Yellow | NewYORK State Teamsters benefit fund (pension updates)

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Anyone who has seen the new rules noes that they totally benefit older members and leave younger members to work for life to pay the bill. Our Teamsters officials in local 294 think this is great as they make out like bandits.We were told their is about 16000 retired and 13000 working with the new plan this will get worse. WE were told the fund lost eight hundred million in2008 about 30 percent total. This loss should be spread out equally by years of service and dollars paid in on each members behalf. The fund managers are doing a poor job and equal split by dollars paid in move 401k may be best for all. Are local president is also a board member who helped with this great plan ,younger members will never recover because they are getting the bill for current and soon to be retired members. We do not have to take this send age discrimination complaint to US Department of labor EBSA Room 1200 New York, NY 10004 Please forward to friends and coworkers to do the same
 
[quote author=Italian Style link=topic=80980.msg836414#msg836414 date=1276191359]
:bs: to the 401k.
[/quote]

For the first time ever I concur with IS ( never thought that would happen ) :bs:
 
All these pension funds are in trouble. Maybe it`s time to start distributing the money in the funds to the people that earned it so that they can invest it for themselves. All the employees that have 15 or 20 years in and are 45 or 50 years old aren`t going to have anything left to retire on at the rate this is going. Defined benefit pension plans like ours are not popular anymore. Most companies want to provide their employees with a 401K contribution today.This way the employee has some control over his or her pension money. They also have the responsibility to invest it wisely. The teamster employees that have money vested in these funds should not lose out.
 
A lot of the pundits say 401K is not the answer. I would sure hate to retire on a 401 only with what happened the past couple of years. Now if they want to put 8 dollars more per hour into my wages, maybe we have something to discuse. :popcorn:
 
[quote author=carolinajohn link=topic=80980.msg836448#msg836448 date=1276200282]
All these pension funds are in trouble.... The teamster employees that have money vested in these funds should not lose out.
[/quote]
I have 18 years into central states and am 41 years old. That means current retirees will collect for the next 21 years before I can get anything. If their benefits don't go down, the money will be gone long before I collect one cent. That being said, why would i (or anyone we are trying to organize) send more money into this fund? :chairshot:
 
Greed older members and officials want us to pay for their fat pensions with our money''''' Consideration is not being given to everyone in the fund just themselves. The math speeks for itself make sure you send in those complaints everyone counts the more the better.
 
I re-read your first post again and I'm still confused ! What are you saying in this post ? That older workers should give up there retirement for younger workers ? Are you saying because someone started years before you started that he should give up the retirement and all the monies in his account should go to the young person retirement ? I really confused by your thread as to what you want or how an age discrimination lawsuit would help you . Are you going to file a age discrimination against older people ? Please enlighten us to what you mean by this topic . Thanks !

[quote author=rkc custom link=topic=80980.msg836411#msg836411 date=1276191253]
Anyone who has seen the new rules noes that they totally benefit older members and leave younger members to work for life to pay the bill. Our Teamsters officials in local 294 think this is great as they make out like bandits.We were told their is about 16000 retired and 13000 working with the new plan this will get worse. WE were told the fund lost eight hundred million in2008 about 30 percent total. This loss should be spread out equally by years of service and dollars paid in on each members behalf. The fund managers are doing a poor job and equal split by dollars paid in move 401k may be best for all. Are local president is also a board member who helped with this great plan ,younger members will never recover because they are getting the bill for current and soon to be retired members. We do not have to take this send age discrimination complaint to US Department of labor EBSA Room 1200 New York, NY 10004 Please forward to friends and coworkers to do the same
[/quote]
 
No we will file against Pension fund older workers should get their fair share but new plan gives them everyones share and lEAVES younger workers towork the rest of their life to pay for it. Anyone who has seen the new plan and can do simple math can figure this one out. Our unuin officials think were IDIOTS '''
 
I'm having some trouble understanding this thread. Is the pension fund raising the retirement age.Are they going to start a 401k now and lower the pay out on the define benefit. Is this Pension fund preparing you for a 401k if YRC cannot meet it obligation. Are they starting all new teamster,s in a 401k.
 
I feel that everyone should get the amount of retirement money that they qualified for while they were working. We can't expect them to start rationing the pension money just to secure the younger folks guaranteed money in the future. The elders have earned their fixed amount that they are receiving, so they should get it. If the funds run out of money, so be it. Although the financial bleeding needs to be stopped......cutting earned retirement money is not the answer. In fact, it would be criminal. Social Security has been in trouble for years and the deadline for the funds existence keeps getting pushed ahead. But, people are still getting it. This pension mess sounds just like Social Security. (but they do need to make some changes to both)
 
To double barrel and northern flash The new changes only hurt the younger members,they raise the age for anyone with less than 25current years service to 65. THESE PEOPLE also have alot of money in fund in most cases more than older members because recent years contributions are much larger than past years. They allow the 25 to 30 years of service people to still take very large pensions as if they havent lost the money yet, The money is already lost and the hit should be spread out equally all we want is our fair share and we will get it,,,
 
[quote author=Double barrel link=topic=80980.msg836733#msg836733 date=1276318789]
I'm having some trouble understanding this thread. Is the pension fund raising the retirement age.Are they going to start a 401k now and lower the pay out on the define benefit. Is this Pension fund preparing you for a 401k if YRC cannot meet it obligation. Are they starting all new teamster,s in a 401k.
[/quote] Yes! From what I understand, normal retirement age will go to 65 from 60. No more 30 and out any age. However, if you "ever" get the magical 30 you can still collect but you will lose a percentage for every year your under the age of 65. Theres also suppose to be something special in there if you already have 25 years in the pension you'll get a sweeten deal if you're 55 and take a small hit for each year under 55. All members from all companies in the plan will be voting on 1 of 6 different tiers of pension benefits that they want. Sounds like everyone will need a lawyer to figure this out. It all seems to be a big hush hush right now. There might be a mailing to members in July, got to get it right for the fata$$ creeps at the locals to get their stipends. I also hear the pos union officials will be golden with 30 and out any age. They deserve it, right! PS: Don't worry about it to much, SS is already in the crapper 7 years early and the whole financial system will collapse soon. I have to agree with the joke-ster, I mean Joe on this.
 
Where is everyone getting their info. from?............I havent seen any writings from the pension funds as of today.....Am I missing something>?........ :chairshot: :kicking: :kicking:
 
When I worked up in NY 15 years ago as an electrical apprentice the union electricians received 2$ an hour into their pension, $2 an hour into an annuity and had $2 an hour put into a medical account for use with medical bills. They did not receive medical insurance through their employer due to the nature of the business where the vast majority of workers went from job to job and may have worked for multiple employers within a few years. They did receive major medical through the union and this seemed to work well for their members. Perhaps it's time for individual accounts for the younger workers to have as membership has declined & current benefits are likely to be unsustainable into the future. I can remember talking to some guys in their early 40's at the time worth over $300,000. Other than the pension these guys controlled their money in the annuity and the medical account. Not some person who doesn't give a crap about you or your future. It's just something to consider as there are alternatives if the current system is not working for ALL.
 
[quote author=Northern Flash link=topic=80980.msg836760#msg836760 date=1276345029]
I feel that everyone should get the amount of retirement money that they qualified for while they were working. We can't expect them to start rationing the pension money just to secure the younger folks guaranteed money in the future. The elders have earned their fixed amount that they are receiving, so they should get it. If the funds run out of money, so be it. Although the financial bleeding needs to be stopped......cutting earned retirement money is not the answer. In fact, it would be criminal. Social Security has been in trouble for years and the deadline for the funds existence keeps getting pushed ahead. But, people are still getting it. This pension mess sounds just like Social Security. (but they do need to make some changes to both)
So let me get this straight,you want me to work tell 65 paying into the pension for all the older members and when my time comes to bad so sad no money left.I DON'T THINK SO.
 
As you will notice this is on the New York State Pension fund.

Guys need to make up their minds. If you work past retirement you're robbing from the junior men. If you retire you are robbing from the junior men.

All that the young guys are interrested in is where they are on the board and how fast they can move up. I thought the same thing when I was younger. I was there for the money. Didn't think of retirement until I got older. I remember when someone would die one of the first questions asked was where was he on the board. Sad.

I've been retired for 6 years. When I first retired I paid $50 a month for insurance with less benefits. Now I pay $756 a month for ins. It will keep going up. I retired at 57.

I wish you younger teamsters all the best and I hope a pension is there for you someday. But don't try to mess with what I earned in my 32 years as a teamster. It's being taken away little by little without your help thank you.
 
OUTSTANDING POST !!! :thumbsup:

[quote author=Derf link=topic=80980.msg836902#msg836902 date=1276371648]
As you will notice this is on the New York State Pension fund.

Guys need to make up their minds. If you work past retirement you're robbing from the junior men. If you retire you are robbing from the junior men.

All that the young guys are interrested in is where they are on the board and how fast they can move up. I thought the same thing when I was younger. I was there for the money. Didn't think of retirement until I got older. I remember when someone would die one of the first questions asked was where was he on the board. Sad.

I've been retired for 6 years. When I first retired I paid $50 a month for insurance with less benefits. Now I pay $756 a month for ins. It will keep going up. I retired at 57.

I wish you younger teamsters all the best and I hope a pension is there for you someday. But don't try to mess with what I earned in my 32 years as a teamster. It's being taken away little by little without your help thank you.
[/quote]
 
Bummer I have lived in Upstate New York all of my life.
I got my first Teamster city driving job in 1966
I retired in 2008 and am receiving a Teamsters pension,as well as S.S.I.
All of the time I contributed to both in my 45 year trucking career I thought the money was being invested for me when I retired.

So now I see both systems were pyramid schemes,younger workers paying the way of all of us older retired folks.
If this is the case I think we all may have been a lot better off if we could had invested our pay period contributions in some annuity instead of forking our money over to the union,and the government.

I'm over 66 now and have been retired for just shy of 1 & 1/2 years,I hope the monthly retirement payments keep going into my checking account,as I am a not ready to go back to work full time,to support my wife and I.

To all of you who are working and contributing to my pension, I want to send you out a great big thank you!
 
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