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Jay C
Guest
All the plans are in critical status. 30 yrs at 62 is a very decent option now with less % wise then if you retired at age 64 or 65. It's a loooooooong ride to 65. Stay healthy
Yellow | NewYORK State Teamsters benefit fund (pension updates)
- Thread starter BIG Yank
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turboj
Guest
Heres the latest, from what I understand, so grab your ankles. As of 1-1-11, No more disability pension, no more payment option to your wife(guess they'll just keep all that money to party with, after all, how many checks will you collect after 65), if you have 25 years accredited as of 1-11 you can still leave before 65, but not before 55, but you still need to get to 30 years of credit. For instance, if you got your 30 in at age 57, they'll deduct 2% for each year before normal retirement age of 65 from your full pension. Example, full pension of $5,000, minus 16%, still some decent money but everyone with less then 25 years is screwed. Also, if pos yrc were to re-enter the plan, the fund supposedly will only accept the full amount that was paid previously. If pos yrc agreed to pay $4 an hour someone has to make up the difference, "you"! Remember, theres 6 tiers to vote into for all who particpate in the fund but with pos yrc in default, you won't be getting to unless they get back in. Of course the pos union officials get the 30 and out, any age because they're in that golden tier 6 because they work as hard as a UPS peddle driver. May their big fat a$$es rot in hell.
To turbo j you forgot to mention one of those Union Officials is also a board member go figure''' If you no any ups members get them on here ,they need to send in complaints refer to first post Legal action to follow . you also forgot soon we will be paying part of contributions out of pocket'''
J
Jay C
Guest
they are doin you a big favor by takin that away. They deduct 10% of your check every month for that option. That is a $500 deduction. In 10 yrs you gave $60,000 of your pension back and if you die your wife doesn't even get your full pension
$5000 - 16% is 800..leaves you with $4200- taxes is about $3000. Now you have to buy health ins that will cost $1000 leaves you with $2000. You call that decent? That is a 50% cut in pay. And you're not collecting Soc Sec for another 5 years. You have to live in a rent in the ghetto to survive on that. You have to work to at least 62 to maintain the lifestyle you had. Get a grip on the economics. You got your own lemonaid stand or what? :nono:
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turboj
Guest
[quote author=thejoe link=topic=80980.msg837581#msg837581 date=1276556974]
they are doin you a big favor by takin that away. They deduct 10% of your check every month for that option. That is a $500 deduction. In 10 yrs you gave $60,000 of your pension back and if you die your wife doesn't even get your full pension
$5000 - 16% is 800..leaves you with $4200- taxes is about $3000. Now you have to buy health ins that will cost $1000 leaves you with $2000. You call that decent? That is a 50% cut in pay. And you're not collecting Soc Sec for another 5 years. You have to live in a rent in the ghetto to survive on that. You have to work to at least 62 to maintain the lifestyle you had. Get a grip on the economics. You got your own lemonaid stand or what? :nono:
[/quote] joe, joe, joe, are you back into those left-over pain meds again from when you shot yourself in the shoulder last year?! 1. Some guys like the option of leaving their wife something when they die. After all, didn't they put up with all the bs, layoffs, crazy hours and everything else. So if someone had 29 years in and they died, its right that the fund keeps all those contributions. Oh, the death benefit is going too. 2. Maybe in your neck of the woods $4200 is chump change but I think That 1050 bucks a week is damn good money for sitting at home. Not everyone lives way beyond their means like you trying to keep up with the zollars of the world. Let me guess, you're one of the lovers that keep the union rip off health insurance! Well, you deserve to be paying that much then. Shouldn't you have your home paid off by the time you retire or at least be almost there! But then again, theres your keeping up with the Jones' again getting in the way. Anyways, why have you got your nose in this, the NY plan has nothing to do with you. Stick that in your lemonade stand. PS: None of us will be collecting ss in 5 years let alone a pension. Do a little more reading instead of posting so many useless pictures, maybe plant a garden to feed yourself when all the money has dried up.
they are doin you a big favor by takin that away. They deduct 10% of your check every month for that option. That is a $500 deduction. In 10 yrs you gave $60,000 of your pension back and if you die your wife doesn't even get your full pension
$5000 - 16% is 800..leaves you with $4200- taxes is about $3000. Now you have to buy health ins that will cost $1000 leaves you with $2000. You call that decent? That is a 50% cut in pay. And you're not collecting Soc Sec for another 5 years. You have to live in a rent in the ghetto to survive on that. You have to work to at least 62 to maintain the lifestyle you had. Get a grip on the economics. You got your own lemonaid stand or what? :nono:
[/quote] joe, joe, joe, are you back into those left-over pain meds again from when you shot yourself in the shoulder last year?! 1. Some guys like the option of leaving their wife something when they die. After all, didn't they put up with all the bs, layoffs, crazy hours and everything else. So if someone had 29 years in and they died, its right that the fund keeps all those contributions. Oh, the death benefit is going too. 2. Maybe in your neck of the woods $4200 is chump change but I think That 1050 bucks a week is damn good money for sitting at home. Not everyone lives way beyond their means like you trying to keep up with the zollars of the world. Let me guess, you're one of the lovers that keep the union rip off health insurance! Well, you deserve to be paying that much then. Shouldn't you have your home paid off by the time you retire or at least be almost there! But then again, theres your keeping up with the Jones' again getting in the way. Anyways, why have you got your nose in this, the NY plan has nothing to do with you. Stick that in your lemonade stand. PS: None of us will be collecting ss in 5 years let alone a pension. Do a little more reading instead of posting so many useless pictures, maybe plant a garden to feed yourself when all the money has dried up.
electraglideatl
TB Veteran
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[quote author=TurboJ link=topic=80980.msg837550#msg837550 date=1276553146]
Heres the latest, from what I understand, so grab your ankles. As of 1-1-11, No more disability pension, no more payment option to your wife(guess they'll just keep all that money to party with, after all, how many checks will you collect after 65), if you have 25 years accredited as of 1-11 you can still leave before 65, but not before 55, but you still need to get to 30 years of credit. For instance, if you got your 30 in at age 57, they'll deduct 2% for each year before normal retirement age of 65 from your full pension. Example, full pension of $5,000, minus 16%, still some decent money but everyone with less then 25 years is screwed. Also, if pos yrc were to re-enter the plan, the fund supposedly will only accept the full amount that was paid previously. If pos yrc agreed to pay $4 an hour someone has to make up the difference, "you"! Remember, theres 6 tiers to vote into for all who particpate in the fund but with pos yrc in default, you won't be getting to unless they get back in. Of course the pos union officials get the 30 and out, any age because they're in that golden tier 6 because they work as hard as a UPS peddle driver. May their big fat a$$es rot in hell.
[/quote]............................Turbo, I am not trying to be a smart arse, but where are you finding this information?........Is any of this going to affect anyone who retired more than 1 year ago at age 51?......Help me out.....
:thumbsup:
Heres the latest, from what I understand, so grab your ankles. As of 1-1-11, No more disability pension, no more payment option to your wife(guess they'll just keep all that money to party with, after all, how many checks will you collect after 65), if you have 25 years accredited as of 1-11 you can still leave before 65, but not before 55, but you still need to get to 30 years of credit. For instance, if you got your 30 in at age 57, they'll deduct 2% for each year before normal retirement age of 65 from your full pension. Example, full pension of $5,000, minus 16%, still some decent money but everyone with less then 25 years is screwed. Also, if pos yrc were to re-enter the plan, the fund supposedly will only accept the full amount that was paid previously. If pos yrc agreed to pay $4 an hour someone has to make up the difference, "you"! Remember, theres 6 tiers to vote into for all who particpate in the fund but with pos yrc in default, you won't be getting to unless they get back in. Of course the pos union officials get the 30 and out, any age because they're in that golden tier 6 because they work as hard as a UPS peddle driver. May their big fat a$$es rot in hell.
[/quote]............................Turbo, I am not trying to be a smart arse, but where are you finding this information?........Is any of this going to affect anyone who retired more than 1 year ago at age 51?......Help me out.....
:thumbsup:
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turboj
Guest
[quote author=electraglideatl link=topic=80980.msg837593#msg837593 date=1276559522]
[quote author=TurboJ link=topic=80980.msg837550#msg837550 date=1276553146]
Heres the latest, from what I understand, so grab your ankles. As of 1-1-11, No more disability pension, no more payment option to your wife(guess they'll just keep all that money to party with, after all, how many checks will you collect after 65), if you have 25 years accredited as of 1-11 you can still leave before 65, but not before 55, but you still need to get to 30 years of credit. For instance, if you got your 30 in at age 57, they'll deduct 2% for each year before normal retirement age of 65 from your full pension. Example, full pension of $5,000, minus 16%, still some decent money but everyone with less then 25 years is screwed. Also, if pos yrc were to re-enter the plan, the fund supposedly will only accept the full amount that was paid previously. If pos yrc agreed to pay $4 an hour someone has to make up the difference, "you"! Remember, theres 6 tiers to vote into for all who particpate in the fund but with pos yrc in default, you won't be getting to unless they get back in. Of course the pos union officials get the 30 and out, any age because they're in that golden tier 6 because they work as hard as a UPS peddle driver. May their big fat a$$es rot in hell.
[/quote]............................Turbo, I am not trying to be a smart arse, but where are you finding this information?........Is any of this going to affect anyone who retired more than 1 year ago at age 51?......Help me out..... :thumbsup:
[/quote] This is just the NY fund which is all by itself. Whatever CSPF is doing has nothing to do with this. If you hadn't guess, I like to talk and try to keep current with whats going on and some guys in the loop try to keep me up to date. From what else I hear, anyone that has retired is safe, at least for now. PS: You traded in that oil leaker for a new Camero yet or if you're hard up, a Challenger?
[quote author=TurboJ link=topic=80980.msg837550#msg837550 date=1276553146]
Heres the latest, from what I understand, so grab your ankles. As of 1-1-11, No more disability pension, no more payment option to your wife(guess they'll just keep all that money to party with, after all, how many checks will you collect after 65), if you have 25 years accredited as of 1-11 you can still leave before 65, but not before 55, but you still need to get to 30 years of credit. For instance, if you got your 30 in at age 57, they'll deduct 2% for each year before normal retirement age of 65 from your full pension. Example, full pension of $5,000, minus 16%, still some decent money but everyone with less then 25 years is screwed. Also, if pos yrc were to re-enter the plan, the fund supposedly will only accept the full amount that was paid previously. If pos yrc agreed to pay $4 an hour someone has to make up the difference, "you"! Remember, theres 6 tiers to vote into for all who particpate in the fund but with pos yrc in default, you won't be getting to unless they get back in. Of course the pos union officials get the 30 and out, any age because they're in that golden tier 6 because they work as hard as a UPS peddle driver. May their big fat a$$es rot in hell.
[/quote]............................Turbo, I am not trying to be a smart arse, but where are you finding this information?........Is any of this going to affect anyone who retired more than 1 year ago at age 51?......Help me out.....
:thumbsup:[/quote] This is just the NY fund which is all by itself. Whatever CSPF is doing has nothing to do with this. If you hadn't guess, I like to talk and try to keep current with whats going on and some guys in the loop try to keep me up to date. From what else I hear, anyone that has retired is safe, at least for now. PS: You traded in that oil leaker for a new Camero yet or if you're hard up, a Challenger?
J
Jay C
Guest
[quote author=rkc custom link=topic=80980.msg837623#msg837623 date=1276563047]
TO the Joe your talking about a benefit after you retire he is talking if you die b4 you retire get it''
[/quote]
ya copy that, you can't discuss any thing with him..he gets too hot..like
TO the Joe your talking about a benefit after you retire he is talking if you die b4 you retire get it''
[/quote]
ya copy that, you can't discuss any thing with him..he gets too hot..like
John Kelder
TB Lurker
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But the State of New York's Pension fund for state workers showed a 26% return on investments !! Funds ARE making money... Just very few Teamster funds .Don't blame any funds losses on the economy. Blame it on the fund managers and trustees. Its their job to protect the fund and get a return on the investments..........
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Jay C
Guest
[quote author=John Kelder link=topic=80980.msg837699#msg837699 date=1276595216]
But the State of New York's Pension fund for state workers showed a 26% return on investments !! Funds ARE making money... Just very few Teamster funds .Don't blame any funds losses on the economy. Blame it on the fund managers and trustees. Its their job to protect the fund and get a return on the investments..........
[/quote]
whoopy doo NY state pension fund had a good year. How did they do last year? :nono: Nobody manages funds better than the teamster fund managers and trustees :thumbsup:. They do what they gotta do by federal law. They have federal over-site that watches every dollar spent and invested. The NY state unions are bankrupting the state cause the tax payers are funding their salaries. Only Calif state unions are worse off
But the State of New York's Pension fund for state workers showed a 26% return on investments !! Funds ARE making money... Just very few Teamster funds .Don't blame any funds losses on the economy. Blame it on the fund managers and trustees. Its their job to protect the fund and get a return on the investments..........
[/quote]
whoopy doo NY state pension fund had a good year. How did they do last year? :nono: Nobody manages funds better than the teamster fund managers and trustees :thumbsup:. They do what they gotta do by federal law. They have federal over-site that watches every dollar spent and invested. The NY state unions are bankrupting the state cause the tax payers are funding their salaries. Only Calif state unions are worse off
Cab Lizzard
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[quote author=rkc custom link=topic=80980.msg837113#msg837113 date=1276443598]
To R-14 MY ANSWER is to keep 30 and out for everyone and lower amount paid to everyone . If people can not survive on that amount it will be their choice to work longer. We could also take the 401 route and divide money up equally by amount paid in on each members behalf I am ok with either.
[/quote]
If I have retired and can not live on this lower amount, I could bump back in on the board and run a few trips to help out ??
To R-14 MY ANSWER is to keep 30 and out for everyone and lower amount paid to everyone . If people can not survive on that amount it will be their choice to work longer. We could also take the 401 route and divide money up equally by amount paid in on each members behalf I am ok with either.
[/quote]
If I have retired and can not live on this lower amount, I could bump back in on the board and run a few trips to help out ??
T
turboj
Guest
[quote author=JPS link=topic=80980.msg837730#msg837730 date=1276605038]
[quote author=rkc custom link=topic=80980.msg837113#msg837113 date=1276443598]
To R-14 MY ANSWER is to keep 30 and out for everyone and lower amount paid to everyone . If people can not survive on that amount it will be their choice to work longer. We could also take the 401 route and divide money up equally by amount paid in on each members behalf I am ok with either.
[/quote]
If I have retired and can not live on this lower amount, I could bump back in on the board and run a few trips to help out ??
[/quote] You big prankster! In N.Y. you're only allowed to work 39-1/2 hours a month and only at an employer that pays into the fund, they have to have their free party money. You cannot apply your trade period, unless its for a government entity, say driving a school bus. You also have to inform the fund in writing no matter where you take a job to get their approval. I and others know guys :buttkisser: that are collecting 5-6 Thousand a month and still working full time driving jobs and the pos union says nothing. It all depends on who you are. Just who ta hell does the pos union think they are to tell me I can't do something! Its "my" money, not theirs! They just can't seem to get that through their thick, bloated, delusional heads! Its not my or your fault that these fata$$ union officials haven't organized anyone in the last 40 years. The only thing they seem to have organized is own big fat retirement pensions!!!
[quote author=rkc custom link=topic=80980.msg837113#msg837113 date=1276443598]
To R-14 MY ANSWER is to keep 30 and out for everyone and lower amount paid to everyone . If people can not survive on that amount it will be their choice to work longer. We could also take the 401 route and divide money up equally by amount paid in on each members behalf I am ok with either.
[/quote]
If I have retired and can not live on this lower amount, I could bump back in on the board and run a few trips to help out ??
[/quote] You big prankster!
In N.Y. you're only allowed to work 39-1/2 hours a month and only at an employer that pays into the fund, they have to have their free party money. You cannot apply your trade period, unless its for a government entity, say driving a school bus. You also have to inform the fund in writing no matter where you take a job to get their approval. I and others know guys :buttkisser: that are collecting 5-6 Thousand a month and still working full time driving jobs and the pos union says nothing. It all depends on who you are. Just who ta hell does the pos union think they are to tell me I can't do something! Its "my" money, not theirs! They just can't seem to get that through their thick, bloated, delusional heads! Its not my or your fault that these fata$$ union officials haven't organized anyone in the last 40 years. The only thing they seem to have organized is own big fat retirement pensions!!!
Cab Lizzard
TB Veteran
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You Yanks might want to think about an investment class with the folks out with the Western States Fund
I put in my time on the picket line and behind the wheel where were U ??
I put in my time on the picket line and behind the wheel where were U ??
Upstate New York Teamsters Face Pension Cuts
http://tdu.org/node/4004
June 15, 2010: The New York State Teamsters Pension Plan will end 25-and-out and 30-and-out benefits at the end of the year, due to the fact that the plan is underfunded and in the “red zone.”
According to the Fund’s Annual Funding Notice, dated April 30, 2010, the fund was 57 percent funded at the beginning of 2009. This puts the fund in Critical Status, called the red zone. With the run-up in the stock market last year, this level has probably improved a bit.
The fund has $1.75 billion in the kitty. It has 14,794 active participants and 15,925 retirees.
http://tdu.org/node/4004
June 15, 2010: The New York State Teamsters Pension Plan will end 25-and-out and 30-and-out benefits at the end of the year, due to the fact that the plan is underfunded and in the “red zone.”
According to the Fund’s Annual Funding Notice, dated April 30, 2010, the fund was 57 percent funded at the beginning of 2009. This puts the fund in Critical Status, called the red zone. With the run-up in the stock market last year, this level has probably improved a bit.
The fund has $1.75 billion in the kitty. It has 14,794 active participants and 15,925 retirees.
J