Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Pension - Social Security
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

Salary Surveys
Property & Casualty, Life, Health & Pension

Health Actuary Jobs
Insurance & Consulting jobs for Students, Associates & Fellows

Actuarial Recruitment
Visit DW Simpson's website for more info.
www.dwsimpson.com/about

Casualty Jobs
Property & Casualty jobs for Students, Associates & Fellows


Reply
 
Thread Tools Search this Thread Display Modes
  #121  
Old 10-28-2015, 02:56 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

UPS
CENTRAL STATES

http://money.cnn.com/2015/10/27/reti...entral-states/

Quote:
UPS earned more than $3 billion last year. But 8,737 of its former workers could see their pension checks cut next summer.

The problem is that some UPS retirees receive their pensions from the cash-strapped Central States Pension Fund, which covers hundreds of thousands of workers from different companies. That fund says it needs to make cuts in order to keep from running out of money.

Jim Dopp, 63, is one of the former UPS truck drivers. He retired in May of 2007 after more than 30 years on the job with a monthly pension check of $2,903. But last month, he received a letter saying his check could be slashed in half -- to $1,452 -- as soon as July, if the Treasury Department approves the plan.

The real kicker is that UPS would've covered the cuts made to his pension if Dopp had retired just eight months later.

Here's why UPS won't pay
The Central States Pension Fund used to administer pension benefits to a group of unionized UPS drivers, but the company left the fund in 2008 as a way to save money and provide retirees with better benefits. It set up its own pension fund, but only took current workers with it. Any UPS drivers who had already retired would still be covered solely by the Central States fund.

"We do not have a contractual obligation to cover supplemental benefits for those UPS employees that had retired and were in the Central States fund prior to 2008," a UPS spokesman told CNN Money.

UPS paid $6.1 billion in order to exit the fund. That should have covered the pension costs for UPS workers in the Central States fund that retired beforehand, including Dopp.

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #122  
Old 10-29-2015, 05:09 PM
zeus1233 zeus1233 is offline
Member
 
Join Date: Nov 2003
Posts: 1,393
Default

It's probably in here somewhere but central states is probably the biggest reason that law exists
Reply With Quote
  #123  
Old 10-29-2015, 05:34 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

Quote:
Originally Posted by zeus1233 View Post
It's probably in here somewhere but central states is probably the biggest reason that law exists
heck, Central States is pretty much why this thread exists. The entire first page of this thread is Central States.

Later on, we get a nice graph:

Quote:
Originally Posted by campbell View Post
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #124  
Old 11-06-2015, 04:34 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

CENTRAL STATES

http://www.wsbt.com/news/local/28000...n-cut/36288080

Quote:
More than 28,000 people in Indiana and Michigan will receive pension cuts because the Central States Pension Fund says it will run out of money by 2026.

Local organizations like Teamsters contributed to the fund. Members received several letters, most recently in October, stating some pensions will be cut depending on their years of service and age.

"If we don't do something, we are faced with the prospect of being in a position where we can't pay anything," said Central States Pension Fund Executive Director Thomas Nyhan. "Having a reduced pension is a heck of a lot better than having zero pension at some point in time."

The change, which must be approved by the Treasury Department, would impact nearly 13,179 members in Michigan and 14,950 members in Indiana.

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #125  
Old 11-06-2015, 04:36 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

MILLIMAN FALL 2015

http://www.milliman.com/uploadedFile...-2015-mpfs.pdf
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #126  
Old 11-06-2015, 06:30 PM
exactuary exactuary is offline
Member
 
Join Date: Jan 2002
Posts: 1,033
Default

When you take the market value of assets and divide it by the actuarial value of liabilities you do not have a funded ratio at market.
__________________
An exact actuary
Reply With Quote
  #127  
Old 11-16-2015, 03:11 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

CENTRAL STATES
TEAMSTERS

http://www.qconline.com/news/local/t...499ae1a5e.html

Quote:
Under a provision of the MPRA law, if individual cuts are "too steep and they impact you to the point you can't exist in a manner that's decent, safe and sanitary, there will be no cuts," said Ms. Packett, who has met (with her father) in Washington, D.C., with members of Congress on the issue.

Bills in the House and Senate have been introduced to stop the pension cuts and guarantee threatened retirees and workers a greater voice in deciding their future.

U.S. Rep. Cheri Bustos, D-East Moline, is among 30 co-sponsors -- all Democrats -- of the bill to repeal the MPRA cutback provisions, which were enacted last December (as part of a much larger bill to avoid a government shutdown). Previously, federal private pension law held that plans could not cut retirees' benefits unless the fund was out of money. The new law allows cuts while plans are solvent if they are projected to run out of money within 20 years.

"This is unprecedented and is an ill-conceived and misguided approach to solving the problems facing these plans," according to the Washington-based Pension Rights Center. Retirees also don't have the right to sue the pension fund, Ms. Packett said.

"People are freaking out over 50 or 60 percent cuts," Local 371 President Howard Spoon said after Sunday's meeting. "That's not sustainable. They're not wealthy now."

Representing about 2,000 retirees and 1,350 active members (mostly in the trucking industry), Mr. Spoon is organizing a committee to get retirees mobilized to fight the planned cuts. They would first take effect July 1, Ms. Packett said.

"This is a good turnout. We really needed to do something," Mr. Spoon said of Sunday's meeting. "It needs to keep going."

Republican Rob Portman, of Ohio, co-sponsored the Keep Our Pension Promises Act in the Senate, to protect workers and retirees from benefit cuts. To come up for a vote, the bill must be introduced by the majority party -- which is the GOP in both houses.

Jared Smith, a spokesman for Rep. Bustos, said Sunday that she had sent a letter to the House speaker saying the MPRA should not have been part of the huge omnibus bill, which she did end up supporting.

According to the Treasury Department, all comments on the House bill (HR 2844) must be received by Dec. 7 and can be sent electronically through regulations.gov, or mailed to the Department of the Treasury, MPRA Office, 1500 Pennsylvania Ave. NW., Room 1224, Washington, DC 20220.


http://www.cantonrep.com/article/201...NEWS/151119531

Quote:
The first local meeting about proposed pension cuts, hosted by the Teamsters Local 92 Retirees Club, drew Northeast Ohio union members from Cleveland to New Philadelphia. All participate in the Central States Pension Fund — a multiemployer plan that serves 400,000 truck drivers, construction workers and other active and retired workers in 37 states.
Central States submitted a plan in September to the U.S. Treasury Department to prevent future insolvency. It could reduce benefits by as much as 60 percent.
“It’s going to be devastating,” said Mike Walden, chairman of Northeast Ohio Committee to Protect Pensions.
Walden was joined by Ann Curry Thompson, a pension attorney from Detroit, and Josh Prest, a representative of Sen. Rob Portman’s office, who discussed the plan and took questions during a more than three-hour meeting. They urged Teamsters to contact their elected representatives in support of Portman’s “Pension Accountability Act” and Vermont Sen. Bernie Sanders’ “Keep our Pension Promise Act.”
Portman’s bill would remove the U.S. Treasury’s ability to veto pension participants’ votes and count only the votes cast, instead of counting non-voting members as a “yes.” Sanders’ bill would create money for pensions by taxing the wealthy, Walden said.
Both measures are in response to the Multiemployer Pension Reform Act of 2014, which Congress passed in December as part of a spending bill to avoid government shutdown. It allows pension plans that foresee a funding shortfall to cut benefits while they still have money.

http://journalstar.com/news/local/re...6dc887d1e.html

Quote:
They're not asking for a government bailout, Grant says, although they noticed that huge bailouts have been readily available for banks and Wall Street investment firms.

Grant, Dean and a number of their colleagues have talked with all five members of Nebraska's congressional delegation about the challenge they face, showing up at their town hall meetings and asking questions.

Sen. Deb Fischer has been the most open to a possible congressional probe, Grant says.

A couple of thousand Nebraskans are "in my position," he explains.

"And it came as quite a shock to us."

One retiree who has contacted him would experience a pension reduction of 61 percent, he says.

The U.S. Treasury Department has named Kenneth Feinberg as a special master to oversee the new program that allows certain pension plans to cut benefits for retirees. Before last year's legislative change, plans could cut back on the retirement benefits for active workers, but not on benefits paid to retirees.

Feinberg was special master for the Troubled Asset Relief Program, and after seeing him up close in Washington recently, Grant says he's ready to put his faith in him.

Before cutting benefits, pension plan trustees must submit their proposal to a vote of all participants, including active workers and retirees.

With retirees older than 80 statutorily protected from any cuts, those between 75 and 80 shielded with more limited protections and active workers wanting to take action that will preserve the retirement plan for the future, retirees younger than 75 represent a decided minority of the total vote.

"That tends to stack the vote toward favorable," Grant says, "when we want to turn it down and look at other solutions."

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #128  
Old 11-17-2015, 07:35 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

HYBRID PROPOSAL

http://www.necanet.org/news/news-rel...-pension-plans

Quote:
News Release Archive
TAKE ACTION: TELL CONGRESS TO AUTHORIZE COMPOSITE PLAN DESIGN FOR MULTIEMPLOYER PENSION PLANS
Nov 16, 2015
The nation's multiemployer defined benefit pension plans have provided a secure retirement to America's working families for generations. Since 1946, NECA contractors have contributed to the National Electrical Benefit Fund (NEBF), a viable pension plan which benefits participants, retirees and surviving spouses. This plan serves over 502,000 participating individuals and has over 8,000 contributing employers, making it the fourth largest Taft-Hartley Pension Plan in the United States. In addition to NEBF, NECA contractors contribute to 123 local pension plans covering over 800,000 participants and beneficiaries in the construction industry, with total assets of roughly $30 billion.

The NECA-supported Multiemployer Pension Reform Act of 2014 (MPRA) included several major reforms and brought about a joint effort between management and labor. Unfortunately, the law did not include the important recommendation of creating "composite" benefit plans which are a hybrid between a defined contribution and a defined benefit plan. Allowing plans to transition to composite plan designs is necessary to provide a secure retirement benefit for the electricalconstructionindustry's workers and to protect the fiscal viability of employers that contribute to NECA multiemployer pension plans.

Tell your Member of Congress to authorize composite plan design for multiemployer pension plans!

- See more at: http://www.necanet.org/news/news-rel....9B3m5hbZ.dpuf
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #129  
Old 11-18-2015, 04:31 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

TEAMSTERS
LEGISLATIVE PROPOSAL

https://teamster.org/news/2015/11/te...untability-act

Quote:
Teamsters Support House Introduction of Pension Accountability Act

Legislation Protects Retirees’ Right to Decide the Future of Their Pensions

WASHINGTON) – The Teamsters Union expressed its support today of the introduction of the House companion bill for Sen. Rob Portman’s (R-Ohio) Pension Accountability Act. The bill (HR 4029), which was introduced in the House by Reps. David Joyce (R-Ohio) and Tim Ryan (D-Ohio), would guarantee that the votes of thousands of retirees and participants would not be nullified as part of the process included in the Multi-employer Pension Reform Act (MPRA).
The legislation would eliminate the threat of the Treasury Department nullifying any vote by the retirees and participants if it judges that the insolvency of the fund would be "systemically important" by causing a liability of more than $1 billion to the Pension Benefit Guaranty Corporation (PBGC).
The Pension Accountability Act seeks to fix changes to multiemployer pension law that were attached to the omnibus spending bill passed in December. MPRA allows the Treasury Department to nullify any vote taken by pension participants on proposed cuts in large plans. This bill would change that part of the law by making any vote by participants binding and not subject to overrule by the Treasury Department. The legislation would also change the law so that only those ballots returned in any vote are counted.
“The Pension Accountability Act would ensure that participants and retirees in a pension fund have control over their own future,” said Teamsters General President Jim Hoffa. “They have earned the right to have their votes count as surely as they have earned every penny of the pensions that are being threatened by deep cuts. Legislation like the Pension Accountability Act and the Keep Our Pensions Promise Act (KOPPA) go a long way toward protecting our members’ pensions.”
KOPPA would protect workers and retirees from cuts to their earned retirement benefits. The legislation would restore anti-cutback rules so that retirees in financially troubled multi-employer pension plans would be protected from having their earned benefits cut.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and on Facebook at www.facebook.com/teamsters.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #130  
Old 11-19-2015, 05:06 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,177
Blog Entries: 6
Default

CENTRAL STATES
PROTESTS

http://www.ketv.com/news/protesters-...hicle/36524194

Quote:
Angered by looming pension cuts, protesters disrupt traffic at 72nd and Dodge

OMAHA, Neb. —A group of protesters gathered at 72nd and Dodge streets Wednesday afternoon and one man was struck by a vehicle, police said.

.....
The protesters were retired Teamsters who were protesting possible cuts to their monthly pensions that affect more than 400,000 people. The Teamsters' Central State's $18 billion Pension Fund is seeking approval for cuts -- from $2,800 to $1,281 -- from the U.S. Treasury Department. Some retirees could see their monthly pensions cut in half.

The protesters were crossing the street, moving slowly and blocking traffic because some of the people were in wheelchairs and were using walkers, witnesses said.

They said a car pulled up, bumped one man, backed up, hit another person and drove off.

.....
"They're cutting their pensions (by) 50, 60 and 70 percent," Packett said. "There were other solutions to this problem and nobody's looking at them."

Thomas Nyhan, the pension's executive director, said there's not.

"Math overtakes this," Nyhan said. "No matter what. This has never been a question of if there would be benefit cuts; there were always going to be benefit cuts."

"I work for my pension, paid in my pension and the government," protester Douglas Carlson said. "Washington slipped this bill in where they can take our pensions away."

Nyhan said the deregulation of the trucking industry in the 1980s resulted in the loss of more than 10,000 employers that used to contribute to the fund.

"There's nearly $4 billion in uncollected money, which, had it been invested over time, would've been worth about $10 billion in today's money," Nyhan said.

The federal government refused to bail out the pension, and all proposed bills won't likely pass the Republican controlled Congress.

"We've already had one man in Missouri commit suicide," Packett said. "I mean, this is devastating. We have people that are going from $2,800 down to $1,100 a month. I mean, that's poverty-level for these people."

Unless money magically gets deposited in the pension fund, the proposed cuts will be actually cuts. Still, local Teamsters blame money managers, not the lack of money.

"We cannot keep going the way we're going," Packett said. "This could be you or anyone else in 20 years."
oh look, facebook posts

https://www.facebook.com/Wisconsin-C...2766876914666/

Not sure what they think standing in traffic is going to do, other than get people run over.

(Mary Packett also has a lot of posts on her personal facebook page, but I figure I'll just link the one for the group)
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 07:40 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.28999 seconds with 10 queries