The Future of your Pension

[The Blackadder]

I belive I will get my full penision as much as I believe I will get what the government is telling me I will get from SS when I retire.
Ihave a 401K other investments, and I plan to have to work after I retire from UPS.
If I am wrong and I get a full penision and SS I will be a very happy camper.

 

[The Other Side]

PBGC seems woefully under-funded. Could it go under?

bbsam,

The PBGC went underfunded during the BUSH administration as "he" allowed hundreds of corporations to dump their pension liabilities into the PBGC during his term.

More companies dumped their pensions into the PBGC in 8 years of GW BUSH than in all the previous presidencies combined.

In 2004, the PBGC needed a 15 billion dollar bailout because it ran out of money.

As companies fled this country and took their businesses overseas, they left behind their pension programs in the hands of the PBGC.

An unintended consequence of capitalism.

Our teamster pension program relies on two principles. First, on going employment and growth. We need to continue to have employees paying into the system for years to come ( dollar in dollar out) in order for us all to realize a pension. Once this principle ends, so will the pension program.

The second principle is investments. The Teamsters must make practical investments with the money and avoid the larger mistakes of the past (Enron, Tyco & Worldcom) that they lost their butts on.

If the Teamsters can make reasonable investments in the future, then our pensions will be safe and there for us all.

The Teamsters and the Company together have to grow this company in order to protect it.

Peace.

 

[The Other Side]

A good link to read about the PBGC during GW BUSH can be found here.

http://www.cfo.com/article.cfm/3196039/c_3196068?friend=TodayInFinance_Inside

Peace.

 

[soberups]

I am in the Western Conference pension plan, which is one of the healthiest multi-employer pension plans out there. It is currently in the "green" with a funding level of about 85%. I have just under 6 years left before I reach PEER 80, and only one year before I "lock in". My goal is to get out the first day that I can at the age of 50 but that will depend upon what is going on in the realm of medical insurance since my wife has pre-existing conditions.

 

[JonFrum]

PBGC seems woefully under-funded. Could it go under?

Yes.

The PBGC has one insurance fund to cover single-employer pension funds, and a completely seperate insurance fund to cover multi-employer pension funds.

The single-employer insurance fund is woefully underfunded. The multi-employer insurance fund is only mildly underfunded.

 

[Old Man Jingles]

If you are under 40 like me, you should assume your pension benefits will not appreciably support your financial needs during retirement.
You must invest on your own and autoamtic withdrawals from your check is the easiest way to do this.
JMO

 

[dannyboy]

Anyone that trusts someone else to take care of their future, especially the gooberment, will be in for many rude awakenings.

Even 401K's are not as secure as you might think.

With the hundreds of billions in 401k's, do you really think that the people in power are not going to change the rules? Or take over your assets for the public good? There has been talk on the hill about nationalizing all retirement assets.

Those stealing, lying whatever you want to call the power hungry, will forever take from those of us that have earned it, and give it to others that will help them stay in power.

Question, how many millions of dollars did the teamsters retirement funds have of GM stock when it became worthless? And now that they have sold their stock, how much did we recoup from that sale? And you trust an "independent arm" of our gooberment to look out after you?

d

 

[UpstateNYUPSer(Ret)]

If you are under 40 like me, you should assume your pension benefits will not appreciably support your financial needs during retirement.
You must invest on your own and autoamtic withdrawals from your check is the easiest way to do this.
JMO

Good advice--the only problem with it is life gets in the way. Kids like to eat, get sick, need braces, go to college, get married...

My 401k is nowhere where I would have liked it to have been at this point in my career but I have 8 1/2 yrs left to get it in better shape. The good thing about turning 50 is the $5,000 "catch-up" feature our 401k has.

 

[CharleyHustle]

Here in the Central Conference we are now covered in most part by UPS and have little reliance on CSPF, so this would seem to be good news; http://www.pionline.com/apps/pbcs.d...0209985/1034/PIDailyUpdate&issuedate=20110201

 

[hubrat]

Sadly, IMO, American dollars are safer under a mattress than invested here. IMO if you want to try and grow your money in a safer place, go to the Bank of China in NY or LA and open a personal account. Purchase CDs. You can transact online after initially opening the account.

Sometimes the truth just really sucks.

 

[FracusBrown]

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.

$7 per blue vest hour at 25 hours per week will get you about $700 for the month.

I question whether most of us will still be working for ups in 10,15 or 20 years more than I question the plans themselves.

 

[PT Stewie]

You guys would look good in the red greeter vest. A nice change from brown. I myself have a early morning coffee host job at the local WaWa all staked out

 

[JonFrum]

Here in the Central Conference we are now covered in most part by UPS and have little reliance on CSPF, so this would seem to be good news; http://www.pionline.com/apps/pbcs.d...0209985/1034/PIDailyUpdate&issuedate=20110201

It does seem to be good news until you realize that the UPS pension funds were underfunded to begin with, and UPS increased their funding with borrowed money. The $2 billion they contributed in December isn't real money. It's debt.

(I think they got this idea of paying for things with money you don't have from the Stimulator-In-Chief, who does it by the trillions.)

 

[hubrat]

$7 per blue vest hour at 25 hours per week will get you about $700 for the month.

We really should try and help them organize.

I question whether most of us will still be working for ups in 10,15 or 20 years more than I question the plans themselves.

Maybe if we do the above and otherwise strengthen our union we will. The company owns the power inherent in this relationship, but that doesn't necessarily negate our choice if we don't let it.

I have reached out to two locals, the White House, my senator and governor. I don't think I am an alarmist and I'm not approaching it that way, but it is alarming.

President Obama campaigns on Organizing America. Who better to do this than private unions. It's a three-way win. Other workers would be treated with the respect they deserve, the unions would thrive and also be more accountable b/c of increased numbers and at least gov't supervision (not public unions- businesses HAVE to be regulated though), and hopefully our company will flourish because we would have a good union and our competition would be union.

I'm not on crack, I just think that we as a nation can pull together despite our differences and make our corner of the earth better.

Dare you to call your local tomorrow and let them know you're concerned. They aren't all bad people. A lot are concerned about their futures too.