NE Pension Fund in Critical and Declining Status for 2022-2023 Plan Year

[brownkonsole]

I need to be educated on what this means. It looks like this has been going on for atleast a few years if not more because I saw the same message a few years ago. I know its not good news, but is it really that bad? I havent worked at UPS for about 6 years and I'm only 41 years old, so I'm still a long ways from collecting my pension. Based on this news, what concern should I have for being able to collect my pension in 20+ years?

 

[IVE GOTTA PACKAGE 4U]

WELCOME - New England Teamsters Pension Fund

Dear Participants, We are delighted to announce that on July 25, 2024, the New England Teamsters Pension Fund was approved to receive more than $5.7 billion in funding under the Pension Benefit Guaranty Corporation’s (PBGC’s) Special Financial Assistance (SFA) Program.

nettipf.com

 

[UpstateNYUPSer(Ret)]

I need to be educated on what this means. It looks like this has been going on for atleast a few years if not more because I saw the same message a few years ago. I know its not good news, but is it really that bad? I havent worked at UPS for about 6 years and I'm only 41 years old, so I'm still a long ways from collecting my pension. Based on this news, what concern should I have for being able to collect my pension in 20+ years?

They applied for the pension bailout on 2/11/23. You can follow the progress here:

www.pbgc.gov

 

[Wally]

Not their fault like the central state pension even though the central folk did zero to fix the problem for decades?

 

[Shiftless]

I need to be educated on what this means. It looks like this has been going on for atleast a few years if not more because I saw the same message a few years ago. I know its not good news, but is it really that bad? I havent worked at UPS for about 6 years and I'm only 41 years old, so I'm still a long ways from collecting my pension. Based on this news, what concern should I have for being able to collect my pension in 20+ years?

Key words are "I havent worked at UPS for about 6 years"

So he is 41 now, minus leaving 6 years ago, making him 35 years of age when he left the company.

Probably thinking he is gonna get a huge retirement check each month at 62 or 65 years of age.

Gotta Love Positive Thinking!

 

[rod]

Not their fault like the central state pension even though the central folk did zero to fix the problem for decades?

How many times do I have to explain that the Central States Pension Fund went broke under the "Watchful Eye " of the Federal government which had taken it over in the 80's because they thought Jimmy Hoffa wasn't administrating it properly. The Fed's broke it -it was their responsibility to fix it. I know nothing about the NE Pension Fund

 

[UnionStrong]

They applied for the pension bailout on 2/11/23. You can follow the progress here:

www.pbgc.gov

No kidding…

 

[UnionStrong]

WELCOME - New England Teamsters Pension Fund

Dear Participants, We are delighted to announce that on July 25, 2024, the New England Teamsters Pension Fund was approved to receive more than $5.7 billion in funding under the Pension Benefit Guaranty Corporation’s (PBGC’s) Special Financial Assistance (SFA) Program.

nettipf.com

I told you this last month.

 

[UnionStrong]

I need to be educated on what this means. It looks like this has been going on for atleast a few years if not more because I saw the same message a few years ago. I know it’s not good news, but is it really that bad? I havent worked at UPS for about 6 years and I'm only 41 years old, so I'm still a long ways from collecting my pension. Based on this news, what concern should I have for being able to collect my pension in 20+ years?

By the time you’re ready to collect it at 64, it will have about 7 years left. Let us know in 23 years how you make out. Of course it could be longer, I hear they’re gonna increase the retirement age.

 

[rod]

I'm not sure UPS or the Teamsters will even be around in 23 years. With UPS continually cutting services and pinching pennies and the Teamsters losing membership the future of both of them looks pretty bleak.

 

[UnionStrong]

I'm not sure UPS or the Teamsters will even be around in 23 years. With UPS continually cutting services and pinching pennies and the Teamsters losing membership the future of both of them looks pretty bleak.

I probably won’t be around anyway.

 

[UnionStrong]

Key words are "I havent worked at UPS for about 6 years"

So he is 41 now, minus leaving 6 years ago, making him 35 years of age when he left the company.

Probably thinking he is gonna get a huge retirement check each month at 62 or 65 years of age.

Gotta Love Positive Thinking!

If he’s fully vested he’ll get whatever the pension was when he left UPS. He’s got at least a 23 year wait.

 

[Wally]

How many times do I have to explain that the Central States Pension Fund went broke under the "Watchful Eye " of the Federal government which had taken it over in the 80's because they thought Jimmy Hoffa wasn't administrating it properly. The Fed's broke it -it was their responsibility to fix it. I know nothing about the NE Pension Fund

If one is in financial trouble, don't you take immediate action to rectify? They did zero, for decades?

 

[UnionStrong]

If one is in financial trouble, don't you take immediate action to rectify? They did zero, for decades?

What were they supposed to do? The money wasn’t coming in from members anymore. Maybe they should have planted money trees?

 

[Wally]

What were they supposed to do? The money wasn’t coming in from members anymore. Maybe they should have planted money trees?

Poor planning. You stop paying, you should be out. That clause wasn't in the agreement? That is the money tree.

 

[UnionStrong]

Poor planning. You stop paying, you should be out. That clause wasn't in the agreement? That is the money tree.

They lost membership. It had nothing to do with the dues paying membership.

 

[Wally]

They lost membership. It had nothing to do with the dues paying membership.

Then you add years of service and lower payout. Sucks to be you but that's what you do.

 

[UnionStrong]

Then you add years of service and lower payout. Sucks to be you but that's what you do.

They ended up cutting the pension in half

 

[Wally]

They ended up cutting the pension in half

No additional years of service?

 

[UnionStrong]

No additional years of service?

I don’t think so. But I’m not in the central. They did add more years in NE