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UPS Retirement Topics
Western conference fund %100 funded ?
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<blockquote data-quote="JonFrum" data-source="post: 148892"><p>UPDATE . . . A letter to Contributing Employers sent by the Chairman of the Employer Trustees, dated November 13, 2006 . . .</p><p><a href="https://web.archive.org/web/20080828021054/http://www.wctpension.org/employers/improved_funding.html" target="_blank">The Western Conference of Teamsters Pension Trust</a></p><p>states the Western Conference of Teamsters Pension Fund is "fully funded" as of January 1, 2006.</p><p></p><p>Exerpts:</p><p>". . . The Trust had fallen into less than fully funded status during the declines in the investment markets between 2000 and 2002. . .</p><p></p><p>. . . the Trustees of the Fund, both the Employer and Union, were committed to returning the Trust to a fully funded status as soon as it was possible to do so.</p><p></p><p>Therefore, I am delighted to advise you that this commitment has been realized. Our Plan’s enrolled actuary, as well as a separate independent actuarial firm retained by the Trust, has advised the Trustees that as of January 1, 2006, the Trust no longer has an unfunded vested benefit liability (UVBL). This means there is no withdrawal liability for employers who withdraw from the Plan in 2006. . . . "</p><p>- - - - -</p><p>Note that full funding means that the fund has 100% of the money on hand to pay all present and future currently vested pension benefits. However this assumes all of the actuarial assumptions made by the plan trustees are accurate. Lots of things can go wrong with a pension plan, especially less than expected investment gains, and sometimes even investment losses. Therefore, it's best to "overfund" the plan up to 110 or 120 or even 130 and 140% so as to be prepared for any adversity in the future. A 130% fund that looses 30% of it assets in a stock market downturn, for example, would still be 100% funded. It's prudent to overfund so you are prepared for the inevitable rainy days.</p><p></p><p>Visit . . . <a href="https://web.archive.org/web/20130127205742/http://www.wctpension.org/" target="_blank">The Western Conference of Teamsters Pension Trust</a></p><p>See my lengthy discussion of the entire UPS/Teamster pension situation here . . .</p><p><a href="http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/" target="_blank">http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 148892"] UPDATE . . . A letter to Contributing Employers sent by the Chairman of the Employer Trustees, dated November 13, 2006 . . . [URL='https://web.archive.org/web/20080828021054/http://www.wctpension.org/employers/improved_funding.html']The Western Conference of Teamsters Pension Trust[/URL] states the Western Conference of Teamsters Pension Fund is "fully funded" as of January 1, 2006. Exerpts: ". . . The Trust had fallen into less than fully funded status during the declines in the investment markets between 2000 and 2002. . . . . . the Trustees of the Fund, both the Employer and Union, were committed to returning the Trust to a fully funded status as soon as it was possible to do so. Therefore, I am delighted to advise you that this commitment has been realized. Our Plan’s enrolled actuary, as well as a separate independent actuarial firm retained by the Trust, has advised the Trustees that as of January 1, 2006, the Trust no longer has an unfunded vested benefit liability (UVBL). This means there is no withdrawal liability for employers who withdraw from the Plan in 2006. . . . " - - - - - Note that full funding means that the fund has 100% of the money on hand to pay all present and future currently vested pension benefits. However this assumes all of the actuarial assumptions made by the plan trustees are accurate. Lots of things can go wrong with a pension plan, especially less than expected investment gains, and sometimes even investment losses. Therefore, it's best to "overfund" the plan up to 110 or 120 or even 130 and 140% so as to be prepared for any adversity in the future. A 130% fund that looses 30% of it assets in a stock market downturn, for example, would still be 100% funded. It's prudent to overfund so you are prepared for the inevitable rainy days. Visit . . . [URL='https://web.archive.org/web/20130127205742/http://www.wctpension.org/']The Western Conference of Teamsters Pension Trust[/URL] See my lengthy discussion of the entire UPS/Teamster pension situation here . . . [url]http://www.browncafe.com/community/threads/ups-subsidizing-non-ups-pensions.27725/[/url] [/QUOTE]
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