Question

[Grrr]

"Hope for the best and prepare for the worst."

I have the first half covered.

Now, the latter.

As of right now, there is no reason to assume we or the Union will be around in after June of 2015.  According to past events, we might be the last of the big 3 to go.  Or if we are here, we might be working for non union checkout counter wages of $11 an hour.

If this is the case,

1) How much of our pension will we receive?
2) For how long?
3) What is our pension funded at now?
4) What will our pension be funded at after this June with all the new people being laid off?

I'm not looking for guesses.  I hope Buzz can reach out and get some hard numbers

[MOOSE1742]

go to a union meeting!

[Buzz]

http://atu1181.org/wp-content/uploads/2012/06/Pension-SPD-4-1-12.pdf

[snypster]

I was told that 1181 pensions  are NOT INSURED BY THE  PBGC, therefore that chart does not apply to us. I called the PGBC yesterday and they  told me that 1181 pensions are not insured by the PBGC. I then called the union and spoke to the pension department to confirm this.They told me that since 1181 pensions are privately funded,they are not insured by the PBGC.

[Buzz]

I was told that 1181 pensions  are NOT INSURED BY THE  PBGC, therefore that chart does not apply to us. I called the PGBC yesterday and they  told me that 1181 pensions are not insured by the PBGC. I then called the union and spoke to the pension department to confirm this.They told me that since 1181 pensions are privately funded,they are not insured by the PBGC.

Why are you purposely trying to deceive people? The union did not tell you that, nor did the PBGC. I do not believe you spoke to anybody. Privately funded pensions are the ONLY kind of pensions insured by the PBGC and we ARE insured by them ...  http://search.pbgc.gov/search/InsuredPlans/InsuredPlans?query=division+1181&filter=c&ipcol=pn&ipsv=&page=1&tab=ip

Guess you'll have to find another way to try to discredit our union.

[Stugots]

Snypster you are a liar.  The website is for good information and your taking that away,  I spoke to someone in the pension dept  today and
they told me that we are covered.  You are fabricating stories. 

[yabba]

whats going on with the EPP... the last 4000 runs bids get accepted in 2 more weeks... guess we will see by middle of may if 1181 will be around and us after 6-30-2015

[snypster]

I do my research before i make comments. The number for the PBGC is 1-800 400-7242. why dont you call them up and see if 1181 is listed as being insured with them?  I also talked to the pension department at the union and they told me the same thing.  i am not fabricating stories and i wish it were not true. do your research before calling me a liar. the  1181 pension has a private insurance company according to the union, but NOT THE PBGC, so that chart is irrelevant ,and by the way i have been in the 1181 union for 23 years,i go to all the meetings and believe cordiello is doing a good job given the circumstances,so i am not trying to discredit the union at all. 

[Stugots]

It's two different entities.

[snypster]

listen,i saw buzzes link that said  1181 pensions are insured by the PBGC. I hope that is true,but when i called the PBGC,they said 1181 was not listed. I then called the unions pension department and they also told me that the PBGC did not insure our pensions, but not to worry because the pension fund is in good shape right now and the pensions would be good for 15 years until the pension fund would then be compromised. I have no reason to lie or spread misinformation.This is what i was told. My pension is at stake here also. I hope buzz is right and i am wrong

[snypster]

i called the union, i hit the extension for the pension department, a lady answered the phone{ i did not get her name}she told me the pension was not insured by the PBGC since it was a private pension plan. She then told me  not to worry because the pensions were good for 15 years ,if there is a worst case scenario. She then said that after 15 years ,the pensions would be compromised.She then said,after that point,the union would talk to their insurance company{not the PBGC} in regards to lowering pension payments. When I asked her for more  information regarding payments and details,she told me that i would have to contact  Robert D'iUlisse for anymore information.  it is possible she gave me misinformation{ i hope she did} but i would not intentionally spread misinformation. As far as the PBGC, i was on the phone awhile with the operator and she said she could not find an 1181 atu plan. I guess it is possible,the lady at the PBGC was wrong also,but this is what I was told. why doesnt someone else call the PBGC to find out?,since  this is an important issue

[Buzz]

listen,i saw buzzes link that said  1181 pensions are insured by the PBGC. I hope that is true,but when i called the PBGC,they said 1181 was not listed. I then called the unions pension department and they also told me that the PBGC did not insure our pensions, but not to worry because the pension fund is in good shape right now and the pensions would be good for 15 years until the pension fund would then be compromised. I have no reason to lie or spread misinformation.This is what i was told. My pension is at stake here also. I hope buzz is right and i am wrong

If what you say is true, I apologize. But I have to ask ...

Did you get the name of the person you spoke to at the union? Did you ask PBGC why THEIR website says we're insured by them? Something's not right.

[Buzz]

I was told that 1181 pensions  are NOT INSURED BY THE  PBGC, therefore that chart does not apply to us.

BTW ... The chart came from the fund director.

?  ?  ?

[snypster]

 No,i did not get the ladys name at the union that i spoke too.{Now I realize i probably should have}When i called the PBGC, i did not know that 1181 was listed on their website,because i never looked.I just called the the phone number and  spoke to a representative. After i posted what  i was told{ which i am now sorry that i did} i saw your post and link that showed 1181 on their website. I tried to call the PBGC tonight to confirm this, but they are closed. I will certainly call the PBGC  tomorrow and hopefully confirm what you are saying,Buzz. 

[snypster]

  I am no expert,but according to  the PBGC website,the multiemployer plan [ which i believe applies to 1181,correct me if I am wrong] has a 8.3 billion dollar deficit. Now after reading this,i hope we are privately insured    ttps://www.pbgc.gov/res/annual-reports/multiemployer-plan-news-and-info.html      { if the link does not work,go to the PBGC website,click on VIEW MULTIEMPLOYER PLAN INFO and scroll to the bottom of the page where it says  PBGC PROGRAM IS FINANCIALLY STRAINED}