West coast retiree benefits after 2015?

[ronzo14]

I'm curious what will happen after 2015 with retiree benefits. AT&T, time warner and several other companies are dropping health care coverage for retirees and they have to go in affordable health care. I am eligible to retire but am 15 years from age 65 and if west coast teamsters premiums keep going up I am afraid they will be dumped into the exchanges. I am curious if this is worry for nothing or do other people seeing coming also.


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[UpstateNYUPSer(Ret)]

Yours is a valid concern. I am not at all familiar with the retiree medical benefits in that part of the country but there are several members on here who are. Soberups would be your best source for the answers to your questions----he works in the upper Northwest area.

 

[ronzo14]

Thanks for the reply. When I ask my business agent at the union hall about this he thinks I am crazy for even thinking such a thing because in the new contract retiree pension increases come directly out of current employee pension contributions over that monies that was appropriated for retiree health care cost.


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[UpstateNYUPSer(Ret)]

They are diverting part of your pension to support an increase in retiree pensions?

 

[ronzo14]

They will if the money allocated is not enough to cover the increases. I don't think that will go over too well if premiums go sky high which is what is predicted. But yes that's what I am told is the language for local 70 in Oakland


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[UpstateNYUPSer(Ret)]

I would never vote yes to have part of my pension diverted to support an increase in retiree pension benefits.

 

[ronzo14]

And btw in the Northern California rider to the contract. Not just for local 70 but all in the Northern California package rider agreement


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[ronzo14]

Just to be clear the money would be taken from active employees pension contributions only if the money already allocated to retiree benefits falls shorts. It would not take any money from retiree pensions that are being paid out to them as retiree's. Only active employee pension contributions would be affected


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[UpstateNYUPSer(Ret)]

I got that----to me that is just plain wrong.

 

[ronzo14]

To me I see the writing in the wall. Obama hasn't been a good friend to the teamsters and with health care skyrocketing why wouldn't the teamsters unload retiree benefits to afford all health care act? Unless there is something big for them.

I am trying to figure this out before I retire because I could find myself in Obama care and without teamster retiree benefits. If all these big companies are doing it why not UPS and the teamsters. I'm not sure if all retirees the country even get teamster medical benefits or company or nothing. Just not sure but I feel a big screwing coming!


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[UpstateNYUPSer(Ret)]

Work until you are 65 and it won't be an issue.

 

[ronzo14]

I think your right it's the safest play that's for sure. Then I have a new one for you. At age 65 or shortly thereafter I could collect my pension, my social security and still work. So it's a crazy catch 22.


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[UpstateNYUPSer(Ret)]

I know that our pension limits our ability to work in the same industry to 40 hours per month----anything more than that and our pension payments are put on hold. We can work anywhere else and they wouldn't care. I am not sure but I think SS is offset by any wages you receive while in retirement-----this I am not sure about.

 

[oldngray]

I know that our pension limits our ability to work in the same industry to 40 hours per month----anything more than that and our pension payments are put on hold. We can work anywhere else and they wouldn't care. I am not sure but I think SS is offset by any wages you receive while in retirement-----this I am not sure about.

SS is not offset as long as you earn less than the allowable limit. I forget now much that is but I think its around 14-15k per year.

 

[IVE GOTTA PACKAGE 4U]

SS is not offset as long as you earn less than the allowable limit. I forget now much that is but I think its around 14-15k per year.

Thats on earned Income , not pension money.
If you are retired and collecting S.S before your full retirement age (66 or so) anything you make over that 14k. S.s will take away $1 of benefits for every $2 over that limit.

Now on the other hand, they will use your pension money to determine ,how much of your S.S. will be taxed.

85% is the max. Amount of your S.S. Than can be taxed.

 

[ronzo14]

I know of 3 people collecting social security, pension and are clerks or feeder drivers. All over 65 years old of course. You can't blow them into retirement with dynamite...


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[MC4YOU2]

Just to be clear the money would be taken from active employees pension contributions only if the money already allocated to retiree benefits falls shorts. It would not take any money from retiree pensions that are being paid out to them as retiree's. Only active employee pension contributions would be affected


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In JC28, not sure which one you're in, there is an annual increase to H and W and pension of $1 per hour. This is divided between the 2, H and W and pension, giving H and W priority then the remainder goes to pension increases. It does not take away from current additions to pension, only increases. Retiree H and W is also paid from the same allocation.
That being said, it's possible, though I'm unsure of the actual amount, that the entire $1 increase could go to H and W this year. I'm told this is highly unlikely, but we'll see.

 

[Pismo Bill]

Thats on earned Income , not pension money.
If you are retired and collecting S.S before your full retirement age (66 or so) anything you make over that 14k. S.s will take away $1 of benefits for every $2 over that limit.

Now on the other hand, they will use your pension money to determine ,how much of your S.S. will be taxed.

85% is the max. Amount of your S.S. Than can be taxed.

the money s.s. takes from your benefit before your full retirement age will be refunded to you after you reach your full retirement age.