Could This Happen??

Discussion in 'Central States Pension Fund Discussion' started by yellow11, Dec 14, 2015.

  1. yellow11

    yellow11 Member

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    I am being cut from 3000 a month to 1500. The long term health of the Fund is in question as no companies are getting in and plenty want out. If the cuts go into effect and then 10 years down the line it goes broke the Pension Guarantee Board would take over. They, under the multi employer plan, pay out about a third of what I was getting. Now my 3000 a month was first cut to 1500 and when they go broke and the Board takes over and my pension becomes 500???!!!
     
  2. ABFer

    ABFer Super Moderator Staff Member

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    That is a good question and it would not surprise me if it is/was part of the plan to take much of the burden off of the PBGC.
     
  3. COOPER

    COOPER Active Member

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    I recommend that you look at the PBGC multiemployer guarantee posted on the PBGC web site. There are examples posted on their site of how to figure your guarantee. I assume that the guarantee will be figured off your new reduced amount. One thing that is now concerning however is the challenge that UPS is making to the CSPF plan. If UPS is successful in their request to deny the proposed plan the 1500.00 you reference will be further reduced and that will also affect your PGBC guarantee. UPS is seeking a further reduction for tier 2 participants down to 110 percent of the PBGC insured amount or to the same level as tier 1 participants.
     
    Last edited: Dec 14, 2015
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  4. freight jockey

    freight jockey Active Member

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    Pension Benefit Guaranty Corporation pays a maximum $35.75 per month for every year of service under the multi-employer rules, they have other considerations in calculating the payouts so you will have to read their website and figure your situation out.

    PBGC is also forecast to go bankrupt about the time CSPF would, approx. 10 yrs. down the road. Our crooked a$$ politicians have money to bail out big banks, big corporations, and hand money to foreign countries like candy but being you are a union worker don't look for them to bail out PBGC, even though our union pension fund payed mandated monthly premiums to PBGC to supposedly insure the fund that the government overseers allowed to get into its current deplorable state.

    Also there is the issue of laws being changed in the middle of the night without debate, so basically nothing is guaranteed or safe anymore.
     
    Last edited: Dec 14, 2015
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  5. COOPER

    COOPER Active Member

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    Actually the maximum guarantee is $35.75 not $15.75.
     
  6. freight jockey

    freight jockey Active Member

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    I fixed it. thanks !
     
  7. COOPER

    COOPER Active Member

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    I should have mentioned that the annual maximum PBGC insured amount is $12870.00.
     
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  8. ESP

    ESP Well-Known Member

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    ANDDDDDDDDDDDDD plus 10%, makes it $14,157.00. So therefore you are now to wealthy to receive any government handouts. Wonder if they planned that?. :idunno:
     
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  9. ABFer

    ABFer Super Moderator Staff Member

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    OOOOO, you're rich at that income level now, eh. How much worse will it get? This is worthy of a revolution.
     
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