All posts by nytapp5_wp

Comment Period opens for New York State Teamsters Pension Fund Benefit Suspension Petition

The NY Plan sponsors took the simple approach and submitted cuts across the board, for all employer groups, irregardless of employer contribution level or previous and future cuts under the Pension Protection Act – rehabilitation plan.

31% Retirees.

20% Active. (assumed 11% cuts to date)


What about recent retirees who took 11% in the last 5 years, but just retired? They will receive a 42% equivalent cut.

Future UPS employees or those under schedule E who work for an additional 5 years will also receive a 42% equivalent cut.

Make your voice heard by commenting at the following online location. Comments should also be sent via mail to the posted address at 1500 Pennsylvania ave.

https://www.treasury.gov/services/Pages/Plan-Applications.aspx

Central States will need to develop a stratedy

The CSPF now has nine months to craft a new strategy  to solve its pension crisis, as their application by the Treasury has been rejected. Proposed ideas are being launched  and political lobbying are taking place as we speak.  New York will need to follow suit.

The CSPF has been given drop dead dates of around 10 years. The New York plan is in far worse shape.