Central States going broke---

[rod]

OK, you retired at 53, 12 years before normal retirement age. And you have received pension for 19 years and hopeful for 4 more?
Now tell me, who destroyed the pension fund?

Certainly not me. I've only taken in a measly $702,000.

 

[old levi's]

Certainly not me. I've only taken in a measly $702,000.

You retired at 53, what the hell else do you want?

 

[old levi's]

The people in CS that didn't retire at 53, and will lose everything when it goes belly up appreciate your contribution.

 

[Wally]

Central States has been underfunded for MANY years. I could be wrong but I believe the last audit we got notice of was that they were at a whopping 19% funded.

So what over all these years was done to correct the problem?

 

[542thruNthru]

So what over all these years was done to correct the problem?

Pension Crisis | Central States Pension Fund

Like many of the nation’s multiemployer pension funds, Central States Pension Fund has become severely underfunded due to a combination of factors.

mycentralstatespension.org

 

[rod]

So what over all these years was done to correct the problem?

Basically the Government did nothing. Control over it was taken away from the Teamsters in 85 when they were caught investing in Las Vegas. You know--back when they Teamsters were actually ahead of the pension game.

 

[rod]

You retired at 53, what the hell else do you want?

Only what I was lead to believe. $3,000 a month after 30 years. No more - no less.

 

[rod]

You retired at 53, what the hell else do you want?

By the way -- don't be so jealous. Jealousy will eat you alive.

 

[Wally]

Basically the Government did nothing. Control over it was taken away from the Teamsters in 85 when they were caught investing in Las Vegas. You know--back when they Teamsters were actually ahead of the pension game.

Administration should have cut payouts and extended retirement age.

 

[Wally]

Only what I was lead to believe. $3,000 a month after 30 years. No more - no less.

Sorry, if it's not there you are out of luck.

 

[542thruNthru]

Sorry, if it's not there you are out of luck.

No, we'll all have to suffer because central states is "too big to fail"

We'll be told that we have to bailout our brothers and sisters.

 

[rod]

The people in CS that didn't retire at 53, and will lose everything when it goes belly up appreciate your contribution.

Back then the people who worked past 30 years for the most part were fools. For every year past 30 you got an extra 100 bucks a month (up to 5 years). An extra 100 a month (which figures out to about 17 bucks a week after taxes) wasn't worth it to work at UPS. Maybe it is now.

 

[rod]

Sorry, if it's not there you are out of luck.

Death and taxes---I know the drill. I'm glad I got out when I did. I've NEVER regretted retiring early.

 

[burrheadd]

Sorry, if it's not there you are out of luck.

Nah the gubment gonna take care of it

 

[IVE GOTTA PACKAGE 4U]

Back then the people who worked past 30 years for the most part were fools. For every year past 30 you got an extra 100 bucks a month (up to 5 years). An extra 100 a month (which figures out to about 17 bucks a week after taxes) wasn't worth it to work at UPS. Maybe it is now.

You have to also figure in by working a little longer will raise your Social security plus the cost if health care
Plus the extra money you can out into your 401k

Ut yes I do understand the feeling of wanting to get out of UPS

 

[burrheadd]

No, we'll all have to suffer because central states is "too big to fail"

We'll be told that we have to bailout of brothers and sisters.

As it should be

 

[rod]

No, we'll all have to suffer because central states is "too big to fail"

We'll be told that we have to bailout of brothers and sisters.

I seriously doubt if it would come to that. The Teamsters as a whole aren't that close a unit to give up their war chest to help another region out.

 

[rod]

You have to also figure in by working a little longer will raise your Social security plus the cost if health care
Plus the extra money you can out into your 401k

Ut yes I do understand the feeling of wanting to get out of UPS

I don't regret taking SS early either. In this day and age you better take ANY monies it while its available. Its my money and I want it NOW.

 

[Returntosender]

Just got an Email from Central States stating that there are only 48 more months left before my pension plan goes broke. To be honest that is longer than I expected so I will take it as good news.

Don’t the government pension PGBC take over

 

[Wally]

No, we'll all have to suffer because central states is "too big to fail"

We'll be told that we have to bailout of brothers and sisters.

No way. You start that and it never ends.

Make the tough choices necessary.