributions and why the brain trusts that negotiate our contracts need to be thinking of proposals that work for me and the company.

 

[Brownslave688]

This is exactly why we should get defined pension contributions and why the brain trusts that negotiate our contracts need to be thinking of proposals that work for me and the company.

Would rather go down in flames and say look the company is making billions. They obviously didn't take care of their workers.

 

[Brownslave688]

Do not yawn upstate this is a real issue. Not ups fault it is all the unions and how they handled our money

@UpstateNYUPSer when we talk about his retirement plans.

 

[UPSER110]

Why in hell would a 75 year old guy still have a $2,300 a month mortgage payment? Milton must be dumber than a box of rocks.

Seriously, he was planning for $2300 a month in pension, and $2,300 mortgage payment plus another $1,100 in property taxes a month. Why the hell would he think he could retire??

 

[UpstateNYUPSer(Ret)]

@UpstateNYUPSer when we talk about his retirement plans.

Again, none of your business.

 

[OrionsBitch]

Do not yawn upstate this is a real issue. Not ups fault it is all the unions and how they handled our money

You make 90k a year and trust a crooked union to take care if you in retirement? Save your own money.....anyone who counts on a pension is a fool.

 

[UpstateNYUPSer(Ret)]

You make 90k a year and trust a crooked union to take care if you in retirement? Save your own money.....anyone who counts on a pension is a fool.

To be fair, it is hard not to count on $5,500/month when planning for retirement.

 

[Catatonic]

So pensions are Ponzi schemes.

Legal Ponzi Scheme.

 

[Ghost in the Darkness]

You make 90k a year and trust a crooked union to take care if you in retirement? Save your own money.....anyone who counts on a pension is a fool.

I think the point most of us can agree on, people need to be held accountable. We have a contract, we have money going in it. These are job benefits, we don't want to hear excuses.