Central states/Teamsters pension fun

[anHOURover]

I just want to know what the solution is?

Employees choice on what to do with the massive amount of money that ups is giving to the teamsters.
Would you keep putting money into a car that keeps dying on you and is worth nothing ?
That's what we are doing right now.
It's already a fact some of us will have little of what was PROMISED!
It wouldn't be the first time the teamsters screwed up something.
Do you see all the companies at this very moment trying to get out of the sinking ship?
It's going to get worse.
It's kind of reminds me of the multi lever marketer who harasses the heck out of your to switch your cable, internet , phone , electricity , and gas. Sure they fooled a lot of ppl into buying into the scam but in the end it's just a pyramid scheme. Nobody wants my 300 cases of vitamin I'm trying to sell. Or the green tea from herbal life.
That's where we are unfortunately with the pension.
The IBT big wigs put a dent into the fund. THEY CANT ORGANIZE A BJ FROM A HOOKER
CAN YOU BLAME SOMEONE FOR NOT wanting to join a union where your vote means. O thing on contracts ? Can you blame them for not wanting to join a union where you pension will most likely not be there ?
FACT

 

[brownmonster]

The ones in the central part of the country

There is a central supplement separate from the central states pension fund. I believe Florida and Georgia drivers are in the CSPF.

 

[Wally]

Employees choice on what to do with the massive amount of money that ups is giving to the teamsters.
Would you keep putting money into a car that keeps dying on you and is worth nothing ?
That's what we are doing right now.
It's already a fact some of us will have little of what was PROMISED!
It wouldn't be the first time the teamsters screwed up something.
Do you see all the companies at this very moment trying to get out of the sinking ship?
It's going to get worse.
It's kind of reminds me of the multi lever marketer who harasses the heck out of your to switch your cable, internet , phone , electricity , and gas. Sure they fooled a lot of ppl into buying into the scam but in the end it's just a pyramid scheme. Nobody wants my 300 cases of vitamin I'm trying to sell. Or the green tea from herbal life.
That's where we are unfortunately with the pension.
The IBT big wigs put a dent into the fund. THEY CANT ORGANIZE A BJ FROM A HOOKER
CAN YOU BLAME SOMEONE FOR NOT wanting to join a union where your vote means. O thing on contracts ? Can you blame them for not wanting to join a union where you pension will most likely not be there ?
FACT

So, as you see it, all problems are solved if the funds were given directly to the employee for investment?

 

[anHOURover]

So, as you see it, all problems are solved if the funds were given directly to the employee for investment?

NO I DID NOT SAY THAT

 

[anHOURover]

So, as you see it, all problems are solved if the funds were given directly to the employee for investment?

Teamsters leadership could stop imposing contracts.
That would attract new members
They could actually be successful in organizing
I'm going to leave you with a quote from the last LEADER the IBT has had.
"HOW CAN YOU ATTRACT NEW MEMBERS WHEN YOU ARE SELLING OUT THE ONES YOU ALREADY HAVE?"
FACT

 

[Over 70]

NO I DID NOT SAY THAT

FACT

 

[Brownslave688]

I just want to know what the solution is?

Simple. Have that money go to our 401k. We all retire multimillionaires.

 

[oldngray]

Simple. Have that money go to our 401k. We all retire multimillionaires.

No way the union will ever give up control of that money.

Besides the members can't be trusted to invest for themselves.

Right?

 

[IVE GOTTA PACKAGE 4U]

Simple. Have that money go to our 401k. We all retire multimillionaires.

But that's not going to help the retired guys.
UPS is contributing a ton of money and many aren't getting the benefits of it.

 

[Wally]

No way the union will ever give up control of that money.

Besides the members can't be trusted to invest for themselves.

Right?

What if it was a controlled contribution?

 

[oldngray]

What if it was a controlled contribution?

What do you mean?

Control of how the members invest in a 401k? Good idea because sadly some people are completely incapable of managing their own money.

My point was that won't happen as long as the Teamsters have any say in the matter.

 

[IVE GOTTA PACKAGE 4U]

What do you mean?

Control of how the members invest in a 401k? Good idea because sadly some people are completely incapable of managing their own money.

My point was that won't happen as long as the Teamsters have any say in the matter.

We would need a better 401k plan with some active management and more choices.

 

[Brownslave688]

But that's not going to help the retired guys.
UPS is contributing a ton of money and many aren't getting the benefits of it.

There isn't a good answer for that

 

[Brownslave688]

What do you mean?

Control of how the members invest in a 401k? Good idea because sadly some people are completely incapable of managing their own money.

My point was that won't happen as long as the Teamsters have any say in the matter.

tonight

 

[Notretiredyet]

Simple. Have that money go to our 401k. We all retire multimillionaires.

So you are willing to walk away from a pension you've been paying into all these years and start having that money put into your 401k instead? Hope you have a lot of years left. Thats the problem with that idea as those nearing retirement would really get hosed. My biggest issue is that everyone places blame on the teamsters and yes they had a part in it. But not once has our TDU friends mentioned deregulation or companies like Hostess and Yellow Freight who walked away from hundreds and hundreds of millions in pension liabilities, leaving the rest of us paying their retirees benefits. This will eventually become a non issue as the pre 2008 hires are in the UPS/IBT pension but something needs to be done to assure UPS will make its retirees benefits whole from pension losses that may occur from the demise of the CSPF.

 

[Brownslave688]

So you are willing to walk away from a pension you've been paying into all these years and start having that money put into your 401k instead? Hope you have a lot of years left. Thats the problem with that idea as those nearing retirement would really get hosed. My biggest issue is that everyone places blame on the teamsters and yes they had a part in it. But not once has our TDU friends mentioned deregulation or companies like Hostess and Yellow Freight who walked away from hundreds and hundreds of millions in pension liabilities, leaving the rest of us paying their retirees benefits. This will eventually become a non issue as the pre 2008 hires are in the UPS/IBT pension but something needs to be done to assure UPS will make its retirees benefits whole from pension losses that may occur from the demise of the CSPF.

Ponzi scheme.

 

[Non sequitur]

Don't negotiate against yourself 87brown. What kind of % of 401k matching are you considering? Pick a # and then we can do the math to see how much the company will save by switching to 401k over pension.

 

[UpstateNYUPSer(Ret)]

A 401k match would not come close to being equal to their current contribution rate.

Put what is currently going in to our pensions directly in to our individual 401k's.

Segregate that part and restrict any borrowing from just that portion.

 

[Non sequitur]

Exactly my point

 

[upschuck]

A 401k match would not come close to being equal to their current contribution rate.

Put what is currently going in to our pensions directly in to our individual 401k's.

Segregate that part and restrict any borrowing from just that portion.

I bet I put in more than ups contributed to pension.

Would hurt the lower income employees much more than the higher.