Proposed Central States Pension Fund cuts
It seems that all current retirees are working at a frenzy level to save “their” retirements but let’s take a closer look at what they claim is theirs.
Most retirees took an early retirement under the 30 or 25 and out rule. Breaking this down:
30 years at 3000.00 per month times 10 years is $360,000.00 times 15 years is $540,000.00
30 years at 2200.00 per month times 10 years is $264,000.00 times 15 years is $396,000.00
20 years at 2000.00 per month times 10 years is $240,000.00 times 15 years is $360,000.00
This far exceeds the amount paid into the fund on their behalf. If they continue to draw at even at a reduced rate the total sum is staggering.
Where is this money coming from? From my retirement proceeds! I am 59 years old and have 38 years of service and cannot retire until the age of 65 and then will only receive $1950.00 per month. I will never live long enough to draw the amount that was paid in on my behalf.
When these cuts happened a few years ago, to those still working, the poor, poor retirees that are now on a letter writing campaign, because of the new cuts, were silent and the silence was deafening. As long as they were getting “theirs” who cares about anyone else.
My company was put on the brink of bankruptcy paying into the pension fund for the hundreds of orphan companies out of business and not paying in a penny for as much as twenty years. I’m forced to work an additional 10 years at a reduced wage, reduced vacation time, reduced pension contributions and now they are going after our medical insurance.
When does this madness stop? It’s not “their” money anymore it’s mine. They should thank their lucky stars that they drew out all that was paid into the pension fund on their behalf.
It’s time to stand up for my rights and what I have earned and the thousands still working just like me. Please take our families into account when reviewing the proposed cuts.
It seems that all current retirees are working at a frenzy level to save “their” retirements but let’s take a closer look at what they claim is theirs.
Most retirees took an early retirement under the 30 or 25 and out rule. Breaking this down:
30 years at 3000.00 per month times 10 years is $360,000.00 times 15 years is $540,000.00
30 years at 2200.00 per month times 10 years is $264,000.00 times 15 years is $396,000.00
20 years at 2000.00 per month times 10 years is $240,000.00 times 15 years is $360,000.00
This far exceeds the amount paid into the fund on their behalf. If they continue to draw at even at a reduced rate the total sum is staggering.
Where is this money coming from? From my retirement proceeds! I am 59 years old and have 38 years of service and cannot retire until the age of 65 and then will only receive $1950.00 per month. I will never live long enough to draw the amount that was paid in on my behalf.
When these cuts happened a few years ago, to those still working, the poor, poor retirees that are now on a letter writing campaign, because of the new cuts, were silent and the silence was deafening. As long as they were getting “theirs” who cares about anyone else.
My company was put on the brink of bankruptcy paying into the pension fund for the hundreds of orphan companies out of business and not paying in a penny for as much as twenty years. I’m forced to work an additional 10 years at a reduced wage, reduced vacation time, reduced pension contributions and now they are going after our medical insurance.
When does this madness stop? It’s not “their” money anymore it’s mine. They should thank their lucky stars that they drew out all that was paid into the pension fund on their behalf.
It’s time to stand up for my rights and what I have earned and the thousands still working just like me. Please take our families into account when reviewing the proposed cuts.