Pension letter

[3 done 3 to go]

Should be 62/35 to beef up the fund.

Hell no!! We already have 30/55 for full pension. Which is 5500 a mo. I will have 30 at 51. Reduced will be 4100 a mo. After hearing this I may take it. To hopefully lock it. Then maybe find a pt gig somewhere to make up the rest. We will never not work. You would die of boredom

 

[retired2000]

As a retiree the fund said this is how much you will get. I did not ask for it. So now that the fund is low why is it my fault.

 

[rod]

Hell no!! We already have 30/55 for full pension. Which is 5500 a mo. I will have 30 at 51. Reduced will be 4100 a mo. After hearing this I may take it. To hopefully lock it. Then maybe find a pt gig somewhere to make up the rest. We will never not work. You would die of boredom

So even at $4,100 that is still $49,200 a year. There is nothing wrong with getting a little gig so you don't get bored after retiring but you make it sound like you would starve on $49,200 a year. I seriously doubt it unless you are retiring with a butt load of debt.

 

[realbrown1]

So even at $4,100 that is still $49,200 a year. There is nothing wrong with getting a little gig so you don't get bored after retiring but you make it sound like you would starve on $49,200 a year. I seriously doubt it unless you are retiring with a butt load of debt.

You'd starve in California.

After Federal income tax, California income tax and state sales and gas taxes, you'd be left with under $20,000.00.

In California, that's near poverty.

 

[By The Book]

Should be 62/35 to beef up the fund.

I would not like that to happen. Minimum 55 or even 57 does sound realistic.

 

[Wally]

You'd starve in California.

After Federal income tax, California income tax and state sales and gas taxes, you'd be left with under $20,000.00.

In California, that's near poverty.

Some in NJ pay that in property tax alone.

 

[realbrown1]

Some in NJ pay that in property tax alone.

I am lucky then.

Mine are about $6k a year.

 

[Wally]

Hell no!! We already have 30/55 for full pension. Which is 5500 a mo. I will have 30 at 51. Reduced will be 4100 a mo. After hearing this I may take it. To hopefully lock it. Then maybe find a pt gig somewhere to make up the rest. We will never not work. You would die of boredom

Has any experts offered soutions?

 

[Wally]

I am lucky then.

Mine are about $6k a year.

Still a lot.

 

[3 done 3 to go]

Has any experts offered soutions?

So far bronwnslave has the best idea. Give me my pension contributions. I would invest better myself. Last time I went to the union hall. I left after a half hr. They all were Morons. I really was shocked. I'm not surprised the pension is in trouble. The state of Ny is up like 90%. Our union is up under 10%. On stocks. Which with the latest stock closings it is way lower now. I want the guy the state has

 

[3 done 3 to go]

I am lucky then.

Mine are about $6k a year.

Same as me in upstate Ny. Gotta pay for NYC

 

[3 done 3 to go]

So even at $4,100 that is still $49,200 a year. There is nothing wrong with getting a little gig so you don't get bored after retiring but you make it sound like you would starve on $49,200 a year. I seriously doubt it unless you are retiring with a butt load of debt.

Not very good for Ny state. Less insurance and taxes. Gotta move south. Maybe it will stretch

 

[35years]

Hell no!! We already have 30/55 for full pension. Which is 5500 a mo. I will have 30 at 51. Reduced will be 4100 a mo. After hearing this I may take it. To hopefully lock it.

There is no more "locking it". All pension funds can now have the benefit amount changed as many times as they need to to keep the fund solvent.

As to keeping a $66,000 a year pension at 55 years old...Those days are gone.

I think you guys out east might want to brace yourselves for an age 66 requirement for full benefits and $3,000 a month may be too high.

Look at the cuts Central States retirees are facing; down to $1,400 a month for a 35 year guy...

If it is too costly to live where you are, you may have to move.
http://money.cnn.com/2015/10/15/retirement/central-states-pension-fund-cuts/

 

[PT Car Washer]

There is no more "locking it". All pension funds can now have the benefit amount changed as many times as they need to to keep the fund solvent.

As to keeping a $66,000 a year pension at 55 years old...Those days are gone.

I think you guys out east might want to brace yourselves for an age 66 requirement for full benefits and $3,000 a month may be too high.

Look at the cuts Central States retirees are facing; down to $1,400 a month for a 35 year guy...

If it is too costly to live where you are, you may have to move.
http://money.cnn.com/2015/10/15/retirement/central-states-pension-fund-cuts/

Yet the last contract increased the Central States/UPS pension from $3500/month to $3700/month effective Jan. 1,2014 and $3900/month effective Jan. 1, 2017 with 35 years service.

 

[rod]

I am lucky then.

Mine are about $6k a year.

Mine are $2,300 a year for a 2,200 sq. ft. 3 bedroom (built in 2004), 2 bath, full basement (set up for 2 more bedrooms and a full bath but not built yet), extra wide 2 stall garage, with an extra 28X36 heated workshop on 5 acres with 365 feet of Mississippi River frontage. But I do have to put up with some cold weather. Mn. does have a sales tax but it don't apply to clothes or food.

 

[35years]

Yet the last contract increased the Central States/UPS pension from $3500/month to $3700/month effective Jan. 1,2014 and $3900/month effective Jan. 1, 2017 with 35 years service.

As I am sure you are aware the pension that you are talking about is the Teamster/UPS pension not the Central States fund which it replaced only for UPS employees.

There are still a lot of Central States Teamsters retirees out there who are facing massive cuts.

The new Teamster/UPS pension is currently in great shape, but since the passage of the law that allows pension benefits to be cut to save multi-employer funds from insolvency, all bets are off regarding future changes to any plan.

A promised monthly benefit for the rest of your life should now be seen as a promised benefit until we need to change it.

 

[bagpipes]

I would be ecstatic if that money went to my 401k instead of a pension.

Ironically, this is a simplification of the new "pension" for those who became management over the past 7 or 8 years.

 

[Ms.PacMan]

Has any experts offered soutions?

Yes - Bernie Sanders has a proposal
http://www.pensionrights.org/newsro...ur-act-stop-devastating-cuts-retirees-pension

It partitions off the pensions from orphaned companies and allows the pbgc to contribute to that fund and supplement pension payouts up to the 110%. It leaves the other employers/employees in the fund to go its natural course (whatever that may be). He would also close two tax loopholes and put that money in a legacy fund to additional pension payouts, if needed, for the orphaned pensions.

 

[Brownslave688]

Yes - Bernie Sanders has a proposal
http://www.pensionrights.org/newsro...ur-act-stop-devastating-cuts-retirees-pension

It partitions off the pensions from orphaned companies and allows the pbgc to contribute to that fund and supplement pension payouts up to the 110%. It leaves the other employers/employees in the fund to go its natural course (whatever that may be). He would also close two tax loopholes and put that money in a legacy fund to additional pension payouts, if needed, for the orphaned pensions.

So we want to give more money to people that either overpromised or under delivered on what they said they could do with our money?

 

[realbrown1]

Yes - Bernie Sanders has a proposal
http://www.pensionrights.org/newsro...ur-act-stop-devastating-cuts-retirees-pension

It partitions off the pensions from orphaned companies and allows the pbgc to contribute to that fund and supplement pension payouts up to the 110%. It leaves the other employers/employees in the fund to go its natural course (whatever that may be). He would also close two tax loopholes and put that money in a legacy fund to additional pension payouts, if needed, for the orphaned pensions.

So the government (taxpayers) make up the difference.

They would under that plan because the pbgc would run out of money in a day under that plan.

Tired of taxpayers picking up the tab for other people's screw ups.