Pension funded roll call? What is your pension funded percentage % 2022/2023

[IVE GOTTA PACKAGE 4U]

The UPS Pension Plan is for mostly part timers. The UPS Retirement Plan is for our management people, with a few exceptions.

Dated year ending 2018 for both..

Notice anything?

Rookie

Sheesh

 

[DELACROIX]

Rookie

Sheesh
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Besides being a rookie…

 

[bottomups]

How does that affect people with 401(k)? Did you have a problem in 2008 when Obama, bailed huge corporation and banks? Did you realize many of the decisions of previous administration and government regulations cause most of this problem, so why wouldn’t they fix it since they broke it? I can guarantee you if they had not fix it would’ve caused economic pain like you’ve never seen for the entire country.

Deregulation was nationwide but mine and many other pension funds did just fine without a bailout.

 

[UnionStrong]

Deregulation was nationwide but mine and many other pension funds did just fine without a bailout.

Most did not do well. As long as you were good, you didn’t care.

 

[Thebrownblob]

Deregulation was nationwide but mine and many other pension funds did just fine without a bailout.

I don’t know what fund your in but in central states, it was heavily in the trucking industry, which was decimated by the deregulation, and the inability to organize new participants.

“The deregulation of the trucking industry alone resulted in the loss of more than 10,000 participating employers that used to contribute to the Central States Pension Fund.”

About Your Fund | Central States Pension Fund

Established in 1955 to provide pension benefits to Teamsters, the plan has paid approximately $80 billion in benefits to date.

mycentralstatespension.org

 

[UpstateNYUPSer(Ret)]

Deregulation was nationwide but mine and many other pension funds did just fine without a bailout.

CSPF has 365K members and just received a $35B bailout with an additional $5B or so to come when their supplemental application is approved. Their members were fortunate in that their pensions were never MRPA cut (other than contractual cuts). Try to imagine the economic impact of 365K families having their pensions cut or reduced to the PBGC maximum of $1,300/month.

 

[UpstateNYUPSer(Ret)]

Just received the annual "we are broke" letter today. As of 1/1/22 NYST is 58.2% funded. This does not include the $1.3B in bailout money that was received in late 2022 and early 2023. That money will be segregated and invested according to a strict set of guidelines established by the PBGC. We will continue to get the "we are broke" letters through at least 2051.

 

[bottomups]

CSPF has 365K members and just received a $35B bailout with an additional $5B or so to come when their supplemental application is approved. Their members were fortunate in that their pensions were never MRPA cut (other than contractual cuts). Try to imagine the economic impact of 365K families having their pensions cut or reduced to the PBGC maximum of $1,300/month.

I get that but try to imagine the economic impact on the country as a whole when we default on on our debt because we just throw money at everyone's problems. Where does it end?
I plan on paying just under $10,000 on the balance of my sons student loan for his grad school but have been holding off to see if student loan forgiveness passes the courts. I may as well join the handout. He makes well over $100,000 a year and doesn't need a taxpayer bailout. This country is screwed.

 

[UnionStrong]

I get that but try to imagine the economic impact on the country as a whole when we default on on our debt because we just throw money at everyone's problems. Where does it end?
I plan on paying just under $10,000 on the balance of my sons student loan for his grad school but have been holding off to see if student loan forgiveness passes the courts. I may as well join the handout. He makes well over $100,000 a year and doesn't need a taxpayer bailout. This country is screwed.

If you were a man of principle, you’d pay the loan off.

 

[bottomups]

If you were a man of principle, you’d pay the loan off.

You take your pension cut and I'll write a check for the loan.

 

[UnionStrong]

You take your pension cut and I'll write a check for the loan.

I never said I had a problem with the bailout. Especially since the government caused much of the problem. You’re the one chirping about welfare and loan repayment.

 

[UpstateNYUPSer(Ret)]

I get that but try to imagine the economic impact on the country as a whole when we default on on our debt because we just throw money at everyone's problems. Where does it end?
I plan on paying just under $10,000 on the balance of my sons student loan for his grad school but have been holding off to see if student loan forgiveness passes the courts. I may as well join the handout. He makes well over $100,000 a year and doesn't need a taxpayer bailout. This country is screwed.

My son and DIL are waiting for the final decision on the student loan forgiveness program.

My son had made payments on his loans during the pandemic and applied for and was approved to receive a refund of those payments. He had made 29 payments of $100 and rather than send him one check for $2,900 they sent him 29 checks for $100 each. His new loan balance is still under the $10K so if the program is finally approved he will be in the clear.

The forgiveness program needs to have lower income limits so as to serve those for whom it was originally intended.

 

[Johney]

 

[rod]

Eh, the many times you've complained about the pension says different...

I've NEVER complained about the pension. I have complained about how the government let the Central States Pension Plan go tits up under their control. I complained about that many times until that POS Biden bailed out the Plan like he should have (and others should have also)-------That continues to be the ONLY thing good he has done since stealing the election. I just got my statement today and it says the Central States Pension Plan is now 97% funded -- like it should have been all along. Please get your facts straight before posting.

 

[DELACROIX]

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When a pension plan reaches % vesting ratio they have the assets in their fund to cover their present and future pension obligations. They don’t even have to contribute a dime at the end of the year, it continues to grow just on it’s investments.

This is why UPS wants control over every one of the Teamsters’ run pensions. Also this is why the Western will be paying out close to 300 dollars per service year. If the Company somehow got control of the Western and converted it into a define pension trust it would not have to be obligated to pay that negotiated 500 dollars a week for every member. Look what has happened in their IBT/UPS (2021, 2022) and The UPS Pension Plan (2017) when they didn’t contribute at the end of the year.

The West is sitting pretty now and it’s continuing growth is a given. The rest of the country not do much the same.

 

[DELACROIX]

I've NEVER complained about the pension. I have complained about how the government let the Central States Pension Plan go tits up under their control. I complained about that many times until that POS Biden bailed out the Plan like he should have (and others should have also)-------That continues to be the ONLY thing good he has done since stealing the election. I just got my statement today and it says the Central States Pension Plan is now 97% funded -- like it should have been all along. Please get your facts straight before posting.

@rod had every right to complain if he wanted to….I would.

 

[542thruNthru]

I've NEVER complained about the pension. I have complained about how the government let the Central States Pension Plan go tits up under their control. I complained about that many times until that POS Biden bailed out the Plan like he should have (and others should have also)-------That continues to be the ONLY thing good he has done since stealing the election. I just got my statement today and it says the Central States Pension Plan is now 97% funded -- like it should have been all along. Please get your facts straight before posting.

 

[DELACROIX]

I don’t know what fund your in but in central states, it was heavily in the trucking industry, which was decimated by the deregulation, and the inability to organize new participants.

“The deregulation of the trucking industry alone resulted in the loss of more than 10,000 participating employers that used to contribute to the Central States Pension Fund.”

About Your Fund | Central States Pension Fund

Established in 1955 to provide pension benefits to Teamsters, the plan has paid approximately $80 billion in benefits to date.

mycentralstatespension.org

There was a grass roots effort back in the early nineties to improve the Central's benefits. Went to a couple of their meetings, trying to remember if the pension formula was set at 1,000 or 1,500 a month for a 25 or 30 year retiree. Ron Carey when he came into office pushed the Central to increase it to basically 100 dollars per service year even when it was apparent that the Central was losing active participants and gaining more retirees. The ratio changed caused by more and more employers leaving the fund because they saw the writing on the wall in the future, Maybe the feds had an eye on the Central and wanted it to be insolvent due to the corruption and mob influence, who knows. Deregulation in the trucking industry really cut into the Central's main course of contributions, it failed to organize other industries outside of the trucking trades, the Western did a fantastic job with keeping their contributors and adding new and younger participants. Both plans were Multi Employer had about the same number of participants, as of today the Central is listed as 14.5 % minus the bailout and the Western possibly close to 100 % vested.

I do not know if it was a factor in the Central's fiasco, but I do remember that Ron Carey was trying to to get the part timers into the Central for added monetary contributions during the "93" contract, apparently the Company did not want it to happen for what purpose? It is plausible that the Company saw the demise of the Central and wanted to bail out way before the "97" strike. The Teamster leadership during that time before Carey were more than happy to permit more part time positions considering they were getting twice to three time more union dues without thinking about the future ratifications in their pension and health and welfare plans.

How did this bail out help UPS..I would look at the (ARPA) and the federal laws that changed the adjusted interest rates for pension plans. They do not have to worry about covering their pension obligations in the Central anymore which helps reduce their financial liabilities at the end of the year, that contract clause back in 2007 about covering any default primarily the Central's is now null and void or is it?

Are we all so naive to think that this federal bail out doesn't come without strings for both the Teamsters and UPS. There had to be a lot of behind the scenes lobbying from both sides to get this legislation passed at what cost?

 

[UpstateNYUPSer(Ret)]

...at what cost?

When originally signed in to law (as part of the ARPA), the bailout had a price tag of $86B. It is estimated that the final tab, after all eligible MEPP's have had their pensions restored, will be closer to $100B. CSPF received $35B when their initial application was approved and will get $5B (or more) when their supplemental application is approved. NYST received a combined $1.3B.

 

[UpstateNYUPSer(Ret)]

When a pension plan reaches % vesting ratio they have the assets in their fund to cover their present and future pension obligations. They don’t even have to contribute a dime at the end of the year, it continues to grow just on it’s investments.

I don't think that this is how it works.

100% funding means that their assets are equal to their liabilities----it does not mean that no additional contributions are needed nor that it can continue to grow based simply on the returns from their investments.