New England Teamsters Pension Fund - Critical Status

[worldwide]

https://nettipf.com/wp-content/uploads/2021/02/2021_Critical_Notice.pdf

"On December 29, 2020, the Fund's Actuary certified to the U.S. Department of the Treasury and to the Board of Trustees that the Fund will be classified in critical and declining status for the 2020–2021 Plan Year (which began October 1, 2020), because its funded percentage is less than 65%, it has a projected funding deficiency in the current or next 4 plan years and has a projected insolvency date which is less than the 20-year minimum statutory requirement.

The Pension Fund’s Trustees are working with New England Local Unions regarding strategies to increase the Pension Fund’s participation levels, including continuing to negotiate with more employers to become transition employers and bring new employers into the Fund. As part of recent negotiations with UPS, the company’s contributions to the Pension Fund will nearly double in 2022 and are expected to remain at least at that level thereafter. The higher level of UPS contributions will be a significant source of future funding and are expected to improve the funded status of the Pension Fund."

As part of these negotiation, what are the Teamsters giving up in exchange for higher contributions from UPS? UPS can't be contributing more out of the kindness of their heart, and I'm curious what's in it for them."

 

[rod]

65% isn't bad---you should be in Central States--its like 27%

 

[rod]

https://nettipf.com/wp-content/uploads/2021/02/2021_Critical_Notice.pdf

As part of these negotiation, what are the Teamsters giving up in exchange for higher contributions from UPS? UPS can't be contributing more out of the kindness of their heart, and I'm curious what's in it for them."

The writing is on the wall---- grease up.

 

[I have been lurking]

https://nettipf.com/wp-content/uploads/2021/02/2021_Critical_Notice.pdf

"On December 29, 2020, the Fund's Actuary certified to the U.S. Department of the Treasury and to the Board of Trustees that the Fund will be classified in critical and declining status for the 2020–2021 Plan Year (which began October 1, 2020), because its funded percentage is less than 65%, it has a projected funding deficiency in the current or next 4 plan years and has a projected insolvency date which is less than the 20-year minimum statutory requirement.

The Pension Fund’s Trustees are working with New England Local Unions regarding strategies to increase the Pension Fund’s participation levels, including continuing to negotiate with more employers to become transition employers and bring new employers into the Fund. As part of recent negotiations with UPS, the company’s contributions to the Pension Fund will nearly double in 2022 and are expected to remain at least at that level thereafter. The higher level of UPS contributions will be a significant source of future funding and are expected to improve the funded status of the Pension Fund."

As part of these negotiation, what are the Teamsters giving up in exchange for higher contributions from UPS? UPS can't be contributing more out of the kindness of their heart, and I'm curious what's in it for them."

PT OT/insurance?

 

[burrheadd]

https://nettipf.com/wp-content/uploads/2021/02/2021_Critical_Notice.pdf

"On December 29, 2020, the Fund's Actuary certified to the U.S. Department of the Treasury and to the Board of Trustees that the Fund will be classified in critical and declining status for the 2020–2021 Plan Year (which began October 1, 2020), because its funded percentage is less than 65%, it has a projected funding deficiency in the current or next 4 plan years and has a projected insolvency date which is less than the 20-year minimum statutory requirement.

The Pension Fund’s Trustees are working with New England Local Unions regarding strategies to increase the Pension Fund’s participation levels, including continuing to negotiate with more employers to become transition employers and bring new employers into the Fund. As part of recent negotiations with UPS, the company’s contributions to the Pension Fund will nearly double in 2022 and are expected to remain at least at that level thereafter. The higher level of UPS contributions will be a significant source of future funding and are expected to improve the funded status of the Pension Fund."

As part of these negotiation, what are the Teamsters giving up in exchange for higher contributions from UPS? UPS can't be contributing more out of the kindness of their heart, and I'm curious what's in it for them."

Whatever they want

 

[Over70irregs]

Dog collar time.

 

[Over70irregs]

Too much $ being made over the life of a retiree to depend on pension. 401k, stock, real estate, small biz. Cmon bro/sis.....

 

[1989]

Divert $2 in wages to pension

 

[Karma...]

the next contract will be interesting due to the increased leverage of the tanking pension plan....carol is not one to let this opportunity slip by.. one of the problems of the pension plan and social security is that people are living longer than when the plans were initially developed. ups has drastically modified the management pension plan and at some point the teamsters will do to....its the rational decision......

 

[Karma...]

Divert $2 in wages to pension

thats a great point ...somewhat late....some locals have been doing this to varying degrees for some time and are in great shape while their short sighted brethren did not and are in trouble and will have to negotiate their way back to solvency by giving up future contractual issues...

 

[1989]

thats a great point ...somewhat late....some locals have been doing this to varying degrees for some time and are in great shape while their short sighted brethren did not and are in trouble and will have to negotiate their way back to solvency by giving up future contractual issues...

That would be over 5K in extra contributions per participant every year. Guess they don’t care enough to save the pension. Let it fail.

 

[Over70irregs]

That would be over 5K in extra contributions per participant every year. Guess they don’t care enough to save the pension. Let it fail.

I guess thats why there are separate plans. Your world...your bag.....

 

[Bubblehead]

Too much $ being made over the life of a retiree to depend on pension. 401k, stock, real estate, small biz. Cmon bro/sis.....

These are "multi-employer" pension funds, so not every Teamster fits into your shortsighted comment...."Brother".

That aside, these pensions are/were earned benefits negotiated in lieu of other forms of compensation, so planning retirement around that monthly check is absolutely not unreasonable.

 

[Over70irregs]

These are "multi-employer" pension funds, so not every Teamster fits into your shortsighted comment...."Brother".

That aside, these pensions are/were earned benefits negotiated in lieu of other forms of compensation, so planning retirement around that monthly check is absolutely not unreasonable.

Diversify dude. Especially the ones seeing what’s going on now. I talk to jr drivers often, like the vets who talked to me. I stand by my previous statement.

 

[cachmeifucan]

the next contract will be interesting due to the increased leverage of the tanking pension plan....carol is not one to let this opportunity slip by.. one of the problems of the pension plan and social security is that people are living longer than when the plans were initially developed. ups has drastically modified the management pension plan and at some point the teamsters will do to....its the rational decision......

Most people are living longer but I highly doubt that someone working 35 years at ups is living longer. It's a physical job.

 

[Inthegame]

Most people are living longer but I highly doubt that someone working 35 years at ups is living longer. It's a physical job.

Mortality tables are a factor used in determining a plans funded percentage.

 

[cachmeifucan]

Mortality tables are a factor used in determining a plans funded percentage.

Yes and I'm sure upsers

 

[cachmeifucan]

Yes and I'm sure upsers

Are not living as long as others

 

[Inthegame]

Yes and I'm sure upsers Are not living as long as others

You're "sure" based on ???

I don't know that, but from my experience many retired management seem to pass early.

In general, those retiring from a job in which they were physically active are in better health than those who were sedentary.

Best way to an early grave is retire and get lazy.

 

[cachmeifucan]

You're "sure" based on ???

I don't know that, but from my experience many retired management seem to pass early.

In general, those retiring from a job in which they were physically active are in better health than those who were sedentary.

Best way to an early grave is retire and get lazy.

Maybe its just my area of the country Chicagoland area. The cach facility is huge many people don't have a healthy lifestyle. The drivers do mostly but hub workers not so much. Many people here not married so pension goes back to the fund so o guess that's better for me