New England Teamsters Pension Fund - Critical Status

[I have been lurking]

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.

yuge difference being retiring healthy and retiring with back and knee troubles

 

[What'dyabringmetoday???]

Divert $2 in wages to pension

That sounds good, but...

 

[cachmeifucan]

I'm thinking we should get 5 dollars over 5 years. Instead of 4 dollars over 5 years. Barely keeps up with inflation.

 

[IVE GOTTA PACKAGE 4U]

I'm thinking we should get 5 dollars over 5 years. Instead of 4 dollars over 5 years. Barely keeps up with inflation.

Some people with zero raises or very little.
Nobody seems to locate the entire compensation package.
Zero money on your paycheck for insurance, insurance goes up seven, eight maybe nine percent a year.
Don't forget increase pension contributions also.

 

[Just A UPS Guy]

I'm thinking we should get 5 dollars over 5 years. Instead of 4 dollars over 5 years. Barely keeps up with inflation.

We will never keep up with inflation as long as minimum wage keeps getting jacked.

 

[PT Car Washer]

We will never keep up with inflation as long as minimum wage keeps getting jacked.

Federal minimum wage has not been raised since 2009. $7.25/hr.

 

[Just A UPS Guy]

Federal minimum wage has not been raised since 2009. $7.25/hr.

Many, perhaps most states have gone well beyond the federal requirement.

 

[What'dyabringmetoday???]

Some people with zero raises or very little.
Nobody seems to locate the entire compensation package.
Zero money on your paycheck for insurance, insurance goes up seven, eight maybe nine percent a year.
Don't forget increase pension contributions also.

Thank goodness for having the strongest labor union in the world negotiating for you.

 

[IVE GOTTA PACKAGE 4U]

Thank goodness for having the strongest labor union in the world negotiating for you.

It's not my fault people was too lazy to vote

 

[What'dyabringmetoday???]

It's not my fault people was too lazy to vote

Wouldn't matter.

 

[IVE GOTTA PACKAGE 4U]

Wouldn't matter.

Well if we would have had over 50% turnout this last contract would have been voted down

 

[1989]

https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/8.%20Retirement%20%28Subtitle%20H%2C%20order%209%29.pdf

 

[Brownslave688]

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."

Yes we just need to negotiate more people into the ponzi. Lol

 

[542thruNthru]

Yes we just need to negotiate more people into the ponzi. Lol

Ponzi? Mine seems to be doing well...

 

[IVE GOTTA PACKAGE 4U]

Ponzi? Mine seems to be doing well...

My plan was overfunded at one time
Don't take anything for granted my friend

 

[Brownslave688]

Ponzi? Mine seems to be doing well...

Yes. When the plan is we need more people paying in now to cover what’s going out. That’s a Ponzi scheme

 

[542thruNthru]

Yes. When the plan is we need more people paying in now to cover what’s going out. That’s a Ponzi scheme

I say we put it all into cryptocurrency and pork belly stocks.

 

[542thruNthru]

My plan was overfunded at one time
Don't take anything for granted my friend

I take nothing for granted except my dashing good looks.

 

[Brownslave688]

I say we put it all into cryptocurrency and pork belly stocks.

Maybe we can corner the orange juice concentrate market

 

[542thruNthru]

Maybe we can corner the orange juice concentrate market