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Yellow | Great Day For Teamster Retirees, Present & Future!

Bart said:
IMHO yes below is from the stimulus bill 305(e)(8) is the elimination of adjustable rate benefits like 30 and out for example

“(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).
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Hopefully we’ll have a meeting soon to explain everything
 
Bart said:
IMHO yes below is from the stimulus bill 305(e)(8) is the elimination of adjustable rate benefits like 30 and out for example

“(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).
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Read it again. It freezes everything at the time Biden signs it. Whatever rules were in effect today are the rules going forward.
 
MrPotatoHead said:
I just found it amusing that a guy with a "don't california my texas" avatar would enthusiastically embrace the nanny state. Being from texas do you think the government should have made the enron employees that lost all of their retirement whole? I just read a story the other day about a former enron employee in his 70's that had $1.3million in his enron 401k and lost it all, had to move out of his house and rent it out and mow lawns to get by.
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Admit it..., you're seething with jealousy? .lol
 
Razorblade said:
Read it again. It freezes everything at the time Biden signs it. Whatever rules were in effect today are the rules going forward.
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Act like I’m from Missouri and show me! If I read it again it would say what I posted my post was from the Stimulus bill!
 
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mysticobra said:
Yep.
I went at 62. Took the hit.
Wouldn't have got much more had I waited 3 more years.
And I don't... Well I do.... I didn't want to stay another 3 years.
I had enough. And anyone who works there knows what I mean.
The work was easy. It was the stupidity that was rampant that messed with my head.
And in case someone we know reads this. Lighting was an issue.
Lol.
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How many years did you have in when you retired?
 
Bart said:
Act like I’m from Missouri and show me! If I read it again it would say what I posted my post was from the Stimulus bill!
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Read it again, it states: accrued benefit as of the date of enactment of this section,

Benefit as of the date of enactment which is the Biden signed it, 3/11/2021
The benefit you are receiving or entitled to as of that date. No back pay, no going back to old rules.
 
Razorblade said:
Read it again, it states: accrued benefit as of the date of enactment of this section,

Benefit as of the date of enactment which is the Biden signed it, 3/11/2021
The benefit you are receiving or entitled to as of that date. No back pay, no going back to old rules.
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Are you ready? I’m not retired yet!!!
 
Kennesaw Kid said:
www.tdu.org

VICTORY: PENSION PROTECTION PASSES THE U.S. SENATE!

We did it! The Butch Lewis Emergency Pension Relief Act has passed the U.S. Senate and is expected to be signed into law within a week.
www.tdu.org www.tdu.org
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Below is the article in the COVID Bill itself!!!!!

Background​

The multiemployer pension system in the United States is currently in crisis, with over 100 multiemployer pension plans, covering more than one million participants in total, projected to become insolvent within the next 10 to 20 years. The largest and most significant of these plans, the Central States, Southeast and Southwest Areas Pension Fund (the “CSPF”), is projected to become insolvent by 2025. Under existing law, the Pension Benefit Guaranty Corporation (the “PBGC”) provides financial assistance to a plan after it becomes insolvent that is sufficient to allow the plan to continue paying benefits up to the level guaranteed by the PBGC. However, the scope of the crisis, and the pending insolvency of the CSPF, is projected to cause the PBGC’s own multiemployer insurance fund to become insolvent by 2026. This issue has created significant concern among individual participants, contributing employers, unions, and plans themselves. As a result, Congress has previously made several attempts to enact a legislative solution, including the establishment of the bicameral Joint Select Committee on Solvency of Multiemployer Pension Plans in 2018, but these attempts have largely failed to date.
The ARPA attempts to address these issues by creating and funding a special financial assistance program intended to extend the solvency of severely underfunded multiemployer plans, including the CSPF, by providing one-time payments intended to allow the plans to continue paying all benefits through 2051, which in turn should also allow the PBGC’s existing multiemployer insurance fund to avoid insolvency. Importantly, and unlike many previous proposals, there is nothing in the ARPA that requires plans that receive the special financial assistance to repay the assistance.
Kennesaw Kid said:
www.tdu.org

VICTORY: PENSION PROTECTION PASSES THE U.S. SENATE!

We did it! The Butch Lewis Emergency Pension Relief Act has passed the U.S. Senate and is expected to be signed into law within a week.
www.tdu.org www.tdu.org
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MrPotatoHead said:
No, I retired at 58 with a full pension, been 12 years now, To me it's about the role of government. You didn't answer my question about Enron employees being made whole so I'll just put you down for a yes.
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I don't owe you a F U C K I N' explanation. You're full of S H I T and you know it. ..lol
Furthermore, what 70 year old "man" uses the word "meh?" Oh yeah, I read your earlier post. .lol
Good luck to whomever you are.
 
What about the western region yellow? Teamsters ain’t helping over here or they are just being quiet pocketing that money. No relief for us? So we just going dry and no pension for us just 401k? This isn’t fighting for all teamster members. Unless their is something I skipped to read?
 
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