Central States Pension

[rod]

Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.

 

[1989]

Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.

Damn, and to think I thought 91.9 was low.

 

[oldngray]

Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.

UPS'ers who retired before 2007 are going to get royally screwed.

 

[rod]

UPS'ers who retired before 2007 are going to get royally screwed.

Yes we are

 

[rod]

And the real sad thing is it went tits up under Government control. The Government had taken control of it many years earlier and was in charge of seeing that it remained solvent.

 

[turq]

Yes we are

Sorry to hear that. How does that work exactly. Does UPS/Teamsters not help out at all? If CS goes belly up, are you just SOL? What about those of us who contributed to CS, but are still working? How does that effect us?

 

[rod]

Sorry to hear that. How does that work exactly. Does UPS/Teamsters not help out at all? If CS goes belly up, are you just SOL? What about those of us who contributed to CS, but are still working? How does that effect us?

My pension will go from 3000 a month to about 1200. That 1200 will be out of your tax money. Govt. will take it over at the reduced rate. Eventially all pensions will go broke and the government too--------buy lots of bullets for when that day comes.

 

[badpal]

Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.

Did they say anything about cuts?

 

[oldngray]

Sorry to hear that. How does that work exactly. Does UPS/Teamsters not help out at all? If CS goes belly up, are you just SOL? What about those of us who contributed to CS, but are still working? How does that effect us?

If you worked for UPS after 2007 UPS will cover any pension shortfalls from Central States (unless that changes in a later contract). If you retired before that you are out of luck.

 

[yadadamean116]

Funny how most union employees still think pension is better than a 401k match. I’ll manage my own money thank you

 

[1989]

Funny how most union employees still think pension is better than a 401k match. I’ll manage my own money thank you

Does your 401K match allow you to withdraw about 5K a month for life at age 50. Plus medical?

 

[Shiftless]

Just got my annual letter from Central States today. They are down to 27% funded. I guess I'll have to break the news to my wife that she has to go back to work.

$3000 to $1200 That BLOWS! Sorry for your loss! Did you ever think this could happen when you were putting your retirement package together?

We took into consideration if the retirement was diminished or wiped out would we still be OK? Yes, but it would be a bummer for sure! I'm still 15 months away from medicare, that was the other concern we had which had a higher priority, could we keep health insurance up to the point of getting on medicare.

 

[brownmonster]

Does your 401K match allow you to withdraw about 5K a month for life at age 50. Plus medical?

My Teamster pension sure doesn't.

 

[rod]

$3000 to $1200 That BLOWS! Sorry for your loss! Did you ever think this could happen when you were putting your retirement package together?

We took into consideration if the retirement was diminished or wiped out would we still be OK? Yes, but it would be a bummer for sure! I'm still 15 months away from medicare, that was the other concern we had which had a higher priority, could we keep health insurance up to the point of getting on medicare.

I was raised to believe there are only two sure things----death and taxes. I will be fine "if" I end up only getting $1200 but I would be lying if I said I wasn't pissed.

 

[1989]

I was raised to believe there are only two sure things----death and taxes. I will be fine "if" I end up only getting $1200 but I would be lying if I said I wasn't pissed.

At least you have possibly of less taxes to look forward to.

 

[rod]

At least you have possibly of less taxes to look forward to.

Seriously? I hope you were just trying to be funny.

 

[1989]

Seriously? I hope you were just trying to be funny.

Of course I was. I honestly hope you never see a cut tho.

 

[rod]

Of course I was. I honestly hope you never see a cut tho.

Time will tell

 

[oldngray]

I was raised to believe there are only two sure things----death and taxes. I will be fine "if" I end up only getting $1200 but I would be lying if I said I wasn't pissed.

Just enough so you can't qualify for Welfare.

 

[rod]

Just enough so you can't qualify for Welfare.

Just my luck. Give me some of dem food stamps