Catatonic
Nine Lives
If I were y'all I'd hate the Demoncrats.
They tell you they love you and sell you down the river.
I guess blind loyalty will do that to one.
Central States Pension Reduction Plan Letter announces Cuts - October 2015
- Thread starter Hofficer Hater
- Start date
They tell you they love you and sell you down the river.
I guess blind loyalty will do that to one.
oldupsman
Well-Known Member
Thoughts? Here's a thought. Any UPS retiree before 2008 is going to get it shoved up their butt.
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Catatonic
Nine Lives
Seems a good possibility.
They have to hope for UPS to come through since the Teamsters are not going to.
Catatonic
Nine Lives
I received a letter from the Central States Pension Fund detailing how I would be affected by the "Proposed Reduction Benefits" enhancement.
Hopefully, everyone will get one of these so they know exactly how they are affected.
I would suggest not posting exactly how yours was reduced or how much it was or how much it was reduced.
You have more to fear from the Teamsters if you do than from UPS.
Hopefully, everyone will get one of these so they know exactly how they are affected.
I would suggest not posting exactly how yours was reduced or how much it was or how much it was reduced.
You have more to fear from the Teamsters if you do than from UPS.
navigator
Well-Known Member
like 1400 amonth
Catatonic
Nine Lives
That sucks ... thanks Carey and Hahfah for that.
P700slave
Well-Known Member
So what does everyone think about the raping that the union is laying on us with the proposed pensions cuts? I have one prediction. If they let the UPS employees take that kind of reduction in pay after killing ourselves our whole life, because of the financial idiocy of other companies, our union days are very short lived. They will fold from lack of membership. You can bank on that.
Ms.PacMan
Well-Known Member
We know that the tier 3 transfer group is only made up of upsers who are still working or worked beyond 2008 and went into the new pension and have a guarantee. It seems that pension cuts not to exceed 40% is hardly a carve out. It's nearly as high as the tier 2 cuts.
I don't get what all the fuss was, about the carve out addition in the act.
oldngray
nowhere special
It looks to me like Central States cut the tier 3 UPS Teamsters by the same amount as others, but then are using UPS agreement to make up the difference.
I agree with you about the carve out. The way I understood it was the pension plan wouldn't be able to make cuts that way but it looks like they did it anyway to force UPS to pay.
The plan still has to be reviewed and OK'ed and the changes are not effective until July 2016. The Feds may not approve the plan as proposed.
Ms.PacMan
Well-Known Member
I don't think it will be as high as the max at 50% because the retirees who once worked for an orphan company but now work for another contributing employer will have those work credits from the orphan co. reduced to 110% of the pbgc guarantee and their current employer credits reduced by a different amount.
That will leave more money to be split amount retirees who never worked for an orphan company.
Ms.PacMan
Well-Known Member
It makes me wonder if UPS will fight the proposal or lobby against it - or did they okay it as a way to help pre 2008 retirees?
oldngray
nowhere special
There was also something about Teamsters from orphan plans with at least 20 years of credit would have some protection also. I didn't pay a lot of attention since it didn't apply to me but that was something I hadn't heard before.
upschuck
Well-Known Member
Just because they have credit, doesn't mean their company paid for those credits. Correct?
oldngray
nowhere special
My main concern is if UPS ends paying more than they feel they should since they already paid their full liability they may try to change it in future contracts.
oldngray
nowhere special
Agreed. Some of those companies shut down without paying what they owed.
Ms.PacMan
Well-Known Member
At some point I'd bet that they grandfather in cspf employees and make them whole but discontinue service pensions and switch entirely to the contributory pension with an "age out" and an early retirement option.
UpstateNYUPSer(Ret)
Well-Known Member
...and they would if they had the funds available to do so.....the truth is the pension fund is broke and UPS did the right thing by taking care of their employees and retirees....
Catatonic
Nine Lives
Should that matter if it is a Teamster Brother or Sister that is getting raped?
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