August 2018

[Inthegame]

Only time will tell, and the pension reps say once earned its guaranteed. They may drop accrual rates but they can't reduce what you've earned. Thanks for the post!

The Cromnibus bill passed last December changed that. The ERISA anti cutback rule is gone.

 

[trickpony1]

So we opted for the 80% option. The gross is smaller monthly, but if I predecease, the checks keep coming to the wife for the rest of her life.(

Are you sure about that?
I was told the 50% option gets the wife a check for the rest of her life.....unless things have changed since you retired.

 

[Brownslave688]

I was doing a little math. At $16.00 an hour a pension at 100% of wages is $33280. At$20.00 it's $41680. At $25.00 it's $52000. It seems that around this level we are seeing where the amount we will get is less and less when compared to our current wage levels. A more accurate way to feel better about what we are going to receive would be to average out our hourly rate for all years worked to retirement. If you make $100,000.00 a year and your pension is $50,000.00 on the surface it seems as if your pension is only 50% of earnings. Throughout your entire career it averages up.

In 30 years when I retire I'll probably get around a $4000 a month pension if I'm lucky. If I live 30 years in retirement that'll get me paid 1.4 million in payouts. That's about half of what I'd likely Retire with at my disposal. If I were allowed to invest my pension monies.

 

[retiredTxfeeder]

Are you sure about that?
I was told the 50% option gets the wife a check for the rest of her life.....unless things have changed since you retired[/QUOTE
There were 3 different options available at that point. We chose the one in the middle. Don't remember the exact amounts of the other 2. Sorry.

 

[By The Book]

The Cromnibus bill passed last December changed that. The ERISA anti cutback rule is gone.

Do you have a link to more info on that so I can read about it?

 

[By The Book]

In 30 years when I retire I'll probably get around a $4000 a month pension if I'm lucky. If I live 30 years in retirement that'll get me paid 1.4 million in payouts. That's about half of what I'd likely Retire with at my disposal. If I were allowed to invest my pension monies.

You are correct. It seems I can pick stocks blind and be way ahead of their game. Any plans in your local on moving monies from wages to pension to shore things up?, or is it business as usual.

 

[Brownslave688]

You are correct. It seems I can pick stocks blind and be way ahead of their game. Any plans in your local on moving monies from wages to pension to shore things up?, or is it business as usual.

No mine is in decent shape. I'll be there raising all sorts of hell if they ever try to.

 

[Inthegame]

Do you have a link to more info on that so I can read about it?

Google Multi Employer Pension Reform Act of 2014.

 

[clean hairy]

Might be retired before then, but who knows what the future holds?
Be nice if it happens....

 

[Mugarolla]

Do you have a link to more info on that so I can read about it?

Congress changed the law on pensions. Failing pension funds can now reduce benefits. They are no longer guaranteed.

http://m.pbgc.gov/pages.html?jsp=wr...employer-pension-reform-act-of-2014-faqs.html

 

[SCV good to go sir.]

What a crock of .

 

[Man Of Brown]

We got a newsletter from the local after the law changes happened. There was certain criteria that had to be met to be considered failing before and reducing benefits. Supposedly the western states fund is funded well enough it doesn't meet the criteria.

 

[ogrelord]

4 billion a year in profits, and we're not saying UPS should pony up more? you guys know how much 4 billion is? it's 2 and 1/3 of a P70 made from solid GOLD. Maybe they should lower MIP...

 

[Mugarolla]

4 billion a year in profits, and we're not saying UPS should pony up more? you guys know how much 4 billion is? it's 2 and 1/3 of a P70 made from solid GOLD. Maybe they should lower MIP...

UPS already "ponied up" to cover their obligation in Central States to the tune of $6.1B.

Are you suggesting that UPS pony up more to cover other employees pensions from other companies?

Most of these other companies have gone out of business still owing Central States billions.

Why should UPS pay for these other employees when UPS is no longer in Central States?

I feel bad for these employeee, but they can blame their now defunct employer, not UPS.

 

[UpstateNYUPSer(Ret)]

UPS already "ponied up" to cover their obligation in Central States to the tune of $6.1B.

Are you suggesting that UPS pony up more to cover other employees pensions from other companies?

Most of these other companies have gone out of business still owing Central States billions.

Why should UPS pay for these other employees when UPS is no longer in Central States?

I feel bad for these employeee, but they can blame their now defunct employer, not UPS.

UPS took care of their retirees. The others are not my concern.

 

[UpstateNYUPSer(Ret)]

No mine is in decent shape. I'll be there raising all sorts of hell if they ever try to.

Your fund would have to be 60% funded or lower before they even start talking about a rehabilitation plan.

 

[UpstateNYUPSer(Ret)]

Are you sure about that?
I was told the 50% option gets the wife a check for the rest of her life.....unless things have changed since you retired.

The surviving spouse benefit makes sure your spouse is taken care of when you pass away.

 

[clean hairy]

The surviving spouse benefit makes sure your spouse is taken care of when you pass away.

Forget that! I put in ALOT of bllod sweat and beers along with freezing and broiling to death!
My pension is for me to enjoy life when I wave bye bye to UPS.
She has a nice job with a generous income, she can take care of herself now and when I am gone.
I'll take the money I worked so hard for to take care of me!

 

[IVE GOTTA PACKAGE 4U]

Forget that! I put in ALOT of bllod sweat and beers along with freezing and broiling to death!
My pension is for me to enjoy life when I wave bye bye to UPS.
She has a nice job with a generous income, she can take care of herself now and when I am gone.
I'll take the money I worked so hard for to take care of me!

You better rethink that.

 

[clean hairy]

You better rethink that.

Nothing to rethink.
If I had time to write a book, things would more clear on this.