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Yellow | A Big Pension Worry for Some Union Members

Fr8holler said:
Combine all the various teamster plans into one. .. problem solved.
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Why should the well managed funds bail out the funds that were mismanaged and overly generous. Wasn't long ago New England was giving 30 and out with a lump sum bonus, other funds didn't and are solvent, why should they be asked to pay for benefits they never recieved.
 
SuperCourse said:
Why should the well managed funds bail out the funds that were mismanaged and overly generous. Wasn't long ago New England was giving 30 and out with a lump sum bonus, other funds didn't and are solvent, why should they be asked to pay for benefits they never recieved.[/QUOTE

What is the ratio of active to retired in your well managed fund. Not one Teamster had any control over the management of any pension fund. 30 and out was pretty much the norm as far as I know. I'm not saying one should bail out another but the government needs to clean up the mess they created. The CSPF is one of the largest MEPF in the country and its managed by the government!!!! Things can be done but the government only knows how to inflict pain on you and me! When is America going to start taking care of Americans!!!!
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Bart said:
SuperCourse said:
Why should the well managed funds bail out the funds that were mismanaged and overly generous. Wasn't long ago New England was giving 30 and out with a lump sum bonus, other funds didn't and are solvent, why should they be asked to pay for benefits they never recieved.[/QUOTE

What is the ratio of active to retired in your well managed fund. Not one Teamster had any control over the management of any pension fund. 30 and out was pretty much the norm as far as I know. I'm not saying one should bail out another but the government needs to clean up the mess they created. The CSPF is one of the largest MEPF in the country and its managed by the government!!!! Things can be done but the government only knows how to inflict pain on you and me! When is America going to start taking care of Americans!!!!
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Don't know the ratio. As far as 30 and out being the norm, I don't know about that either, the fund I'm in never had it. I suspect that if they did they would have had lots of guys going in their early 50's. That's unsustainable.
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I believe that 30 and out and a 13th check were just 2 of the adjustable benefits the funds came up with in order to comply with the IRS's regulation not allowing the funds to be over funded. Back in the day when the stock market was strong and the pension funds were fully and over funded the IRS wouldn't allow them to put that excess money away for the inevitable bad times to come. So the funds had to either use it or lose it. That's why some funds accrual were higher than others.
 
SuperCourse said:
Curious what determined when you could retire in your fund?
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The actual funding status and what to do with the excess funds received from good investments and the companies fulfilling their funding obligations.

Back in the 70s Local 701's pension fund took an extra .35 cents out of the negotiated raise and put it into it's pension fund. That fund got so fat that men were retiring on a service pension at any age with just 25 years credit. I personally know 2 Local 701 retirees that retired in their late 50s who have been receiving between $8,000 & $9,000 a month for the past 6 years now.
 
Crystal said:
The actual funding status and what to do with the excess funds received from good investments and the companies fulfilling their funding obligations.

Back in the 70s Local 701's pension fund took an extra .35 cents out of the negotiated raise and put it into it's pension fund. That fund got so fat that men were retiring on a service pension at any age with just 25 years credit. I personally know 2 Local 701 retirees that retired in their late 50s who have been receiving between $8,000 & $9,000 a month for the past 6 years now.
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Did they retire based on years of service? FYI the maximum in CSPF was $3500 a month for 35 yrs of service for the city side. $8000 and $9000 a month for 25yrs of service!!!! I can see why there's nothing left for the rest of us!!!!

Correct me if I'm wrong but doesn't ERISA prohibit drawing more than you made while working?
 
Bart said:
Did they retire based on years of service? FYI the maximum in CSPF was $3500 a month for 35 yrs of service for the city side. $8000 and $9000 a month for 25yrs of service!!!! I can see why there's nothing left for the rest of us!!!!

Correct me if I'm wrong but doesn't ERISA prohibit drawing more than you made while working?
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No you misread my post. My two friends collecting between 8 & 9 grand a month both retired in their late 50's with over 30 plus 701 years of service credited between Carolina and ABF. Those retiring with just 25 years at any age were on a service pension that paid much less

As for your ERISA question I believe that was changed quite a few years ago. Something that now allows golden parachutes
 
Crystal said:
No you misread my post. My two friends collecting between 8 & 9 grand a month both retired in their late 50's with over 30 plus 701 years of service credited between Carolina and ABF. Those retiring with just 25 years at any age were on a service pension that paid much less

As for your ERISA question I believe that was changed quite a few years ago. Something that now allows golden parachutes
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So what did the guys with 25yrs get around $5000? The money you're talking about is ridiculous compared to CSPF!!!!!
 
Crystal said:
I believe that 30 and out and a 13th check were just 2 of the adjustable benefits the funds came up with in order to comply with the IRS's regulation not allowing the funds to be over funded. Back in the day when the stock market was strong and the pension funds were fully and over funded the IRS wouldn't allow them to put that excess money away for the inevitable bad times to come. So the funds had to either use it or lose it. That's why some funds accrual were higher than others.
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You are correct, I was unaware of this but I should have known a screw up of this proportion had to have the government involved, they wreck everything they touch.

How the IRS Wrecked Your Pension - The Daily Beast
 
Bart said:
SuperCourse said:
Curious what determined when you could retire in your fund?
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There was a formula which I can't remember the specifics of right now. They had a magic number, something like 88 we'll say, if your age and years of service totalled 88 you were eligible. Say you were 58 with 30 years of service, you could go, 53 with 35 years of service you could go. Don't remember what the exact number was but that's how it worked.
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Driver,I have only one thing to say,when the new Congress takes over have your tube of KY handy we are going to need it!!!!!!!!!!!!
A TEAMSTER FOREVER.
 
loopfred said:
Driver,I have only one thing to say,when the new Congress takes over have your tube of KY handy we are going to need it!!!!!!!!!!!!
A TEAMSTER FOREVER.
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Oh sure, when those millions of new, low cost workers arrive (well before the new Congress takes over) we'll all be singing a happy tune won't we.
 
loopfred said:
Driver,I have only one thing to say,when the new Congress takes over have your tube of KY handy we are going to need it!!!!!!!!!!!!
A TEAMSTER FOREVER.
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How do you propose we get outta the hole we been put in? Don't forget, that "Caddie Tax" comes into affect Jan.1.... But, "We need to pass it, to read it"---------Nancy P....
 
Bart said:
SuperCourse said:
Why should the well managed funds bail out the funds that were mismanaged and overly generous. Wasn't long ago New England was giving 30 and out with a lump sum bonus, other funds didn't and are solvent, why should they be asked to pay for benefits they never recieved.[/QUOTE

What is the ratio of active to retired in your well managed fund. Not one Teamster had any control over the management of any pension fund. 30 and out was pretty much the norm as far as I know. I'm not saying one should bail out another but the government needs to clean up the mess they created. The CSPF is one of the largest MEPF in the country and its managed by the government!!!! Things can be done but the government only knows how to inflict pain on you and me! When is America going to start taking care of Americans!!!!
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They are, the 1%ers!
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Bart said:
So what did the guys with 25yrs get around $5000? The money you're talking about is ridiculous compared to CSPF!!!!!
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I really don't remember what the 701 service pension was or if they even still have it. But I don't think it was that high. Those pension amounts were back when the fund was in great shape. Back before the stock market and YRCW problems.............I only brought it up to show how some pension plans used their excess funds
 
Bart said:
SuperCourse said:
Why should the well managed funds bail out the funds that were mismanaged and overly generous. Wasn't long ago New England was giving 30 and out with a lump sum bonus, other funds didn't and are solvent, why should they be asked to pay for benefits they never recieved.[/QUOTE

What is the ratio of active to retired in your well managed fund. Not one Teamster had any control over the management of any pension fund. 30 and out was pretty much the norm as far as I know. I'm not saying one should bail out another but the government needs to clean up the mess they created. The CSPF is one of the largest MEPF in the country and its managed by the government!!!! Things can be done but the government only knows how to inflict pain on you and me! When is America going to start taking care of Americans!!!!
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Until this came out...
The Pension Benefit Guaranty Corp.’s balance sheet for its multiemployer insurance program certainly leaves that impression. According to it 2014 annual report, released Monday, the PBGC has less than $2 billion in assets to cover more than $42 billion in projected multiemployer plan liabilities.


Freightmaster1 has a thread started on this subject...
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when i log on to cspf ... to see my contribitory credit summary 08+ 09 are missing alot of days... I assume everyone sees the same....

What I need to know is the threshold for 20 year insurance benefits requires 20 years.... not 17 and a half ... so how do I plan an exit when I have to wait for my credit to be paid in????
please save the popcorn/roof posts for another thread
 
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