Statement from President Joe Biden on protecting 600,000 Teamsters’ pensions

[Thebrownblob]

That’s what I said. Geezus

Now you know how I feel explaining the same, things over and over to people again!

 

[oldngray]

Initially I read that the bailouts were good for 30 years. It’s probably 25 or so.

More likely closer to 15

 

[UnionStrong]

More likely closer to 15

I just got the letter yesterday, it said 2051. If you believe them.

 

[Thebrownblob]

More likely closer to 15

It sounds like you’ve been here long enough to hear their projections aren’t always correct? Lol

 

[UnionStrong]

It sounds like you’ve been here long enough to hear their projections aren’t always correct? Lol

They’re saying all the right things, “we’re gonna insure the fund remains solvent beyond that” etc. They’ll sit on their asses until its critical again.

 

[Thebrownblob]

I just got the letter yesterday, it said 2051. If you believe them.

Projections are just guesses. But needless to say we’re OK for a while but doing nothing will be the end of it,

I could see in 10 to 12 years talk of ending the pension and going to some sort of 401(k) if the unions are unable to organize new members and new industries. That is why Sean is out there kicking in doors that have never been kicked in. He’s going for broke.

 

[Thebrownblob]

They’re saying all the right things, “we’re gonna insure the fund remains solvent beyond that” etc. They’ll sit on their asses until its critical again.

We were within just a couple of years of retirees, literally being bankrupt. My fund would’ve been out of money next year without this.

 

[IVE GOTTA PACKAGE 4U]

I just got the letter yesterday, it said 2051. If you believe them.

It's the same way with my plan

That's how long the pbgc will guarantee it.

It's very unfortunate we didn't get any pension contribution raises this contract.

 

[UnionStrong]

We were within just a couple of years of retirees, literally being bankrupt. My fund would’ve been out of money next year without this.

We were in Critical Declining status. I’m sure it was circling the drain.

 

[textat3]

Pension won’t mean a thing If Democrats stay in power. We won’t have a country left.

 

[Johney]

Initially I read that the bailouts were good for 30 years. It’s probably 25 or so.

Projections show 2051.

I think you guys are missing my point. When UPS bought out of Central States way back when so it's now UPS/IBT pension fund they(UPS)paid 6.6 billion to Central States....where did all that money go so fast that now there was a bailout needed?

 

[ManInBrown]

So those without a pension are now paying others with a pension? Seems like a raw deal.

Better to take the pension money funds and give it out to all.

Good. I’m paying for student loan bailouts. All evens out.

 

[UnionStrong]

I think you guys are missing my point. When UPS bought out of Central States way back when so it's now UPS/IBT pension fund they(UPS)paid 6.6 billion to Central States....where did all that money go so fast that now there was a bailout needed?

We’re talking about the money now. My fund is getting 5.7 billion. That money went to Ukraine

 

[oldngray]

We’re talking about the money now. My fund is getting 5.7 billion. That money went to Ukraine

10% for the Big Guy

 

[Thebrownblob]

I think you guys are missing my point. When UPS bought out of Central States way back when so it's now UPS/IBT pension fund they(UPS)paid 6.6 billion to Central States....where did all that money go so fast that now there was a bailout needed?

It got paid out. And just because UPS bought their way out of all these pension funds, don’t forget UPS was still on the hook for unfunded liabilities. Because they are one of the last ones standing. If these pension funds would’ve went belly up UPS would’ve owed billions of dollars and possibly went out of business. They were bailed out just as much as anybody.

 

[UnionStrong]

It got paid out. And just because UPS bought their way out of all these pension funds, don’t forget UPS was still on the hook for unfunded liabilities. Because they are one of the last ones standing. If these pension funds would’ve went belly up UPS would’ve owed billions of dollars and possibly went out of business. They were bailed out just as much as anybody.

 

[Thebrownblob]

Yep, a little known fact about how these pensions worked is that UPS even though they paid all that money was still on the hook for billions. The shockwaves it would’ve sent through the economy would’ve been tremendous.

“However, UPS withdrew in 2007, with a hurried contract ratification with the Teamsters enabling them to avoid changes to multi-employer plans coming into effect in 2008. Because the withdrawal liability payment required under legislation at the time did not fully compensate the plan for the losses it would experience, this and other withdrawals brought about further decreases in pension funding.”

This was around 2016 and it was actually much more than this and this was just for Central states.

https://www.pionline.com/article/20160428/ONLINE/160429859/ups-faces-up-to-3-8-billion-charge-if-central-states-benefit-reductions-approved

 

[Wally]

Good. I’m paying for student loan bailouts. All evens out.

Stop that nonsense too.

 

[UnionStrong]

Stop that nonsense too.

The west should fund student loans too

 

[No1 Special]

The west should fund student loans too

......and air conditioning for all Teamster delivery vehicles. Might as well tap out the credit card before the bankruptcy.