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UPS Union Issues
CS pension "Cut out the middle man"
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<blockquote data-quote="area43" data-source="post: 245063" data-attributes="member: 4862"><p>I agree. UPS will challenge the Teamsters on being incompentant based on making Promises(dime a dozen). UPS will challenge the Mep funding law. Folks, I just don't see UPS giving up billions of dollars to a fund thats going bankrupt. I believe they are going to fight it by whatever legal means necessary. Promises, UPS didn't make those promises and I will say, unrealistic pension promises. Projections, Teamster failed or purposely didn't change the retirement plans quick enought to reflect the changing conditions of the fund. They(Teamsters)kept the promises in tact. I'll bring up Social Security as an example. We have know for years, decades that S.S. was going south. Has the feds done much too change that besides raise the age. Are they guilty of making promises that they knew they couldn't keep? Was it a political move by a particular party that kept it the way it was? To secure a voting block, perphaps. Could that party be legally liable for their out right decietfulness? I feel the Teamsters are in the same boat. They kept the pension plan high bennies as a way to keep and retain it membership, but also attract new members. </p><p> </p><p>UPS does not have a endless bank account. I believe 10 billion and above would put it in the red for the first time in a 100 years. Im just talking about the cash on hand. Not assets. I know that can be decieving. Why must UPS be in so called "Double Jeopardy"? Pay now(contributions) and Pay later(buy out). Is UPS being singled out because their the biggest goose? Would the other companies in the fund be held to the same standard? To put 10 billion in a broken fund thats headed for the feds seems irrational. Why not just split it up amongst the exiting active UPS ft workers.</p><p> </p><p>What punishment do the Teamster Br/ass get for putting the fund at an unacceptable level? After all it the MEP was their baby. Do they have to pay anything? Remember UPS didn't make all those promises. Is that what the acceptable funding is based on? Inflated Promises. Again, Teamsters high promises. That could affect the buy out price. </p><p> </p><p>In closing, I just want to say this. Scratch, I hope you don't mind but Iam going to use you as my example. Scratch is a very noble, kind, hard working and great person. Scratch has roughly 24 years ft. Folks, I have 20 years ft time and the fund Im in is at 73 %. I have five years left. Alot can happen. Back to Scratch, Drivers like Scratch,15,20,25 years have the most to lose. CS after the buy out will be headed to the feds. That means Scratch will recieve his 2 ck retirement. One will be from the feds which might only add up to a $1,000 a month and than one from UPS. UPS's ck will vary on how much more Scratch plans to work. Lets just say another 5 grueling years. He than possibley could recieve $500 a month from the company. Scratch does have 8 years pt so that might help. Years total with the company = 30 yrs ft and 8 pt would equal $1500 a month. Folks, that is just not right. I could be a little off on the monthly figure. I hope UPS goes with the plan I suggested. Its been out there. Red, knows. It just was in pieces. I put it together just a few days ago.</p></blockquote><p></p>
[QUOTE="area43, post: 245063, member: 4862"] I agree. UPS will challenge the Teamsters on being incompentant based on making Promises(dime a dozen). UPS will challenge the Mep funding law. Folks, I just don't see UPS giving up billions of dollars to a fund thats going bankrupt. I believe they are going to fight it by whatever legal means necessary. Promises, UPS didn't make those promises and I will say, unrealistic pension promises. Projections, Teamster failed or purposely didn't change the retirement plans quick enought to reflect the changing conditions of the fund. They(Teamsters)kept the promises in tact. I'll bring up Social Security as an example. We have know for years, decades that S.S. was going south. Has the feds done much too change that besides raise the age. Are they guilty of making promises that they knew they couldn't keep? Was it a political move by a particular party that kept it the way it was? To secure a voting block, perphaps. Could that party be legally liable for their out right decietfulness? I feel the Teamsters are in the same boat. They kept the pension plan high bennies as a way to keep and retain it membership, but also attract new members. UPS does not have a endless bank account. I believe 10 billion and above would put it in the red for the first time in a 100 years. Im just talking about the cash on hand. Not assets. I know that can be decieving. Why must UPS be in so called "Double Jeopardy"? Pay now(contributions) and Pay later(buy out). Is UPS being singled out because their the biggest goose? Would the other companies in the fund be held to the same standard? To put 10 billion in a broken fund thats headed for the feds seems irrational. Why not just split it up amongst the exiting active UPS ft workers. What punishment do the Teamster Br/ass get for putting the fund at an unacceptable level? After all it the MEP was their baby. Do they have to pay anything? Remember UPS didn't make all those promises. Is that what the acceptable funding is based on? Inflated Promises. Again, Teamsters high promises. That could affect the buy out price. In closing, I just want to say this. Scratch, I hope you don't mind but Iam going to use you as my example. Scratch is a very noble, kind, hard working and great person. Scratch has roughly 24 years ft. Folks, I have 20 years ft time and the fund Im in is at 73 %. I have five years left. Alot can happen. Back to Scratch, Drivers like Scratch,15,20,25 years have the most to lose. CS after the buy out will be headed to the feds. That means Scratch will recieve his 2 ck retirement. One will be from the feds which might only add up to a $1,000 a month and than one from UPS. UPS's ck will vary on how much more Scratch plans to work. Lets just say another 5 grueling years. He than possibley could recieve $500 a month from the company. Scratch does have 8 years pt so that might help. Years total with the company = 30 yrs ft and 8 pt would equal $1500 a month. Folks, that is just not right. I could be a little off on the monthly figure. I hope UPS goes with the plan I suggested. Its been out there. Red, knows. It just was in pieces. I put it together just a few days ago. [/QUOTE]
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