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ABF | Pension Is A Joke

canaryinthemine said:
Thank you for the information,.....The Defined-Benefit pensions are a.....reward,....for Public Service?

If Truck Drivers are an "Essential" industry, for the Public Good......shouldn't they be rewarded, too?
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This has nothing to do with essential workers and everything to do with sacrifice. As a union steward, you sacrificed for years doing the public service job for ABF employees and you know there is a difference between a public service job and essential workers job.
 
Homesick said:
This has nothing to do with essential workers and everything to do with sacrifice. As a union steward, you sacrificed for years doing the public service job for ABF employees and you know there is a difference between a public service job and essential workers job.
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Just doing one of those “ good for the goose, good for the gander” comparisons.

If public service accepts defined-benefit pensions.......do they do so willingly, or reluctantly?

You’re saying people take lower-paying public service jobs,......in lieu of higher-paying private sector jobs,.....for the best reason,...Public Service in the name of their Fellow Citizens.

Are they taking a “beating” with defined-benefit pensions? Or are they a much more stable and dependable retirement vehicle?

Are we punishing our Public Servants by forcing defined-benefit pensions on them? ......Or rewarding them?
 
Triplex said:
FYI Canary, YRCW is valued
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joes bar and grill said:
ey ass hole, why don't you give so
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vongrimmenstein said:
as any YRC retiree have had their
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Homesick said:
ther, the point of Congress, state government, m
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canaryinthemine said:
are talking about the Omnibus Spending
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TOBY is filibustering at the Washington D.C. forum, Magoo needs help replying, he needs canary to fill the PRO TRUMP breach in the democrats crumbling wall.
 
Have your fund take a look at the Central Pa Teamsters (RIP) Retirement Income Plan. It provides each member with their own individual account, the money is yours. I was in it from it's inception in 1987 and was able to take a lump sum upon retirement along with the Defined Benefit monthly payments I had earned before the RIP. I think that they have since gone back to defined benefit because a lot of members bitched when they saw some of the now struggling funds offering lavish retirement benefits like 25 and out. I for one am thankful for the RIP.
 
SuperCourse said:
Have your fund take a look at the Central Pa Teamsters (RIP) Retirement Income Plan. It provides each member with their own individual account, the money is yours. I was in it from it's inception in 1987 and was able to take a lump sum upon retirement along with the Defined Benefit monthly payments I had earned before the RIP. I think that they have since gone back to defined benefit because a lot of members bitched when they saw some of the now struggling funds offering lavish retirement benefits like 25 and out. I for one am thankful for the RIP.
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I think if I remember correctly,.....the reason the Central Pa. Fund went back to defined-benefit was because the rate of return only hit the “target” the first two years. I believe they were shooting for an 8% yearly return to equal what the defined-benefit was paying.
I think the defined-contribution plan only lasted 8 years before they switched back. There was a lot of interest in the defined-contribution plan from guys in the W. Penna. Teamsters plan,.......as the 8% rate of return would’ve made the average Teamster pretty rich in retirement,.......say about 20-25 years of that rate.

We had a lot of Carlisle road drivers come through the our terminal,......Somewhere around here I have quite a bit of paperwork on the Central Pa. plan,......both from the beginning and the end. I think it ran from ‘95 to about 2003,......and then they switched back to a defined-benefit.

Not sure how the Central Pa. plan is doing nowadays. I am glad you were able to make out good with both of those plans.
 
canaryinthemine said:
I think if I remember correctly,.....the reason the Central Pa. Fund went back to defined-benefit was because the rate of return only hit the “target” the first two years. I believe they were shooting for an 8% yearly return to equal what the defined-benefit was paying.
I think the defined-contribution plan only lasted 8 years before they switched back. There was a lot of interest in the defined-contribution plan from guys in the W. Penna. Teamsters plan,.......as the 8% rate of return would’ve made the average Teamster pretty rich in retirement,.......say about 20-25 years of that rate.

We had a lot of Carlisle road drivers come through the our terminal,......Somewhere around here I have quite a bit of paperwork on the Central Pa. plan,......both from the beginning and the end. I think it ran from ‘95 to about 2003,......and then they switched back to a defined-benefit.

Not sure how the Central Pa. plan is doing nowadays. I am glad you were able to make out good with both of those plans.
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86% funded....
 
Me too..
SuperCourse said:
Have your fund take a look at the Central Pa Teamsters (RIP) Retirement Income Plan. It provides each member with their own individual account, the money is yours. I was in it from it's inception in 1987 and was able to take a lump sum upon retirement along with the Defined Benefit monthly payments I had earned before the RIP. I think that they have since gone back to defined benefit because a lot of members bitched when they saw some of the now struggling funds offering lavish retirement benefits like 25 and out. I for one am thankful for the RIP.
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..
 
SuperCourse said:
Have your fund take a look at the Central Pa Teamsters (RIP) Retirement Income Plan. It provides each member with their own individual account, the money is yours. I was in it from it's inception in 1987 and was able to take a lump sum upon retirement along with the Defined Benefit monthly payments I had earned before the RIP. I think that they have since gone back to defined benefit because a lot of members bitched when they saw some of the now struggling funds offering lavish retirement benefits like 25 and out. I for one am thankful for the RIP.
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He doesn't have a fund. His retirement comes from the Air Force. He's role playing as a teamster, because he has a personality disorder. Last I checked and he was actually being honest about it on another site, he was working for Southeast Freight Lines.

Stop listening to the guy. He's nothing.
 
canaryinthemine said:
I think if I remember correctly,.....the reason the Central Pa. Fund went back to defined-benefit was because the rate of return only hit the “target” the first two years. I believe they were shooting for an 8% yearly return to equal what the defined-benefit was paying.
I think the defined-contribution plan only lasted 8 years before they switched back. There was a lot of interest in the defined-contribution plan from guys in the W. Penna. Teamsters plan,.......as the 8% rate of return would’ve made the average Teamster pretty rich in retirement,.......say about 20-25 years of that rate.

We had a lot of Carlisle road drivers come through the our terminal,......Somewhere around here I have quite a bit of paperwork on the Central Pa. plan,......both from the beginning and the end. I think it ran from ‘95 to about 2003,......and then they switched back to a defined-benefit.

Not sure how the Central Pa. plan is doing nowadays. I am glad you were able to make out good with both of those plans.
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Central Pa is still about 83% funded if I recall correctly. That 8 years gave me about a $200K lump some plus a monthly defined benefit for the rest of the 35 years I put in. If I had my choice I'd go for the RIP hands down. No telling what I would have walked away with if all 35 years went into it. Probably somewhere north of 1 mil.

edit: GO40 says 86% funded, sounds right.
 
SuperCourse said:
Central Pa is still about 83% funded if I recall correctly. That 8 years gave me about a $200K lump some plus a monthly defined benefit for the rest of the 35 years I put in. If I had my choice I'd go for the RIP hands down. No telling what I would have walked away with if all 35 years went into it. Probably somewhere north of 1 mil.

edit: GO40 says 86% funded, sounds right.
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Yes, 1 million sounds about right....Still can’t comprehend why they changed it?
 
GO40 said:
Yes, 1 million sounds about right....Still can’t comprehend why they changed it?
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You could bank that million,....and "earn" interest,...best bank rate .55%,....which would give you a $5500 interest profit a year,....

But then you'd probably want to take out say $50,000 a year for retirement......which means that million would be gone in 20 years.

1 million at a 3% annuity rate would pay you $30,000 a year for life,.....OK if you have SS or another defined-benefit payment to back you up.

I guess a million would give you a few good options,.....But , from what I understand,....the targeted 8% return for the defined-contribution plan approved by the Central Penna. Trustees,....was only achieved in the first two years,.....after that, it was 5%, 3%,..-2%,...1%......
After 8 years of those....disappointing returns, the Central Penna. Trustees voted to return to a defined-benefit pension.

Those returns,......if they had kept the defined-contribution plan in place,........would have only given participants a $300,000-$500,000 lump-sum payout after about 25 years of service. Nowhere near the million dollars the fiduciaries touted when they pitched that Plan to the Trustees.......but no guarantees whether the return rate would go up,...or stay down.
And no PBGC backup, either......Let the Buyer Beware.......

On the advice of their investment attorneys,......the Central Penna. Trustees ended the defined-contribution plan, and resumed the defined-benefit plan.......
Just in time,.....The 2008 stock market collapse would've wiped out about 40-50% of the value of the Plan.

All I have are flyers that were passed around the Carlisle terminal about this,.....so I can't vouch for the veracity of the information I got from them. Someone from the Central Penna. pension plan would have to verify, fine-tune,....or toss out any of these figures.

I could be completely wrong,.....but the fact remains they did switch the pension,....and then 8 years later, switch it back.
 
canaryinthemine said:
You could bank that million,....and "earn" interest,...best bank rate .55%,....which would give you a $5500 interest profit a year,....

But then you'd probably want to take out say $50,000 a year for retirement......which means that million would be gone in 20 years.

1 million at a 3% annuity rate would pay you $30,000 a year for life,.....OK if you have SS or another defined-benefit payment to back you up.

I guess a million would give you a few good options,.....But , from what I understand,....the targeted 8% return for the defined-contribution plan approved by the Central Penna. Trustees,....was only achieved in the first two years,.....after that, it was 5%, 3%,..-2%,...1%......
After 8 years of those....disappointing returns, the Central Penna. Trustees voted to return to a defined-benefit pension.

Those returns,......if they had kept the defined-contribution plan in place,........would have only given participants a $300,000-$500,000 lump-sum payout after about 25 years of service. Nowhere near the million dollars the fiduciaries touted when they pitched that Plan to the Trustees.......but no guarantees whether the return rate would go up,...or stay down.
And no PBGC backup, either......Let the Buyer Beware.......

On the advice of their investment attorneys,......the Central Penna. Trustees ended the defined-contribution plan, and resumed the defined-benefit plan.......
Just in time,.....The 2008 stock market collapse would've wiped out about 40-50% of the value of the Plan.

All I have are flyers that were passed around the Carlisle terminal about this,.....so I can't vouch for the veracity of the information I got from them. Someone from the Central Penna. pension plan would have to verify, fine-tune,....or toss out any of these figures.

I could be completely wrong,.....but the fact remains they did switch the pension,....and then 8 years later, switch it back.
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People started bitching about the low rate of return & then bam, next year it was a 22% return....as far as the rest of the years go i was young and did not think about it much....
 
canaryinthemine said:
Those returns,......if they had kept the defined-contribution plan in place,........would have only given participants a $300,000-$500,000 lump-sum payout after about 25 years of service. Nowhere near the million dollars the fiduciaries touted when they pitched that Plan to the Trustees.......but no guarantees whether the return rate would go up,...or stay down.
And no PBGC backup, either......Let the Buyer Beware.......

On the advice of their investment attorneys,......the Central Penna. Trustees ended the defined-contribution plan, and resumed the defined-benefit plan.......
Just in time,.....The 2008 stock market collapse would've wiped out about 40-50% of the value of the Plan.
Click to expand...

Those numbers don't make sense from my experience. I retired in 2009 after the economic collapse, the market at the time had recovered some of it's losses, and I walked away with just under $200k. That was with just 8 years in the RIP plan. No way 25 years in a stronger market is going to end up with $300-500k.
 
I've been in the central pa pension, since early 79. In 79 we were in the defined contribution plan, then to the Rip plan, and now the defined-benefit pension. I should note, I worked for three difference companies, General Battery(bought by Exide), Supervalu, and ending with ABF. I retired in 2019, and at that time after 40 years in the the same local my lump sum was only 302,000. Sad but true, The Rip plan while I thing was a good idea, the returns just weren't there
 
canaryinthemine said:
You could bank that million,....and "earn" interest,...best bank rate .55%,....which would give you a $5500 interest profit a year,....

But then you'd probably want to take out say $50,000 a year for retirement......which means that million would be gone in 20 years.

1 million at a 3% annuity rate would pay you $30,000 a year for life,.....OK if you have SS or another defined-benefit payment to back you up.

I guess a million would give you a few good options,.....But , from what I understand,....the targeted 8% return for the defined-contribution plan approved by the Central Penna. Trustees,....was only achieved in the first two years,.....after that, it was 5%, 3%,..-2%,...1%......
After 8 years of those....disappointing returns, the Central Penna. Trustees voted to return to a defined-benefit pension.

Those returns,......if they had kept the defined-contribution plan in place,........would have only given participants a $300,000-$500,000 lump-sum payout after about 25 years of service. Nowhere near the million dollars the fiduciaries touted when they pitched that Plan to the Trustees.......but no guarantees whether the return rate would go up,...or stay down.
And no PBGC backup, either......Let the Buyer Beware.......

On the advice of their investment attorneys,......the Central Penna. Trustees ended the defined-contribution plan, and resumed the defined-benefit plan.......
Just in time,.....The 2008 stock market collapse would've wiped out about 40-50% of the value of the Plan.

All I have are flyers that were passed around the Carlisle terminal about this,.....so I can't vouch for the veracity of the information I got from them. Someone from the Central Penna. pension plan would have to verify, fine-tune,....or toss out any of these figures.

I have a fund that is up 18.5% this year alone.
Why don't teamster funds ever see that type of growth???

I could be completely wrong,.....but the fact remains they did switch the pension,....and then 8 years later, switch it back.
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SuperCourse said:
Those numbers don't make sense from my experience. I retired in 2009 after the economic collapse, the market at the time had recovered some of it's losses, and I walked away with just under $200k. That was with just 8 years in the RIP plan. No way 25 years in a stronger market is going to end up with $300-500k.
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Yu can easily make that kind of returns, my portfolio is compromised of a bunch of different funds. As strange as 2020 has been I am doing extremely well.
Since Trump took office the market is up 12,000 points.
Anyone who did not make great $$$ on that, shame on them....
 
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