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Yellow | Pensions Are A Promise!

Bart said:
Does anyone recall when the pension started paying the big money? I know my father got out in 1990 age 57 with 30 years and got $1000 a month. Be interesting to see the funding levels for all the years and see what effect the increase had on the fund.
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I think some of it started in the late 90's early 2000's, some of the funds were overfunded and the IRS couldn't stand seeing the money sitting there untaxed so they gave the overfunded funds 2 options, pay more out or stop taking contributions. Once again, you can thank your government.
 
[QUOEHIGH vALLEY, post: 941388, member: 592"]I might be wrong but the only thing I come up with is if the feds take a fund over because of default then those in the plan only get 30-40 cents on the dollar. Am I missing something here?[/QUOTE]
Yes youre missing something.Government hasn't kept up with their end of the deal PBGC.underfunded by 34billion
 
bigtruk_us said:
[QUOEHIGH vALLEY, post: 941388, member: 592"]I might be wrong but the only thing I come up with is if the feds take a fund over because of default then those in the plan only get 30-40 cents on the dollar. Am I missing something here?
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Yes youre missing something.Government hasn't kept up with their end of the deal PBGC.underfunded by 34billion[/QUOTE]
The PBGC is not the only government agency that been underfunded. It seems that the only departments of the federal Government that get everything they want are State (Who give money to people who hate us anyway!), And Defence (Gotta keep those bombers fly'in!!!). Everything else is "whatever"!!!
Highways and bridges falling apart? The Highway fund is low! I know!, Said the Liberial ! Lets raid the Social Security trust fund and leave another I.O.U.!!!
That's just a small example of how Washington works! It's not how the Founding Fathers wanted it to be. That's why I dislike and will never trust anything from D.C! And I will never look to those BASTARDS for anything! it comes with too high a price!
 
SuperCourse said:
I think some of it started in the late 90's early 2000's, some of the funds were overfunded and the IRS couldn't stand seeing the money sitting there untaxed so they gave the overfunded funds 2 options, pay more out or stop taking contributions. Once again, you can thank your government.
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That is absolutely correct. They don't want to admit that though. We had guys walk in the door and their pensions doubled. I certainly can't be mad at those guys. They knew they hit the jackpot. But yet now our future is a big question mark. I don't want to vote for any these clowns again. Republican or Democrats they all lie like snakes in the grass.
 
LEHIGH vALLEY said:
so basicily its $1072 a month when the feds take over a fund correct?
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No, it depends on what your pension was supposed to pay out. In the case of Central States level 18 (freight) it was over $44 a month for every year of service so PBGC is supposed to pay a max of $35.75/mo. x years of credited service.

As YRC employees I have a feeling we are going to get a special screwing as they are not crediting years of service since July 2009, we have already lost 6 years or $214.50/mo if the fund goes to PBGC
 
Bart said:
Does anyone recall when the pension started paying the big money? I know my father got out in 1990 age 57 with 30 years and got $1000 a month. Be interesting to see the funding levels for all the years and see what effect the increase had on the fund.
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That would depend on what level the bargaining unit was paying into. In 1990 I was working for an employer and our pension for 30 yrs. only paid $900 a month. We got aggressive in negotiations over the next several contracts and worked our way up to level 17b that would pay $3k/ month for 30 yrs of service. They were only allowing 1 level jump per contract but did make exceptions, in our case they let us jump from level 15 to 17b when we made the final jump. If you changed jobs back then and went to a job that had a higher pension rate it took 250 months at the higher rate (5 yrs.) to have your pension qualify for it. That rule went out the window though I believe in 2003 or so when CS had their "Perfect Storm" crisis and at some point also established 57 as the minimum retirement age instead of any age as it was previously.
 
freight jockey said:
No, it depends on what your pension was supposed to pay out. In the case of Central States level 18 (freight) it was over $44 a month for every year of service so PBGC is supposed to pay a max of $35.75/mo. x years of credited service.

As YRC employees I have a feeling we are going to get a special screwing as they are not crediting years of service since July 2009, we have already lost 6 years or $214.50/mo if the fund goes to PBGC
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30 years of service — PBGC's maximum guarantee cannot exceed $12,870 per year and may be less.
 
jimmy g said:
Now, if the promise to retirees is kept- future retirees get zero. What about the promise to them???
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Here's another way to look at the situation......
Future Retirees have NOT yet earned their pensions....They have not yet fulfilled their obligations of years of service..Hence, no promise has been made to them.... ... Current Retirees, on the other hand, have already earned their pensions and have fulfilled their years of service....many of whom are past the age of working again or have health issues..... They were Promised their pensions if they met the terms and requirements, of which they did.......
 
pilot87 said:
Here's another way to look at the situation......
Future Retirees have NOT yet earned their pensions....They have not yet fulfilled their obligations of years of service..Hence, no promise has been made to them.... ... Current Retirees, on the other hand, have already earned their pensions and have fulfilled their years of service....many of whom are past the age of working again or have health issues..... They were Promised their pensions if they met the terms and requirements, of which they did.......
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Sorry but your wrong. there are many 45 year olds with 20 or 25 years vested/ earned. CSPF has now ordered them to not retire until 65 or suffer penalties. So, if the cspf is drained those guys will retire at age 65 with 40 or more years EARNED and receive zero.
 
LEHIGH vALLEY said:
Pensions, Social security, Welfare, food stamps and anything else the government OR the Union promises you can be taken away in a heart beat!
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True...... The whole Financial system is nothing more than a "house of cards"......


LEHIGH vALLEY said:
But dammit no one can touch your personal savings/ retirement/401K or roth.
It's up to you (Meaning everyone) to plan for your future!
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Your savings and 401 k's or other investments are all subject to the whims of the "Market".....So you're just trading your mistrust of the Government to trusting Wall Street......neither is reliable and it is still a part of the Financial System which is, as I already mentioned, nothing more than a "house of cards"......
 
jimmy g said:
Sorry but your wrong. there are many 45 year olds with 20 or 25 years vested/ earned. CSPF has now ordered them to not retire until 65 or suffer penalties. So, if the cspf is drained those guys will retire at age 65 with 40 or more years EARNED and receive zero.
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It is not a good situation for anyone ......... There is more than one perspective.... Why is one "wrong" and the other "right"? Both views have their merits..
 
LEHIGH vALLEY said:
All of this re enforces my belief that you can not trust anyone but yourself to take care of yourself! Pensions, Social security, Welfare, food stamps and anything else the government OR the Union promises you can be taken away in a heart beat! But dammit no one can touch your personal savings/ retirement/401K or roth.
It's up to you (Meaning everyone) to plan for your future!
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Well, they cant touch your savings YET. They will. The dollar is 'For all debts public and private'. They'll come and take it eventually.

Just like SSI. Never was locked away. Read the original act, and two supreme court decisions. It is an income tax straight to congressional spending with NO promise of a payout. The Court ruled it is a general tax going in and WELFARE coming to you as a check. It is spent the day it is collected...

Don't believe that infrastructure wasn't funded. 897 billion stimulus for roads and bridges. Then left in the budget for four years, until 2013. 3.5 trillion. more than enough to fix all bridges and roads. Only about 18 million went for that. the rest went mostly to bail out states who needed money for pensions...
 
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pilot87 said:
In the case of those with vested time...I agree...they earned the time vested and should receive the pension they earned based on such time...... On that point, I stand corrected....
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A 401k can be stolen from also. If it's a company 401 the company take money also. They can take a loan against it. I work for walkins and that's what they told me when I worked there. I'm not sure that's what I was told.
 
SAC75 said:
A 401k can be stolen from also. If it's a company 401 the company take money also. They can take a loan against it. I work for walkins and that's what they told me when I worked there. I'm not sure that's what I was told.
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Maybe, I don't know. Depends on how it is set up. At most they can only take a loan against the part They put in. Can't touch any You put in. At least that's what Fidelity told me. Mine, once my employer puts it in, its all mine. Plus they also match 50% of what I put in too..
 
just a little thing about the funds i dont understand .
how many know of at least 1 person who worked for yrc {all unions} and paid into the fund for under the time to be vested . i know many who worked 3-5 years . they never draw from fund . what happened to all those millions ? ive always wondered why the funds havent gone up because of these teamsters
 
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