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Brown Cafe UPS Forum
UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="Bill" data-source="post: 218372" data-attributes="member: 5483"><p><strong>Re: Plan Liabilities: Current vs. Future</strong></p><p></p><p></p><p>You forgot to mention one important factor. You paint a pretty picture that the CS pension is turning itself around slowly. The Teamsters and CS have imposed restrictions on us by forcing us to work more years before collecting less. You are not counting future liabilities as the fund does when measuring funding percentage. The pension fund is currently improving slowly, and one of the reasons is that more of us can't retire after working 30 years because of age restrictions. All this does is delay the funding problems about ten years, and then, when all these employees reach that magical age of 65, the fund will be strained beyond the point it is now. The retirees will outnumber the active participants far greater than they do now. It doesn't take a scientist or an accountant to see this. The real question is: Why should UPS keep pouring money into a fund that can't be fixed? Wouldn't it be better, especially for the younger employees, to start anew, and have UPS just deposit money into UPS employees accounts only? This would insure that we get a decent pension and not have insecurities wondering when CS will go bankrupt. I do the same job as someone in New York, Chicago or California, but my pension is far inferior. Where is the equity in this? It is time to right the sinking ship(CS), and start another fund that invests for UPS people only. This is the only solution.</p></blockquote><p></p>
[QUOTE="Bill, post: 218372, member: 5483"] [b]Re: Plan Liabilities: Current vs. Future[/b] You forgot to mention one important factor. You paint a pretty picture that the CS pension is turning itself around slowly. The Teamsters and CS have imposed restrictions on us by forcing us to work more years before collecting less. You are not counting future liabilities as the fund does when measuring funding percentage. The pension fund is currently improving slowly, and one of the reasons is that more of us can't retire after working 30 years because of age restrictions. All this does is delay the funding problems about ten years, and then, when all these employees reach that magical age of 65, the fund will be strained beyond the point it is now. The retirees will outnumber the active participants far greater than they do now. It doesn't take a scientist or an accountant to see this. The real question is: Why should UPS keep pouring money into a fund that can't be fixed? Wouldn't it be better, especially for the younger employees, to start anew, and have UPS just deposit money into UPS employees accounts only? This would insure that we get a decent pension and not have insecurities wondering when CS will go bankrupt. I do the same job as someone in New York, Chicago or California, but my pension is far inferior. Where is the equity in this? It is time to right the sinking ship(CS), and start another fund that invests for UPS people only. This is the only solution. [/QUOTE]
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Another example of Central States mismanagement
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