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  1. #1
    Retired !

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    Default Philadelphia area pension fund

    Received the yearly update on the Phila. area pension fund.
    Still "endangered" by definition, with a funding of 72.3% as of January 1, 2017.
    That is up .6 of a percent from last year.
    Assets up by 29 plus million, while liabilities up by 22 plus million.
    Total assets, $1,690,034,836.
    Total liabilities, $2,338,062,248.

    Not real good, but not real bad either.


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  3. #2
    I Am Rocking Now

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    Default Re: Philadelphia area pension fund

    I got mine also and your's is in much better shape than mine. The 2014 plan year was 40.7% funded. 2015 was 36.6% funded and 2016 was down to 31.9% funded. We have a total of 6,566 participants and beneficiaries covered by the plan. Only 633 are currently working although some of them are at YRC receiving only 1/4 pension contributions. 4,306 are retired receiving benefits, and 1627 are retired or no longer working for the employers and have a right to future benefits. The actuary has determined that the plan is projected to become insolvent in 2020....................Now if I could only convince my wife that a 65% cut is coming in only 3 years then maybe we could start saving some money.

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  5. #3
    Retired !

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    Default Re: Philadelphia area pension fund

    Quote Originally Posted by 2631 View Post
    I got mine also and your's is in much better shape than mine. The 2014 plan year was 40.7% funded. 2015 was 36.6% funded and 2016 was down to 31.9% funded. We have a total of 6,566 participants and beneficiaries covered by the plan. Only 633 are currently working although some of them are at YRC receiving only 1/4 pension contributions. 4,306 are retired receiving benefits, and 1627 are retired or no longer working for the employers and have a right to future benefits. The actuary has determined that the plan is projected to become insolvent in 2020....................Now if I could only convince my wife that a 65% cut is coming in only 3 years then maybe we could start saving some money.
    Sorry to hear that. Judging by those numbers, it doesn't seem recovery can happen, no matter what they do.

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  7. #4
    I Am Rocking Now

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    Default Re: Philadelphia area pension fund

    Quote Originally Posted by fxstc07 View Post
    Sorry to hear that. Judging by those numbers, it doesn't seem recovery can happen, no matter what they do.
    Absolutely correct fxstc07...needless to say...Moral is shot to Hell.We've had 5 guys go in the last 2 months...another one this past Friday. Guys are getting out and collecting their pension for at least a few years before it collapses. Two and a half Million Teamsters...Working a Lifetime...Depending on that Pension...Bailouts for Wall St...Bailouts for the Auto Industry...No Bailout for Hard Working Teamsters and their Families...As far as I'am concerned...Another American Tragedy

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  9. #5
    Retired !

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    Default Re: Philadelphia area pension fund

    Received a letter today from the Philadelphia Pension Trust Fund. Never received one this time of the year.
    Basically it states that it's a summary of the annual report for the plan year 01/01/2018 though 12/31/18. Says "required by the ERISA act".
    It also lists the amounts received and expenditures.

    The catch line is "Minimum Funding Standards". Which says: "An actuary's statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA."

    It also lists your rights for a full report and financial info, etc.

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  11. #6
    I Am Rocking Now

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    Default Re: Philadelphia area pension fund

    The house passed the Butch Lewis Act and it is sitting on republican McConnell's desk along with 300 or so other bipartisan bills. McConnell won't move them. But he did take care of the Mine Workers.
    I guess it just a coincidence that many of them are in his voting area.

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  13. #7
    I Am Rocking Now

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    Default Re: Philadelphia area pension fund

    McConnell won't move the Butch Lewis Act to committee but he'll bail out union mine workers for their votes................Republican hypocrites!!!!!

    “Sen. McConnell was the chief obstacle in moving forward,” said Phil Smith, communications and government affairs director for the UMW.

    About a week before McConnell’s switch, Kentucky Attorney General Andy Beshear, a Democrat, defeated Republican incumbent Matt Benin in the race for governor. The outcome was somewhat of a surprise given that President Donald Trump won Kentucky by a 30 percent margin in 2016.

    McConnell will be up for re-election in 2020
    https://www.penncapital-star.com/com...y-mark-okeefe/

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  15. #8
    Retired !

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    Default Re: Philadelphia area pension fund

    Received my letter from the Pension Trust fund yesterday.

    The report states our plan, the Philadelphia area pension trust fund, is "endangered" and the funded percentage is 70.9%.
    It also goes into detail about how the 2008 financial crisis affected the fund, the changes made and that we have an increase in active members over the last two years.
    In 2019 the fund paid out over 196 million to retired participants.

    Click here for the complete letter. https://www.teamsterfunds.com/wp-con...0-complete.pdf

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