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The Face of America's Pension Crisis
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<blockquote data-quote="cheryl" data-source="post: 2957748" data-attributes="member: 1"><p><a href="https://www.fool.com/investing/2017/07/10/the-face-of-americas-pension-crisis.aspx" target="_blank"><strong>The Face of America's Pension Crisis - Motley Fool</strong></a></p><p></p><p><em>By 2025, many large pensions, and the government agency that insures them, could be insolvent, threatening the retirements of millions of Americans.</em></p><p></p><p>...</p><p>The Central States Pension Fund covers workers and retirees from a variety of industries, but most of its retirees are truck drivers who worked for one of the thousands of trucking companies that once dominated American highways.</p><p></p><p>...</p><p>The failure of trucking businesses around the country has left financial scars for Central States. An analysis by Boston College revealed that of the 50 largest employers that participated in the pension plan in 1980, only four were still around in 2014. It wrote in its 2014 analysis that "roughly 50 cents of every benefit dollar goes to pay benefits to 'orphaned' participants, those left behind when employers exit."</p><p></p><p>Large, healthy, and profitable employers have also bought out of the Central States Pension Fund, exacerbating its financial problems. In 2007, the delivery company United Parcel Service paid $6.1 billion to exit the fund, an amount determined sufficient to pay for the pension payments to UPS retirees who were drawing from the fund. When UPS bought out, Central States was already in poor shape. After the UPS payment, Central States was funded between 70% and 75%, according to a 2008 estimate.</p></blockquote><p></p>
[QUOTE="cheryl, post: 2957748, member: 1"] [URL='https://www.fool.com/investing/2017/07/10/the-face-of-americas-pension-crisis.aspx'][B]The Face of America's Pension Crisis - Motley Fool[/B][/URL] [I]By 2025, many large pensions, and the government agency that insures them, could be insolvent, threatening the retirements of millions of Americans.[/I] ... The Central States Pension Fund covers workers and retirees from a variety of industries, but most of its retirees are truck drivers who worked for one of the thousands of trucking companies that once dominated American highways. ... The failure of trucking businesses around the country has left financial scars for Central States. An analysis by Boston College revealed that of the 50 largest employers that participated in the pension plan in 1980, only four were still around in 2014. It wrote in its 2014 analysis that "roughly 50 cents of every benefit dollar goes to pay benefits to 'orphaned' participants, those left behind when employers exit." Large, healthy, and profitable employers have also bought out of the Central States Pension Fund, exacerbating its financial problems. In 2007, the delivery company United Parcel Service paid $6.1 billion to exit the fund, an amount determined sufficient to pay for the pension payments to UPS retirees who were drawing from the fund. When UPS bought out, Central States was already in poor shape. After the UPS payment, Central States was funded between 70% and 75%, according to a 2008 estimate. [/QUOTE]
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