Central States Pension Cut to be Announced Next Week!!!!!!

Discussion in 'UPS Union Issues' started by Hoffa SUX, Aug 28, 2015.

  1. Hawfuh Sux

    Hawfuh Sux Old Guard Assassin!

    The Central States Pension Fund officials next week plan to announce cuts to retirees and future retires. The cuts will be drastic for over 200,000 current retirees who are expected to take cuts of 30% to 40%.

    The Central States also has 200,000+ active participants that will be affected by the cuts. What percentage of these will vote for Hoffa in 2016? Will these angry 200,000 non-UPS Teamsters show up in mass to vote next year?

    The Hoffa administration was hoping not to announce the cuts until after the 2016 IBT election, but the pension fund is so cash-strapped that the cuts have to be made before the end of the year.

    If even 20% (40,000) of these angry 200,000 angry members cast a ballot...who will they cast it for, Hoffa?

    Any thoughts on this crisis?
     
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  2. RealPerson

    RealPerson Active Member

    Source?
     
  3. 5habits100

    5habits100 Well-Known Member

    There are only 65,000 actives There are 6 retirees for every 1 active.
     
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  4. 5habits100

    5habits100 Well-Known Member

    Lunch room or locker room
     
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Gee, I wonder if this is why they are in trouble.
     
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  6. Mugarolla

    Mugarolla Light 'em up!

    Nope.

    The active money coming in is not supposed to pay for current retirees.

    They are in trouble because too many employers went out of business owing the fund billions.

    They guaranteed 30 and out at $3000 when they did not have the funds for it.

    The stock market took a dump.

    Mis-management.

    You name it, but it is not because there are not enough people paying into it.

    That would be what? .......

    A ponzi scheme.
     
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  7. 5habits100

    5habits100 Well-Known Member

    There is not enough money coming in and too much going out. There is not enough people paying in.
     
  8. 3 done 3 to go

    3 done 3 to go In control of my own destiny

    Is this a factor from the bill passed from the government.? To punish the working man
     
  9. upschuck

    upschuck Avatar bet gone wrong

    He was saying that they are not suppose to get the current distributions from the current contributions, which is correct, nothing can sustain that.

    Mug is correct.
     
  10. oldupsman

    oldupsman Well-Known Member

    No offense, but I won't believe it until it's announced. Because if it's true it will absolutely have an impact on the election.
     
  11. upschuck

    upschuck Avatar bet gone wrong

    Do retirees vote for IBT President?
     
  12. No.
     
  13. upschuck

    upschuck Avatar bet gone wrong

    Didn't think so, so I don't think it will have too much effect on the election. UPSers should have little to none cut.
     
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  14. I hope they don't take too big of a hit.
     
  15. upschuck

    upschuck Avatar bet gone wrong

    Personally I'll feel bad for those guys, but a fund cannot stay viable by paying for 20 year benefit after only taking in 5 years worth.
     
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  16. oldngray

    oldngray nowhere special

    Non UPS Teamsters are at serious risk now but UPS people still are more threatened than at risk.
     
  17. PiedmontSteward

    PiedmontSteward RTW-4-Less

    The clause UPS agreed to that IBT wanted in 2008 has UPS making up the difference for vested credit for retirees in Central States if (and when) it goes under.

    They can't do anything about it now, but this will absolutely be a point of contention in 2018 and it will be used to try and extract concessions from us as they did with healthcare in 2012.
     
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  18. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    We believe in Obama!
     
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  19. Who?
     
  20. Overpaid Union Thug

    Overpaid Union Thug Well-Known Member

    Some community organizer from Ken....uh.....Chicago. I heard he caught Osama Bin laden single handedly.