UpstateNYUPSer(Ret)
Well-Known Member
The PBGC is broke-----you will be lucky to get pennies on the dollar.
Working at FedEx express or FedEx freight. Both job offers
- Thread starter VitasJ42
- Start date
As all companies with pensions are required to contribute to the PBGC, and that includes companies with terminated pension plans, your statement would be news to them.
UpstateNYUPSer(Ret)
Well-Known Member
This is the letter that I received from my pension fund. The part that I would like you to read is at the bottom.
But as I've pointed out you are under a union plan of company that is still in business. Go to the PBGC website and see for yourself. At any rate I know I'm covered because FedEx isn't going bankrupt any time soon. And as I'm taking an accelerated pension and putting at least half of it into savings, and all of it into savings for 5 years when SS starts, I'll be ok if 20 years down the road FedEx goes under.
UpstateNYUPSer(Ret)
Well-Known Member
I don't know what else I can provide for proof that may change your mind.
If my pension plan becomes insolvent my pension payments would drop from about $3,500/month to about $1,000.
If my pension plan becomes insolvent my pension payments would drop from about $3,500/month to about $1,000.
Not sure what you're arguing. You will receive considerably less if your plan goes under. OK. If my company goes under I'll still get my pension. I'm betting with your many years of much better pay you'll still be doing ok.
The PGBC has 62 billion dollars in unfunded liabilities. Nobody gets the exact amount from the PGBC that they would from their original pension. In the case of X and it's long history of bad treatment of employees and you've endured your share of it a legally permissible way to divest itself of as many "legacy costs" as possible can be found rest assured they'll do it. What is so amusing is the way you are always mean mouthing X and it's treatment of employees both active and retired but now you cling to the hope that it will remain solvent in the years to come.In addition your beloved GOP controlled Congress had been working on a so called pension " reform" legislation which is expected to be taken up by the new Congress next year. When the GOP talks about ":entitlement reform" we all know who's going to be on the wrong side of that reform.
UpstateNYUPSer(Ret)
Well-Known Member
To put what bacha said in to perspective, UPS has a $3.1B unfunded liability to the Upstate NY pension fund.
If we're talking badmouthing I've seen nothing but negativity from you concerning the company. I've tried to be fair and accurate, and I've been plenty critical. As far as all of this goes, I'm taking my pension in 3 months, moving to Mexico, and counting on you to be productive to keep the Dollar strong. I know you can do it, and look forward to hearing about all your successes.
