New Job

[old levi's]

First of all - Congratulations on your retirement. You worked hard, worked the hours and deserve all good things moving forward. I have one questions that I've been meaning to ask you for a while.
What happened to the Upstate/West NY pension? 20 years ago, it was the best (or second best) funded pension in the country. When everyone else got $3,000 a month, the Upstate NY pension increased to a monthly payment that was even higher. How did they manage to screw it up? I've read where you've posted that the pension today is in trouble. I know they moved the pension office from Utica to Syracuse. Was that change and the change is pension administration part of the problem?

It's in the toilet; and they were diverting their raises to shore it up. Which makes sense, if they have mismanaged money in the past, let's give them more money to mismanage.

 

[UpstateNYUPSer(Ret)]

It's in the toilet; and they were diverting their raises to shore it up. Which makes sense, if they have mismanaged money in the past, let's give them more money to mismanage.

As usual, you don’t know what the you are talking about.

 

[old levi's]

As usual, you don’t know what the you are talking about.

Then explain it to us, in full.

 

[old levi's]

Looking forward to going in on Monday?
Any offers on the miserable apartment?

 

[old levi's]

Then explain it to us, in full.

waiting....

 

[What'dyabringmetoday???]

As usual, you don’t know what the you are talking about.

He is pretty darn close.

 

[Maple Grove MN Driver]

As usual, you don’t know what the you are talking about.

Just like you!

 

[LilHoodsie]

WOW this got off course!

 

[Box Ox]

It's in the toilet; and they were diverting their raises to shore it up. Which makes sense, if they have mismanaged money in the past, let's give them more money to mismanage.

As usual, you don’t know what the you are talking about.

A CNN Money article from just yesterday:

What happens when your pension fund runs out of money

A few excerpts:

“Harry Van Alstyne and his wife Susan used to go out to dinner every Saturday night — until his pension was cut by 29% last October.

Now, they're thinking about selling their home and skipping their annual trip to Maine. They've already dipped into their savings.

This is not the retirement they planned for. After working for 30 years as a truck driver for UPS, Van Alstyne was promised $5,141 a month by the The New York State Teamsters Conference Pension and Retirement Fund.

When he retired in 2006, he was receiving his full pension. But the fund was hit hard during the financial crisis and never fully recovered. A 2016 report projected it would run out of money as soon as 2026.

To save it from going bust, the fund cut current retirees' benefits last year by 29%.

Van Alstyne's pension fell to $3,650 a month.

Just four multi-employer pension funds have cut benefits to date, including the New York Teamsters.”