NY Teamsters Could Have Their Pensions Cut. What Went Wrong?

[slavenomore]

New York

As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest. Neither is it in the direst financial shape, even though just 44.8 percent of its obligations are funded.
But given that participants in this fund may face benefits cuts of at least 20 percent, learning what went wrong could be instructive not only for other imperiled retirement funds but also for taxpayers who may have to cover the shortfalls.
Like many pension plans, the Teamsters fund was hurt badly by the steep market decline of 2008. Those overseeing the fund also tie its troubles to the decline of unionized employment in the trucking industry, which has translated into fewer contributions to the plan.

Saw this on my home page.

[1484-1075]

New York


Saw this on my home page.

We probably won't know until 4-17-17,which is the 225 th day from when proposal was submitted.Poor foresight on the part of pension board,YRC only paying .25 cents on dollar to fund for the last 7 to 8 years.If authorized by treasury dept.31% for retirees,20% for current employees.We do get to vote on proposal if its ok'd by treasury dept.which won't matter because its a done deal if treasury ok's it.Thank You NYS Eastern Conference pension board for not doing your job.

[222lifer]

We probably won't know until 4-17-17,which is the 225 th day from when proposal was submitted.Poor foresight on the part of pension board,YRC only paying .25 cents on dollar to fund for the last 7 to 8 years.If authorized by treasury dept.31% for retirees,20% for current employees.We do get to vote on proposal if its ok'd by treasury dept.which won't matter because its a done deal if treasury ok's it.Thank You NYS Eastern Conference pension board for not doing your job.

Just curious on how the members would have felt about the pension trustees denying a partial contribution to the fund? Maybe setting something up like we have in the west where the company contribution goes to a 401k?

Sent from my SGH-T399 using Tapatalk

[1484-1075]

I remember way back, when every time our contract came up we always would forgo pay increases and instead have that money go to pension contributions.We were always told if we did that we would never have to worry about our pensions drying up.We never had a 401K option for ourselves till approx.16 years ago because it wasn't in the negotiated part of contract so the companies wouldn't make it possible.All to late now hope they can come up with something a little less than 31%,otherwise they say in 10yrs the fund will be dried up.