Wally
BrownCafe Innovator & King of Puns
Has zero to do with the company. Their contributions are the same.
Central States going broke---
- Thread starter rod
- Start date
Their contributions are based on 40 hours so any overtime money you lost is back into a company pocket
I know you're not talking about mine.
I believe yours is slightly underfunded. And you retired with a very large health care bill and no guarantees on your pension
Ours is not underfunded, it's in good shape. You're thinking of someone else.
Wally
BrownCafe Innovator & King of Puns
Nope, it goes it the pension fund.
You better check again
Wally
BrownCafe Innovator & King of Puns
All we did was add to the original amount going in. Our contribution doesn't enrich the company in any way.
It only goes by 40 hours
oldngray
nowhere special
All of those OT hours don't count.
Correct in a company is pocketing the overtime money
Wally
BrownCafe Innovator & King of Puns
Right. So I guess we add even more for those overtime hours.
I'm telling you the pension is based on 40 hours over time does not go into the calculation
Those employers took advantage of tax and bankruptcy laws to escape their obligation. But many are still in business with re-iterations of ownership and name changes. Some even kept their name after stiffing their pension obligation...eg Hostess.
BTW, guess which political party pushed those laws through? Hint...check out the first law passed under GW in 2001.
Wrong. The CSPF was constrained by law to not reduce retiree benefits which would've helped their funding shortfalls. The head administrator Tom Nyhan of CSPF introduced a plan to keep the CSPF solvent in 2010. No action was taken by the Republican controlled Congress. When the opportunity to reduce benefits arose in late 2014, the new more drastic CSPF plan was rejected by the Treasury dept as "insufficient" to avoid their eventual collapse. UPS lobbied heavily against that plan.
wilberforce15
Well-Known Member
Just another fund being bled dry by Locusts / Boomers. They weren't satisfied with killing social security and medicare.
1989
Well-Known Member
You got a 25% extra pension payout in 2020.
1989
Well-Known Member
Are you sure? Mine is the first 2080 hours worked. Straight time and overtime. Rarely get contributions in November, and never in December.
They only contribute 2080 total so if you work more than that you're not going to pay an extra nickel in
DELACROIX
In the Spirit of Honore' Daumier
If you are under the IBT/UPS pension the weekly monetary contributions per article 34 do not apply. It applies only to the union controlled “Monetary Contribution Pension Plans” like Peer 80 and most of the Western Conference.
The IBT/UPS plan is a “Defined Pension Plan” which only has to contribute at the end of the year to cover the promised benefits.
1989
Well-Known Member
You said based on 40 hours, not 2080. There is a big difference.
