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Holland | Pension Fund

Jaloc said:
Dump the orphans onto the PBGC plus UPS should have never been allowed to leave the fund. Pay full rate into a 401K you will have a million dollars after 30yrs.
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Not trying to start an argument but can you clear up two questions for me? Who are considered orphans? How could UPS have been stopped legally from withdrawing from a pension fund?
 
Crystal said:
Not trying to start an argument but can you clear up two questions for me? Who are considered orphans? How could UPS have been stopped legally from withdrawing from a pension fund?
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Orphans are from companies that went Bankrupt and the Union let UPS leave fund then squandering the 6 Billion it paid to get out of it.
 
Jaloc said:
Orphans are from companies that went Bankrupt and the Union let UPS leave fund then squandering the 6 Billion it paid to get out of it.
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Griz said:
Easy for you to say, but what about the thousands of us that have given our wages to the pension fund for 30years?
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I totally understand what you're saying but I too have been paying into the pension fund for over 30 years why would I put any more money into it if it's going to be broke why wouldn't I take a formulated settlement and continue to put my money into a 401k at least if I dyed my wife would have it if she dies my family could have it this way the teamsters don't get to keep all my money once I'm gone
 
Griz said:
Easy for you to say, but what about the thousands of us that have given our wages to the pension fund for 30years?
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A while back didn't they have a vote where they would reduce the monthly payments and it would extend the life of the pension fund an extra ten years or something like that and the thousands that have been paying in for 30 years voted no? I kind of felt like that was the last nail in the coffin but that's just my humble opinion.
 
Jaloc said:
Orphans are from companies that went Bankrupt and the Union let UPS leave fund then squandering the 6 Billion it paid to get out of it.
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I worked for a company that went out of business but not bankrupt. In your opinion am I an orphan?
 
the5tolls said:
A while back didn't they have a vote where they would reduce the monthly payments and it would extend the life of the pension fund an extra ten years or something like that and the thousands that have been paying in for 30 years voted no? I kind of felt like that was the last nail in the coffin but that's just my humble opinion.
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So what if the company is no longer in business for whatever reason. The employee earned contributory years towards his/her pension while employed by the company by paying into the plan X amount of dollars per hour worked with wages deferred from ones paycheck. This is YOUR MONEY! The pension was BOUGHT AND PAID FOR by the employee. No credit was earned toward a pension after a company closed, and you only draw on the time you paid in. But the pension credit earned while the company was open was bought and paid for. What Central States and the government thieves who oversaw the fund did with the money is the question that needs to be answered. I personally don't believe the 6 billion UPS paid to leave the fund just magically disappeared like we are led to believe. This horsecrap about orphans was never heard about until Bill Zollars came up with this phrase and why the Hell anybody would buy into it is beyond me. Yes the company is out of business and may not have made the last payment but one last payment did not sink the fund. #Gangsters and Thieves
 
howlinwolf said:
So what if the company is no longer in business for whatever reason. The employee earned contributory years towards his/her pension while employed by the company by paying into the plan X amount of dollars per hour worked with wages deferred from ones paycheck. This is YOUR MONEY! The pension was BOUGHT AND PAID FOR by the employee. No credit was earned toward a pension after a company closed, and you only draw on the time you paid in. But the pension credit earned while the company was open was bought and paid for. What Central States and the government thieves who oversaw the fund did with the money is the question that needs to be answered. I personally don't believe the 6 billion UPS paid to leave the fund just magically disappeared like we are led to believe. This horsecrap about orphans was never heard about until Bill Zollars came up with this phrase and why the Hell anybody would buy into it is beyond me. Yes the company is out of business and may not have made the last payment but one last payment did not sink the fund. #Gangsters and Thieves
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It's real simple, your yearly rate is figured on CONTINUING payments to the fund or payment of unfunded liabilities. When a company goes out without paying its share of unfunded liability your an orphan. That money promised to you was on payments continuing from the company. The rest of the companies now pickup the slack. Just like a 401k when money stops going in its only matter of time before its broke.
 
ltl1 said:
It's real simple, your yearly rate is figured on CONTINUING payments to the fund or payment of unfunded liabilities. When a company goes out without paying its share of unfunded liability your an orphan. That money promised to you was on payments continuing from the company. The rest of the companies now pickup the slack. Just like a 401k when money stops going in its only matter of time before its broke.
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Your top part is correct. A 401 k is not broken if money stops going in. Depending how much you put in and how long matters. Some live long time on 401 then pass a large amount to their heirs.
 
howlinwolf said:
So what if the company is no longer in business for whatever reason. The employee earned contributory years towards his/her pension while employed by the company by paying into the plan X amount of dollars per hour worked with wages deferred from ones paycheck. This is YOUR MONEY! The pension was BOUGHT AND PAID FOR by the employee. No credit was earned toward a pension after a company closed, and you only draw on the time you paid in. But the pension credit earned while the company was open was bought and paid for. What Central States and the government thieves who oversaw the fund did with the money is the question that needs to be answered. I personally don't believe the 6 billion UPS paid to leave the fund just magically disappeared like we are led to believe. This horsecrap about orphans was never heard about until Bill Zollars came up with this phrase and why the Hell anybody would buy into it is beyond me. Yes the company is out of business and may not have made the last payment but one last payment did not sink the fund. #Gangsters and Thieves
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You really need to find a good article that explains multi employer pension funds. Your frustration is clouding the facts.
 
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