Attn. 705 Red What's the scoop on 705's Pension Trouble?

Discussion in 'UPS Union Issues' started by slantnosechevy, May 18, 2012.

  1. slantnosechevy

    slantnosechevy Active Member

  2. bbsam

    bbsam Moderator Staff Member

    705 shows up here still?
     
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    He sent me a very enlightening PM the other day.
     
  4. bbsam

    bbsam Moderator Staff Member

    Oh. Lucky.
     
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Suffice it to say that he brought clarity to an insane situation.
     
  6. toonertoo

    toonertoo Most Awesome Dog Staff Member

    Can you share?
     
  7. CRASH501

    CRASH501 New Member

    you kinda have to assume that there is a reason it was a Private Message
     
  8. over9five

    over9five Moderator Staff Member

    Are you sure it was him?
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Good point and one of the reasons I am not posting it here.
     
  10. slantnosechevy

    slantnosechevy Active Member

    Word from someone in Joint Council 25 is Local 705's Pension is rated "critical". According to him the plan lost over 1 billion due to bad investing. It's total worth is now less than 1 billion. Supposedly they invested heavily in real estate looking for more bang for their buck. What a cluster of idiots for trustees. They're going to have to call in the National Guard because chaos is right around the corner.

    What a complete reversal to Local 710 who's pension is worth 2 billion and in the green. Pat Flynn should be president of the International.
     
  11. Brown to Brown

    Brown to Brown New Member

    wow, critical? not what i heard