Central States Pension - UPS will not cover difference ?

[5habits100]

Actually, I didn't know what Local it was, but remembered a poster on this site (who listen to very carefully) saying that their local was in the Central Region, but not in Central States.

If you listen, and have a good memory, you can pick up clues and connect the dots here.

WHAT

 

[RealPerson]

Who thinks this language will be taken out of the upcoming contract?

 

[Catatonic]

I am one of the 100 or so, officers and agents that are "grandfathered" into the new UPS plan.

-Bug-

I know of more than just one.
TeamCare and Central States, although the same company are different plans. One is healthcare and one is pension. The reason for my response is someone attempting to say union officials don't care because they have a separate plan. There are less than half of the "grandfathered" agents that were around in 2007.
We shall not make a wager but I will let you buy me lunch.

It appears BUG is 'grandfathered'

 

[beentheredonethat]

Who thinks this language will be taken out of the upcoming contract?

It's almost a certainty that UPS will not continue this in the contract. The people already retired will be left to rot by both UPS and the teamsters. We've already paid for central states twice. Once when they were workign and again by a 6+Billion dollar withdrawal. I think UPS did a calculation that it wouldn't go insolvent by the next contract. Now it's likely it will and UPS won't want to pay for non current workers. I also see a two tier wage finally going in and a move to more 401K.

 

[DDD1983]

You mean it should be at the forefront of your supplement?

Yours to you think your pension safe. You've been in it for more than 20 years, they're going to figure out a way to tempt younger guys with a 401k and they'll bite only to realize when they're in their late fifties that they couldn't manage the money and spin it on boats guns trucks with no discipline and now they're broke. A defined benefit pension is a better option.

 

[Catatonic]

Yours to you think your pension safe. You've been in it for more than 20 years, they're going to figure out a way to tempt younger guys with a 401k and they'll bite only to realize when they're in their late fifties that they couldn't manage the money and spin it on boats guns trucks with no discipline and now they're broke. A defined benefit pension is a better option.

For Neanderthals?
For children?
Maybe.

 

[UnconTROLLed]

Nothing would make me more happy than to shred the pensions to bits, and go to a 401k match, or something along those lines.

 

[DDD1983]

Nothing would make me more happy than to shred the pensions to bits, and go to a 401k match, or something along those lines.

Again 75% of people would not manage the 401 correctly or put the money in the first place if it goes into their bank account they're going to burn it on toys guns liquor vehicles. yes maybe the portion that UPS would match would be safe but then would it grow like a large pension fund. And then unlike a pension fund the money would run out before they die. This country lives on pension plans like ours. They figure out a way to steal our money legally only to tell us oh well it's a downturn but don't take your money out. It's a vicious cycle what you gon do?

 

[Catatonic]

Again 75% of people would not manage the 401 correctly or put the money in the first place if it goes into their bank account they're going to burn it on toys guns liquor vehicles. yes maybe the portion that UPS would match would be safe but then would it grow like a large pension fund. And then unlike a pension fund the money would run out before they die. This country lives on pension plans like ours. They figure out a way to legally only to tell us how well it's a downturn but don't take your money out. It's a vicious cycle what you gon do?

Increase the percent Soc Sec Tax deducted from the employees.

 

[wide load]

Yours to you think your pension safe. You've been in it for more than 20 years, they're going to figure out a way to tempt younger guys with a 401k and they'll bite only to realize when they're in their late fifties that they couldn't manage the money and spin it on boats guns trucks with no discipline and now they're broke. A defined benefit pension is a better option.

Already addressed in NE with our hybrid plan.

 

[Article 3]

It's almost a certainty that UPS will not continue this in the contract. The people already retired will be left to rot by both UPS and the teamsters. We've already paid for central states twice. Once when they were workign and again by a 6+Billion dollar withdrawal. I think UPS did a calculation that it wouldn't go insolvent by the next contract. Now it's likely it will and UPS won't want to pay for non current workers. I also see a two tier wage finally going in and a move to more 401K.

UPS's math isn't that ignorant.

 

[UnconTROLLed]

Again 75% of people would not manage the 401 correctly or put the money in the first place if it goes into their bank account they're going to burn it on toys guns liquor vehicles. yes maybe the portion that UPS would match would be safe but then would it grow like a large pension fund. And then unlike a pension fund the money would run out before they die. This country lives on pension plans like ours. They figure out a way to steal our money legally only to tell us oh well it's a downturn but don't take your money out. It's a vicious cycle what you gon do?

What other people do with their money is their concern. From what I see and know, the less a union like the IBT and gov't is involved in managing my retirement, the better off I'll be (if I make it there). Irresponsible lifestyle, and spending is not a problem I have. Yes it's selfish, but no one else is going to look out for #1, nor care about #1 when the pensions go south.

 

[DDD1983]

What other people do with their money is their concern. From what I see and know, the less a union like the IBT and gov't is involved in managing my retirement, the better off I'll be (if I make it there). Irresponsible lifestyle, and spending is not a problem I have. Yes it's selfish, but no one else is going to look out for #1, nor care about #1 when the pensions go south.

True but it's the system chosen for us long before we started at UPS and it is ours now to either change improve for like I say when I go to the car dealership take it dry.

 

[BigUnionGuy]

Unfortunately for most in the Central States plan, officers and agents of the Union have a separate pension plan.

I was hoping.... you were going to elaborate on this fallacy.

Walk it back.



-Bug-

 

[Bubblehead]

I was hoping.... you were going to elaborate on this fallacy.

Walk it back.



-Bug-

Have you been a @BigUnionGuy long enough to be eligible for an Affiliates Pension?

 

[BigUnionGuy]

Have you been a @BigUnionGuy long enough to be eligible for an Affiliates Pension?

The IBT Affiliates plan ?

My Local never payed in to it.


How about your Local?



-Bug-

 

[Bubblehead]

The IBT Affiliates plan ?

My Local never payed in to it.


How about your Local?



-Bug-

They must have, as Jimmy M is planning his retirement and claims to be getting something from it.

 

[BigUnionGuy]

They must have, as Jimmy M is planning his retirement and claims to be getting something from it.

Hmm.

Worth checking into.

It has to be listed on the Local's expenses.


Do the Officers and Agents, get a severance from your Joint Council ?



-Bug-

 

[Bubblehead]

Hmm.

Worth checking into.

It has to be listed on the Local's expenses.


Do the Officers and Agents, get a severance from your Joint Council ?



-Bug-

The ones who are on Joint Council do get a check for their efforts.

 

[DDD1983]

The ones who are on Joint Council do get a check for their efforts.

Look Union officials should get the same pension plan as their membership not a second and third. Then we wouldn't have the problems that we're having in the Central States plan or any other for that matter. Membership needs to grow some and they will. That's why I'm getting a response from you gentlemen. I would be nervous.