BigR let's hope you always get your check. I would much prefer the pension over a 401K, IF the pension was guaranteed. Unfortunatly it's only good if we have enough people paying into it. That trend is falling fast. Even if we don't lose anymore members from a closing, the fund is on rocky footing. If things stay on the same course they are on now, the chances of that pension being there for me when I retire is slim and none, and slim has one foot out the door. Enjoy your retirement though, I know you earned it.
Yellow | Central States Buyout
- Thread starter justatruckn
- Start date
AG Edwards... St. Louis 100% for the first 12%, my mother in-law has the stone cold nuts on this one. Hundreds-of-thousands been there 22yrs
Not counting on social security, but I am counting on a pension, even if its the minimum 25% Gov' backed. However have been maxing-out my 401k just in case... I'm well into the 6 digits with a little over 5yrs vesting and no company match:smilie_132:
Too each his own, but the only one responsible for my retirement funds, is me
Too each his own, but the only one responsible for my retirement funds, is me
AG Edwards... St. Louis 100% for the first 12%, my mother in-law has the stone cold nuts on this one. Hundreds-of-thousands been there 22yrs
Axe her if they match in cash or company stock.................
xcornflake
TB Lurker
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Yes you will easily be able to accumulate a million dollars. BUT a short explanation is needed here.
When I got into the union 30 years ago a Central States pension paid roughly $7k a year. Now it pays $25k-30k. About 4 times as much. Why? There is some increase in the actual benefit but it is mostly due to inflation.
If we have the same average inflation over the next 30 years you will need a pension of $100,000 to $125,000 per year. It would take a million $$ or more to generate that much income. In short a million dollars doesn't go as far as it used to.
I for one can't figure out why the Teamsters laid down,and let UPS have a custom one of a kind contract for their new LTL,and truck load freight division?
I can't whine about this enough.
We UPS Freight workers are working LTL FREIGHT!!!!
Why didn't the union just sign us into the NMFA in the first place?
We could have gone into the old contract,and all have solidarity with the rest of the LTL's for the future of the new 2008 contract.
I mean go figure,whats the story?????
I can't whine about this enough.
We UPS Freight workers are working LTL FREIGHT!!!!
Why didn't the union just sign us into the NMFA in the first place?
We could have gone into the old contract,and all have solidarity with the rest of the LTL's for the future of the new 2008 contract.
I mean go figure,whats the story?????
HillBilly Frog
TB Veteran
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BigR your right I am one of these young guy's and the figures look very attractive on a 401K calculator.The figures you posted above look very nice if that was offered.Personally I am very unsure of which way to turn I know a 401k is mine and I would not want no company stock,the way I see that is they can issue that all day and the more they offer the less it's worth.. Whatever gets done I want all you guys who have a pension coming to get it,it's yours and you've earned it.I would like something concrete for myself be it as I really don't see a pension there for me in 30 years.But I think if they do away with the pension,,well they should have to give up something like half of the freight that goes on rail should be put back on asphalt,I believe that is very dear to YRC and it sure as heck would help us all out especially the guys who are laid-off.I'm sure I made no sense whatso-ever as I am not-so good with words but I hope you can sift thru my words and make a little sense.Flattop, I like you cuz your a Teamster, but, I don't know how to splain it other than they are gonna through in your face every chart and table in the world that will show you how your gonna have a gazillion dollars in your "own" 401 k, with them matching at 100% the 1st 6% of your contribution, 50% of the next 3%, and on and on and on. They're gonna cry poverty and show you how their numbers are good for you. The young guys will be amazed at the figures of million dollar "projections" as compared to the 4500 you get in NY or the 3000 you get in Cen Sts. Ask the guys in Pa what the #'s were on their accounts, I don't recall the name of them but I'm sure Serta and some others will chime in. I wish you nothing but success in what ever they do, but ya better do your homework on this one...........PS I'll be the 1st to scream when my 4500 after tax Teamster pension check doesn't show up.
BigR your right I am one of these young guy's and the figures look very attractive on a 401K calculator.The figures you posted above look very nice if that was offered.Personally I am very unsure of which way to turn I know a 401k is mine and I would not want no company stock,the way I see that is they can issue that all day and the more they offer the less it's worth.. Whatever gets done I want all you guys who have a pension coming to get it,it's yours and you've earned it.I would like something concrete for myself be it as I really don't see a pension there for me in 30 years.But I think if they do away with the pension,,well they should have to give up something like half of the freight that goes on rail should be put back on asphalt,I believe that is very dear to YRC and it sure as heck would help us all out especially the guys who are laid-off.I'm sure I made no sense whatso-ever as I am not-so good with words but I hope you can sift thru my words and make a little sense.
I understood your post perfectly and I support your concern. All I'm saying is start your own 401k through the Teamsters, start a Roth IRA and you will be set for life, with or without the pension. Remember, this is a Union, all items in the contract are bargained for. They can't just terminate the pension like they did in one of the big non union companies. And the splitting up of money already paid on your's and my behalf would be a nightmare to figure out
Axe her if they match in cash or company stock.................
Thats a good question, don't guess it would matter as long as its all good when she comes to collect
When she first told me 12%, I said no that isn't right... you mean you put in 6% and they match 6%, right. No she puts in 12% and they match 100% of that, could all be stock, don't know. One thing is for sure I am insanely jealous
imported_bigdog
TB Lurker
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yea me to i will pick up on way to syr I sure love my fat 30 year nyst pension how many day to pay day ?
Well said. Take each years tax refund and stick it somewhere and forget about it for the most part. Not sure what you wanted me to reply on earlier Big R.
As for Central PA's retirement, we have two plans. One, we have is a individual retirement plan, the company put our pension money into an account solely in our name.RIP87, being the name. projected to be in the neighbor of a million when I retire.(about 20yrs). The other is the defined plan, which will be about $4600. Or you can combine them(if your crazy) and I would get roughly $10,500/month.
Thanx Serta, thats what I wanted, someone to splain the PA pension...........
No problem, thats central PA's, Not sure how the eastern or western pa is. From what I understand, Phila's is pretty good as well.
Mister Freight
TB Lurker
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Teamsters Multiemployer Pensions:
Needed Change May Finally Be on the Way
By William H. Fisher,
Raymond James & Associates
June 8, 2007
Click Here: Full Report
Key Excerpts: Pension Developments Discussed
Unlike single employer plans where the integrity of the pension resides with the contributing company, multiemployer plans commingle the employee pension assets/liabilities of numerous companies, implicitly pooling/diversifying the risk of failure of one company among all other contributors. In essence, if one company fails, the other contributors to the plan, through no fault of their own, would be “on the hook†for the residual liability tail of the failed company.
The funds are managed by trustees, not the employers, and certain provisions appear governed by the Teamsters, again, not the employers.
The data shows that Central States was $20.4 billion or only 49% funded at the end of 2005, as computed by ERISA using single employer pension plan methodology.
The irony is that these funds in aggregate are significantly under-funded despite the fact that the employers are making relatively enormous annual outlays [over $20,000 per full-time employee per year for pension and healthcare for the major union transportation companies]. As a result of the aforementioned items, according to 2005 Form 5500 ERISA data (the latest liability info available), the five largest Teamster multiemployer pensions, anchored by the poster child, Central States Southeast and Southwest Areas Pension Fund (Central States), are collectively under-funded by a whopping ~$31 billion (or only 64 percent funded).
* * *
There are fewer companies contributing to these pension plans. The number of trucking companies signed on to a national contract with the Teamsters union dropped from 900 in 1980 to 15 in 2006.
* * *
Sixty cents of every dollar UPS pays to the pension funds covers the retirement costs of employees who worked for other companies.*
* * *
The Central States Pension Plan was only 49 percent funded at the end of 2005, with roughly $21 billion in assets as of the first quarter of 2007.**
* * *
The ratio of assets to liabilities for the 5 largest Teamster pension plans combined is 62 percent.
Retirees outnumber active participants in the Central States Pension Plan by nearly two to one.***
* * *
“We strongly believe UPS and its employees would be far better off if it were able to exit the Central States Plan,” said Bill Fisher, Managing Director of Raymond James & Associates.
UPS and other freight carriers (YRC Workdwide, Arkansas Best, and a handful of smaller carriers) belong to scores of multiemployer pension plans. Because of the decline in unionized carriers and the more than 600 closings of Teamster-covered carriers in the freight industry since 1980, the remaining carriers are liable for literally billions of dollars in unfunded pension withdrawal liability. ****
Needed Change May Finally Be on the Way
By William H. Fisher,
Raymond James & Associates
June 8, 2007
Click Here: Full Report
Key Excerpts: Pension Developments Discussed
Unlike single employer plans where the integrity of the pension resides with the contributing company, multiemployer plans commingle the employee pension assets/liabilities of numerous companies, implicitly pooling/diversifying the risk of failure of one company among all other contributors. In essence, if one company fails, the other contributors to the plan, through no fault of their own, would be “on the hook†for the residual liability tail of the failed company.
The funds are managed by trustees, not the employers, and certain provisions appear governed by the Teamsters, again, not the employers.
The data shows that Central States was $20.4 billion or only 49% funded at the end of 2005, as computed by ERISA using single employer pension plan methodology.
The irony is that these funds in aggregate are significantly under-funded despite the fact that the employers are making relatively enormous annual outlays [over $20,000 per full-time employee per year for pension and healthcare for the major union transportation companies]. As a result of the aforementioned items, according to 2005 Form 5500 ERISA data (the latest liability info available), the five largest Teamster multiemployer pensions, anchored by the poster child, Central States Southeast and Southwest Areas Pension Fund (Central States), are collectively under-funded by a whopping ~$31 billion (or only 64 percent funded).
* * *
There are fewer companies contributing to these pension plans. The number of trucking companies signed on to a national contract with the Teamsters union dropped from 900 in 1980 to 15 in 2006.
* * *
Sixty cents of every dollar UPS pays to the pension funds covers the retirement costs of employees who worked for other companies.*
* * *
The Central States Pension Plan was only 49 percent funded at the end of 2005, with roughly $21 billion in assets as of the first quarter of 2007.**
* * *
The ratio of assets to liabilities for the 5 largest Teamster pension plans combined is 62 percent.
Retirees outnumber active participants in the Central States Pension Plan by nearly two to one.***
* * *
“We strongly believe UPS and its employees would be far better off if it were able to exit the Central States Plan,” said Bill Fisher, Managing Director of Raymond James & Associates.
UPS and other freight carriers (YRC Workdwide, Arkansas Best, and a handful of smaller carriers) belong to scores of multiemployer pension plans. Because of the decline in unionized carriers and the more than 600 closings of Teamster-covered carriers in the freight industry since 1980, the remaining carriers are liable for literally billions of dollars in unfunded pension withdrawal liability. ****
Mister Freight
TB Lurker
- Credits
- 0
eamsters Multiemployer Pensions:
Needed Change May Finally Be on the Way
By William H. Fisher,
Raymond James & Associates
June 8, 2007
Click Here: Full Report
Key Excerpts: Pension Developments Discussed
Unlike single employer plans where the integrity of the pension resides with the contributing company, multiemployer plans commingle the employee pension assets/liabilities of numerous companies, implicitly pooling/diversifying the risk of failure of one company among all other contributors. In essence, if one company fails, the other contributors to the plan, through no fault of their own, would be “on the hook†for the residual liability tail of the failed company.
The funds are managed by trustees, not the employers, and certain provisions appear governed by the Teamsters, again, not the employers.
The data shows that Central States was $20.4 billion or only 49% funded at the end of 2005, as computed by ERISA using single employer pension plan methodology.
The irony is that these funds in aggregate are significantly under-funded despite the fact that the employers are making relatively enormous annual outlays [over $20,000 per full-time employee per year for pension and healthcare for the major union transportation companies]. As a result of the aforementioned items, according to 2005 Form 5500 ERISA data (the latest liability info available), the five largest Teamster multiemployer pensions, anchored by the poster child, Central States Southeast and Southwest Areas Pension Fund (Central States), are collectively under-funded by a whopping ~$31 billion (or only 64 percent funded).
* * *
There are fewer companies contributing to these pension plans. The number of trucking companies signed on to a national contract with the Teamsters union dropped from 900 in 1980 to 15 in 2006.
* * *
Sixty cents of every dollar UPS pays to the pension funds covers the retirement costs of employees who worked for other companies.*
* * *
The Central States Pension Plan was only 49 percent funded at the end of 2005, with roughly $21 billion in assets as of the first quarter of 2007.**
* * *
The ratio of assets to liabilities for the 5 largest Teamster pension plans combined is 62 percent.
Retirees outnumber active participants in the Central States Pension Plan by nearly two to one.***
* * *
“We strongly believe UPS and its employees would be far better off if it were able to exit the Central States Plan,” said Bill Fisher, Managing Director of Raymond James & Associates.
UPS and other freight carriers (YRC Workdwide, Arkansas Best, and a handful of smaller carriers) belong to scores of multiemployer pension plans. Because of the decline in unionized carriers and the more than 600 closings of Teamster-covered carriers in the freight industry since 1980, the remaining carriers are liable for literally billions of dollars in unfunded pension withdrawal liability. ****
Needed Change May Finally Be on the Way
By William H. Fisher,
Raymond James & Associates
June 8, 2007
Click Here: Full Report
Key Excerpts: Pension Developments Discussed
Unlike single employer plans where the integrity of the pension resides with the contributing company, multiemployer plans commingle the employee pension assets/liabilities of numerous companies, implicitly pooling/diversifying the risk of failure of one company among all other contributors. In essence, if one company fails, the other contributors to the plan, through no fault of their own, would be “on the hook†for the residual liability tail of the failed company.
The funds are managed by trustees, not the employers, and certain provisions appear governed by the Teamsters, again, not the employers.
The data shows that Central States was $20.4 billion or only 49% funded at the end of 2005, as computed by ERISA using single employer pension plan methodology.
The irony is that these funds in aggregate are significantly under-funded despite the fact that the employers are making relatively enormous annual outlays [over $20,000 per full-time employee per year for pension and healthcare for the major union transportation companies]. As a result of the aforementioned items, according to 2005 Form 5500 ERISA data (the latest liability info available), the five largest Teamster multiemployer pensions, anchored by the poster child, Central States Southeast and Southwest Areas Pension Fund (Central States), are collectively under-funded by a whopping ~$31 billion (or only 64 percent funded).
* * *
There are fewer companies contributing to these pension plans. The number of trucking companies signed on to a national contract with the Teamsters union dropped from 900 in 1980 to 15 in 2006.
* * *
Sixty cents of every dollar UPS pays to the pension funds covers the retirement costs of employees who worked for other companies.*
* * *
The Central States Pension Plan was only 49 percent funded at the end of 2005, with roughly $21 billion in assets as of the first quarter of 2007.**
* * *
The ratio of assets to liabilities for the 5 largest Teamster pension plans combined is 62 percent.
Retirees outnumber active participants in the Central States Pension Plan by nearly two to one.***
* * *
“We strongly believe UPS and its employees would be far better off if it were able to exit the Central States Plan,” said Bill Fisher, Managing Director of Raymond James & Associates.
UPS and other freight carriers (YRC Workdwide, Arkansas Best, and a handful of smaller carriers) belong to scores of multiemployer pension plans. Because of the decline in unionized carriers and the more than 600 closings of Teamster-covered carriers in the freight industry since 1980, the remaining carriers are liable for literally billions of dollars in unfunded pension withdrawal liability. ****