Western Conference Pension Trust Didn't Make Dec. Payments

[olroadbeech]

That's great.

My father collected his govt. pension for almost 35 years. I just want to collect mine for at least 25 years.

 

[35years]

Good luck all you guys in this plan. Looks like they use the 2010 Pension relief act accounting method to calculate their funding percentage (91.7% in 2016).

Using the standard accounting methods, the funding percentage would be much lower. A lot of info about this issue already posted on Brown Cafe, so I won't go into it.

An explanation of this accounting method that makes plans look more solvent than they actually are can be found here...
http://www.wctpension.org/downloads/documents/WCTPT_PRA_Notice.pdf

 

[olroadbeech]

Good luck all you guys in this plan. Looks like they use the 2010 Pension relief act accounting method to calculate their funding percentage (91.7% in 2016).

Using the standard accounting methods, the funding percentage would be much lower. A lot of info about this issue already posted on Brown Cafe, so I won't go into it.

An explanation of this accounting method that makes plans look more solvent than they actually are can be found here...
http://www.wctpension.org/downloads/documents/WCTPT_PRA_Notice.pdf

So what would the percentage be if it was calculated by a more accurate method? 5%-10% less?

 

[35years]

So what would the percentage be if it was calculated by a more accurate method? 5%-10% less?

I can only use the new UPS/Teamster plan that replaced the Central States fund as an example (below) since I don't have access to the plan's statements...

UPS/Teamster plan (replaced Central states plan)
Under the old accounting rules the plan would have been only 78.6% funded.
Under the new accounting rules the 1 trillion dollar shortfall = 103% funded

Make no mistake, there was still a trillion dollar shortfall, the only thing that changed was the interest rate assumption.
-----------------------------------------------------
What is your plan's assets vs liabilities?

 

[Mugarolla]

That's great.

My father collected his govt. pension for almost 35 years. I just want to collect mine for at least 25 years.

And that is why pension funds are going broke.

A pension was never meant to be paid out for 25 or 35 years.

 

[olroadbeech]

And that is why pension funds are going broke.

A pension was never meant to be paid out for 25 or 35 years.

wish my father was still alive. sorry he lived so long, collecting......haha

how long do you want to collect your pension?

maybe you should deny yourself your pension to keep the trust strong. ( kidding )

 

[Mugarolla]

wish my father was still alive. sorry he lived so long, collecting......haha

how long do you want to collect your pension?

maybe you should deny yourself your pension to keep the trust strong. ( kidding )

I'm glad your father lived 35 years collecting his pension and I hope you live a long and happy life.

I am just saying that pensions are going broke because they were never designed to pay a benefit for more years than the person actually worked. Plain and simple fact.