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Brown Cafe UPS Forum
UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="Cezanne" data-source="post: 230780" data-attributes="member: 5104"><p>Was told an interesting quote that between the ages of 50 to 65 one quarter of the male population meets their maker. The longer any benefit plan either pension or health and welfare, private or governmental keeps you from retiring the better their odds of keeping their trusts healthier. With medical costs continuing to climb and most of us living longer companies are raising the retirement age to lower the number of years for responsibility of covering their retirees. Most of us will lose our company health insurance when medicare kicks in at age 65. </p><p> </p><p>One of the reasons why the Central States trust is in trouble is that the teamster leadership by their very nature has to be concerned with the wishes of it's membership. All of us been crying for an early retirement since the early 90's. The failed attempt of UPS taking over in l997 and political pressure from the international forced the Central States trustees to match what the company offered, even when they knew that the active contributing participants have been declining for years. </p><p> </p><p>Why is that the company controlled pension and health and welfare trusts did so well in comparison. The very nature of any corporation is to make a profit over any concern of it's employees, basically you are a human resource. Just study your history for anybody in the Central States area, just how many teamster members retired with a full pension benefit under any UPS company controlled pension plans (mostly part-timers). Think of the turn over even with those part timers who became vested (5 years). Basically nothing is going out of the plan, so it continues to collect interest without the company providing additional monetary contributions. Management employees are really the only drain on their pension plans, most of the union participants will only get the table crumbs considering the unequal funding of the plan.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 230780, member: 5104"] Was told an interesting quote that between the ages of 50 to 65 one quarter of the male population meets their maker. The longer any benefit plan either pension or health and welfare, private or governmental keeps you from retiring the better their odds of keeping their trusts healthier. With medical costs continuing to climb and most of us living longer companies are raising the retirement age to lower the number of years for responsibility of covering their retirees. Most of us will lose our company health insurance when medicare kicks in at age 65. One of the reasons why the Central States trust is in trouble is that the teamster leadership by their very nature has to be concerned with the wishes of it's membership. All of us been crying for an early retirement since the early 90's. The failed attempt of UPS taking over in l997 and political pressure from the international forced the Central States trustees to match what the company offered, even when they knew that the active contributing participants have been declining for years. Why is that the company controlled pension and health and welfare trusts did so well in comparison. The very nature of any corporation is to make a profit over any concern of it's employees, basically you are a human resource. Just study your history for anybody in the Central States area, just how many teamster members retired with a full pension benefit under any UPS company controlled pension plans (mostly part-timers). Think of the turn over even with those part timers who became vested (5 years). Basically nothing is going out of the plan, so it continues to collect interest without the company providing additional monetary contributions. Management employees are really the only drain on their pension plans, most of the union participants will only get the table crumbs considering the unequal funding of the plan. [/QUOTE]
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Another example of Central States mismanagement
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