Western is fully funded,And in good shape.
Yellow | Great Day For Teamster Retirees, Present & Future!
- Thread starter Kennesaw Kid
- Start date
Read Razorblades post again!
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I don’t give two sh*ts what they do!
Well then my 25% contribution should go into a 401k or IRA not into a pension fund that will only give me a few hundred a month after 30yrs at current contribution rates. Screw the new workers no pension for us!
I’ve always wondered why the 25% was thrown into CSPF!
I agree, I'm pretty sure I have said that on here previously. It will never happen as long as you are a Teamster, IMO.
Towards the end there: section 305(e)(8)“(1) IN GENERAL.—The amount of financial assistance provided to a multiemployer plan eligible for financial assistance under this section shall be such amount required for the plan to pay all benefits due during the period beginning on the date of payment of the special financial assistance payment under this section and ending on the last day of the plan year ending in 2051, with no reduction in a participant’s or beneficiary’s accrued benefit as of the date of enactment of this section, except to the extent of a reduction in accordance with section 305(e)(8) adopted prior to the plan’s application for special financial assistance under this section, and taking into account the reinstatement of benefits required under subsection (k).
Text - H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021
Text for H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021www.congress.gov
(ii) Plans in critical statusIf it is certified under subparagraph (A) that a multiemployer plan is or will be in critical status, the plan sponsor shall include in the notice under clause (i) an explanation of the possibility that—
(I) adjustable benefits (as defined in subsection (e)(8)) may be reduced, and
(II) such reductions may apply to participants and beneficiaries whose benefit commencement date is on or after the date such notice is provided for the first plan year in which the plan is in critical status.
Section 305(e)(8) is the elimination of adjustable rate benefits anything less than age 65
This stuff is a hard read and I’m no lawyer your research may yield different results!
is the elimination of adjustable rate benefits anything less than age 65.
What do you think that means?
Doesn't it work like SS where every year you go early you lose so much? I think it's 8 percent a year with SS.
The 305(e)(8) is where they did away with adjustable rate benefits like the 30 and out and changed to age only. My personal read is this will remain in place and you still have to be 65 for the full pension. I hope I’m reading this wrong!
Ok, does anybody know what the reduction per year before 65 is?
I was doing a kick in Milwaukee this week and chatting with a city guy he was telling me they have 40 guys who are 60+. With the pension reform it sure does make you wonder how many guys will be out of here.
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Ouch!
Thank You!
Guess that didn't effect people who retired under the old rules I have a friend in Cleveland retired at 48 and is now 73 been collecting full pension for 25yrs
This could be a problem.
I retired at 54 in 1990, if they go back and penalize me for 30 yrs, this could cramp my lavish lifestyle.
What to do, what to do???
Become an independent contractor delivering mirrors, for Volvo
Maybe you can go suck on a round mirror!
May be a good idea, we have a new Western Star dealer in the area.
I'm sure they will need a supplier.
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"date of enactment", your benefit will be whatever you are getting now. It won't go down and you won't get any reduction restored.
Never had any reduction.
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Lucky you! Western Pennsylvania cut our benefits by 30% in August 2019. My $3500 a month went to $2450. I lost $12,600 per year.