The Future of your Pension

Not IN Trace

Well-Known Member
I have 15 years with UPS....personally I feel in 15 more years when I retire from this company there will not be, or a maybe 25% of what we are being promised, left for me as a pension..dose anyone feel the same??
 

hubrat

Squeaky Wheel
After all the crap corporations have pulled lately it's a valid concern. Best to save as much of your income as you can now.
 

UpstateNYUPSer(Ret)

Well-Known Member
Pensions are guaranteed by the government but the amount is a mere fraction of what you have earned.

My pension (NYS Teasters) is in critical status and our split raises through the end of this contract are being diverted to the pension. I feel confident that these actions and more prudent investment decisions by the pension fund managers will ensure a secure retirement. I will also have a healthy 401k balance and plan on using Social Security as my fun money.

The OP has 15 years in with at least 15 more to receive a full pension. I suggest, if you haven't already done so, looking in to and funding other retirement options (401k).

If all this fails, I hear Walmart has a surplus of blue vests and is always looking for greeters.
 

bbsam

Moderator
Staff member
That brings up an interesting question. With all the budget cutting going on, how secure is the pension guarantee by the government? Could that also be cut?
 

over9five

Moderator
Staff member
I'm with the OP.

We may have a pension at some point, but the age you can collect it will keep getting pushed back. In 15 years you may have to wait to age 90 to start collecting it.

Don't rely on a pension.
 

UpstateNYUPSer(Ret)

Well-Known Member
I'm with the OP.

We may have a pension at some point, but the age you can collect it will keep getting pushed back. In 15 years you may have to wait to age 90 to start collecting it.

Don't rely on a pension.

My pension is estimated to be about $5K/month. It will be very hard to replace that income if the pension should fail. You may very well see me at your local Walmart.
 

curiousbrain

Well-Known Member
That brings up an interesting question. With all the budget cutting going on, how secure is the pension guarantee by the government? Could that also be cut?

The PGBC is responsible for government protection.

To your question, this section seems to indicate a "dynamic" funding strategy. There are other links throughout the article (e.g. ERISA) that provide other insights.
 

curiousbrain

Well-Known Member
PBGC seems woefully under-funded. Could it go under?

If you are referring to this,

The PBGC has a total of $102.5 billion in obligations and $79.5 billion in assets.

I am led to believe that they would be fine unless 78% of the pension plans they cover were terminated in a short amount of time - as that would then exceed their asset base.

However, what I am led to believe and what is true have been known to diverge, so I might be wrong.

What would happen if they could not cover all their immediate obligations, I do not know.
 
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UpstateNYUPSer(Ret)

Well-Known Member
If you are referring to this,



I am led to believe that they would be fine unless 78% of the pension plans they cover were terminated in a short amount of time - as that would then exceed their asset base.

However, what I am led to believe and what is true have been known to diverge, so I might be wrong.

What would happen if they could not cover all their immediate obligations, I do not know.

Bread lines and soup kitchens.
 

curiousbrain

Well-Known Member
Bread lines and soup kitchens.

The practical consequences, absolutely - probably a march/riot or two, as well. I recall reading about something like this, albeit military in nature.

On the political side, though, I wonder if conservative politicians would make the point that government protection of pension plans is an aspect of the 'nanny state', as it were? Or, is this something so close to home for almost all working class folks that this could be an issue of partisan agreement?
 

kmjs14

Well-Known Member
The practical consequences, absolutely - probably a march/riot or two, as well. I recall reading about something like this, albeit military in nature.

On the political side, though, I wonder if conservative politicians would make the point that government protection of pension plans is an aspect of the 'nanny state', as it were? Or, is this something so close to home for almost all working class folks that this could be an issue of partisan agreement?

I have yet to see "the majority" of republicans" vote in any way for the working man. This party usually votes for less government and on the side on a freer market (big business), which means less regulations and more privatizations (social security?). Look at what's going on in Wisconsin, Ohio, Pa, etc etc. This is just the beginning. What a great time to be rich in the USA.!
 

Raw

Raw Member
My pension is estimated to be about $5K/month. It will be very hard to replace that income if the pension should fail. You may very well see me at your local Walmart.
Even pre year 2000 before everything collapsed my pension at Central at the time wasn`t that high, I`d be surprised if you get more than $3500 a month :sad-little:
 

UpstateNYUPSer(Ret)

Well-Known Member
Even pre year 2000 before everything collapsed my pension at Central at the time wasn`t that high, I`d be surprised if you get more than $3500 a month :sad-little:

We get pension estimates annually and I am projected to have earned a normal pension at retirement age of between $4.5-5K/month.

You can go to the TDU website, which shows all of the various pensions, and look at the NYS Teamsters pension if you doubt the accuracy of what I have posted.
 

hellfire

no one considers UPS people."real" Teamsters.-BUG
We get pension estimates annually and I am projected to have earned a normal pension at retirement age of between $4.5-5K/month.

You can go to the TDU website, which shows all of the various pensions, and look at the NYS Teamsters pension if you doubt the accuracy of what I have posted.
everyone in Central States knows how much more the other plans give ,, its just there is no way that a underfunded union with membership dropping like no other time in history can afford to pay that much money to so many people . How much longer do you have till you retire?
 

UpstateNYUPSer(Ret)

Well-Known Member
everyone in Central States knows how much more the other plans give ,, its just there is no way that a underfunded union with membership dropping like no other time in history can afford to pay that much money to so many people . How much longer do you have till you retire?

8 1/2 yrs.
 
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