Central States Pension Reduction Plan Letter announces Cuts - October 2015

[Orion inc.]

I'm pretty sure the letter stated ups employees and retirees wouldn't be affected by the proposed cuts. I only glanced over it though tonight.

 

[Mugarolla]

As it transitions to a strictly UPS pension it wouldn't cost either Central States or UPS much to anything to remain in the contract. I would think the union would want to keep it as a meaningless (and no cost) PR gesture.

Those of us who have 10 to 30 years in CSPF and the rest in the UPS fund will be outnumbered in 10 years by those strictly in the UPS plan, or with very few years in the CSPF.

It will still cost UPS millions to make up our cuts from age 65 and beyond.

As we all die out, their liability will be zero, but that could be 30 to 40 years down the road.

I know as we die, UPS will be paying less and less, but they will still be paying until we are all gone.

This is all contingent upon whether we actually receive any cuts.

 

[Mugarolla]

Still better than what it would have been if they did not buy out of a failing fund.

I agree.

 

[balland chain]

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.

A person I worked with called and was told this is a done deal… Those are the exact words used… NObody to blame for this except CENTRAL STATES PENSION FUND AND ITS TRUSTEES… the former trustees responsible for getting their hands on the pension ( watch the movie CASINO, and listen at the beginning of the movie and you will hear where the casino's are getting money, YUP YOU WILL HEAR IN THE MOVIE The Central States Pension fund.. )OH they are relaxing on an island….

 

[balland chain]

Who you kidding ... you know you were a huge, huge Carey supporter.

But, you may be hitting a homer with this observation.

Ron Carey is not to blame for this…. The Central states pension fund & the TEAMSTERS ( WAKE UP PEOPLE ) who gave equal amounts to all retirees without requiring THE TRUCKING COMPANIES TO CONTRIBUTE THE SAME AMOUNT UPS DID.. Simple math that even most idiots would realize the money will runout…well I feel for my former co workers...

 

[Wally]

Grandpa is screwed.

 

[balland chain]

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.

I would

Grandpa is screwed.

Sadly,,,very sadly… My former coworker was getting 1700 a month and is now going to get 500….

 

[balland chain]

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.

I would

Thoughts? Here's a thought. Any UPS retiree before 2008 is going to get it shoved up their butt.

No only were you screwed daily at UPS, WAIT… You retired to enjoy family you never saw because all you did was go to work for 12-14 hours a day, and now drop em, we are getting you again...

 

[balland chain]

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.

Sadly the GOP only cares about big business…this is proof….

 

[UpstateNYUPSer(Ret)]

I hope this serves as a wake-up call to the rest of us that the pension should not be your sole means of retirement income.

 

[Lead Belly]

I hope this serves as a wake-up call to the rest of us that the pension should not be your sole means of retirement income.

Words to live by.

 

[10 point]

I was a 23years old during the strike. I liked picketing. I didn't know Ron Carey from Jim Carey back then. I was worried about getting friend up and sex with as many women as I could. Knowing what I know now I know Ron Carey screwed central states pension fund bad. He upped the pension for the election. It was political. For this I think he is responsible.

Maybe it was the issue of the company offering the extra $1000/mo and then the IBT worrying about how many would cross the strike line because the fund already lost about $640 million that year.

Many, and I mean MANY hourlies vocalized that they would rather have the company have and manage their pensions.

Right or wrong, that is a sign.

 

[CoolArrow]

People thinking they were going to retire soon now will not at all. Drivers will have to work 40 plus years or until they can supplement with 401k and social security. Guys already retired having their fixed income slashed more than half its serious stuff.

 

[Ms.PacMan]

Well if UPS is covering my @ss, then why did I get a letter notifying me of them cutting my earned money per month so far, from 1725$ down to 530$?

That's 69%.

I figured it out. The max cuts of 40% and 50% only apply if we had more than 20 yrs of service in CS.

 

[realbrown1]

This is because pension plans are ponzi schemes relying on contributions from new workers to partly pay for retired workers.

They should be set up like 401k plans with their individual accounts.

Money put in by you, is for you and you alone.

Then when you retire, you buy an annuity with your money.

 

[Catatonic]

This is because pension plans are ponzi schemes relying on contributions from new workers to partly pay for retired workers.

They should be set up like 401k plans with their individual accounts.

Money put in by you, is for you and you alone.

Then when you retire, you buy an annuity with your money.

Buying an annuity with the same monthly payment costs over twice as much in 2013 as it did in 2006.

 

[ezmoney5150]

This is because pension plans are ponzi schemes relying on contributions from new workers to partly pay for retired workers.

They should be set up like 401k plans with their individual accounts.

Money put in by you, is for you and you alone.

Then when you retire, you buy an annuity with your money.

Thats just too funny. LOL! Truck drivers that can invest. If they could invest they wouldn't be truck drivers. They would be on Wall St. Some do. I do invest. I lost 40% of my investments in 2008 When the banksters tanked the stock market and our economy. 401K was dreamed up by corporations so they could get out of pension funds. God forbid a corporation looking out for an employee that was loyal for 30 years.

 

[CoolArrow]

Disregard previous comments apparently I didn't understand UPS agreed to cover current employees pensions.

 

[BakerMayfield2018]

Disregard previous comments apparently I didn't understand UPS agreed to cover current employees pensions.

Delete them. One was absolutely uncalled for and reported by me anyhow .

 

[realbrown1]

Buying an annuity with the same monthly payment costs over twice as much in 2013 as it did in 2006.

And....?