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R-14Driver

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June 8, 2012: The Central States Pension Fund’s 2011 Financial and Analytical Reports show that the fund was down to $17.7 billion at the end of 2011. The reports – which were received by Teamsters for a Democratic Union this week – also describe in more detail decisions regarding YRC Teamsters, and a new rule on withdrawal liability.

Fund assets dipped from $19.9 billion at the start of 2011, to $17.7 at the end of the year. The fund made zero on investments during the year; in fact there was a loss of .28%, attributed to poor stock market performance.................

................Thousands of YRC Teamsters were hit hard by this big cut. Some, with more than 25 years, were permitted to retire by mid-2011 with their benefits intact.

YRC is making monthly payments at the $1.75 rate of $3.64 million per month. YRC still owes $89.5 million from previous obligations, and the amount is due in a lump sum payment on March 31, 2015, the date that the concession agreement expires.

The Fund took another hit when Hostess Brands stopped making payments last August on 2,800 Teamsters. Later Hostess filed Chapter 11 bankruptcy in a move to escape its pension obligations.

The fund had 67,815 active participants as of November 2011, and 213,647 retirees....................

Central States Fund Report: $17.7 billion | Teamsters for a Democratic Union
 
R-14Driver said:
June 8, 2012: The Central States Pension Fund’s 2011 Financial and Analytical Reports show that the fund was down to $17.7 billion at the end of 2011. The reports – which were received by Teamsters for a Democratic Union this week – also describe in more detail decisions regarding YRC Teamsters, and a new rule on withdrawal liability.

Fund assets dipped from $19.9 billion at the start of 2011, to $17.7 at the end of the year. The fund made zero on investments during the year; in fact there was a loss of .28%, attributed to poor stock market performance.................

................Thousands of YRC Teamsters were hit hard by this big cut. Some, with more than 25 years, were permitted to retire by mid-2011 with their benefits intact.

YRC is making monthly payments at the $1.75 rate of $3.64 million per month. YRC still owes $89.5 million from previous obligations, and the amount is due in a lump sum payment on March 31, 2015, the date that the concession agreement expires.

The Fund took another hit when Hostess Brands stopped making payments last August on 2,800 Teamsters. Later Hostess filed Chapter 11 bankruptcy in a move to escape its pension obligations.

The fund had 67,815 active participants as of November 2011, and 213,647 retirees....................

Central States Fund Report: $17.7 billion | Teamsters for a Democratic Union
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I wonder how many of the people who manage the fund cut THEIR pay or benefits? Maybe they should give a unsecured loan to a Russian bank & make zillions off it. Oh wait, they already did that & lost their .ss.
 
I'm Not Worried!! On March 31st 2015, they will be paying us $89.5 million! THEY PROMISED!!!!!!! Why should we doubt that they will make good???
 
Pbgc

Pension Benefit Guaranty Corporation - Wikipedia, the free encyclopedia

Maximum guaranteed benefitThe maximum pension benefit guaranteed by PBGC is set by law and adjusted yearly. For plans that end in 2011, workers who retire at age 65 can receive up to $4,500 per month (or $54,000 per year) under PBGC's insurance program for single-employer plans.[10]

Benefit payments starting at ages other than 65 are adjusted actuarially, which means the maximum guaranteed benefit is lower for those who retire early or when there is a benefit for a survivor, and higher for those who retire after age 65. Additionally, the PBGC will not fully guarantee benefit improvements that were adopted within the five-year period prior to a plan's termination or benefits that are not payable over a retiree's lifetime.

For the multiemployer plans, the amount guaranteed is based on years of service. For plans that terminate after December 21, 2000, the PBGC insures 100 percent of the first $11 monthly payment per year of service and 75 percent of the next $33 monthly payment per year of service. For example, if a participant works 20 years in a plan that promises $19 per month per year of service, the PBGC guarantee would be $340 per month.[11]

Multiemployer plans that terminated after 1980 but before December 21, 2000, had a maximum guarantee limit of 100 percent of the first $5 of the monthly benefit accrual rate and 75 percent of the next $15
 
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