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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="ezrider" data-source="post: 52930"><p>Wkmac </p><p> </p><p>In the article that my2cents provided a link for, there were benefits of $5000 to $6000 a month being handed out at one point. It's not out of the realm of possibility that in areas such as New York where real estate, healthcare , etc. can be as much as double or more the price compared to other parts of the country where a monthly payout could reach $7000. In any case that situation would be an exception to the collective economic conditions that pertain to the majority of hourlies affected to the issue at hand so it's a moot point regardless and not a very strong selling point for APWA recruitment. Even if the company could afford to pay that amount, which of course they can't, they never would anyway since they wouldn't have to. </p><p> </p><p>An article in the May 5th edition of <em>Wall Street Journal</em> paints a potentially ugly scene for companies saddled with underfunded pension plans. Due to PBGC having to absorb so many failed plans from the steel and airline industry it is very likely that the premiums that PBGC collects from companies to comprise it's budget may more than likely double. In addition to that increase, there is also a measure that could implement a variable rate from year to year on the increase if the legislation passes. </p><p> </p><p>That's about as bad of a direction as this storm could have taken for a company that likes to operate on the premise of long range strategic planning under fixed costs. Granted 2008 is three years away, but this is one dark tunnel and and not any light in sight. We are going to have to find a way to get our goals alligned with thiers or none of us are going to reach retirement.</p></blockquote><p></p>
[QUOTE="ezrider, post: 52930"] Wkmac In the article that my2cents provided a link for, there were benefits of $5000 to $6000 a month being handed out at one point. It's not out of the realm of possibility that in areas such as New York where real estate, healthcare , etc. can be as much as double or more the price compared to other parts of the country where a monthly payout could reach $7000. In any case that situation would be an exception to the collective economic conditions that pertain to the majority of hourlies affected to the issue at hand so it's a moot point regardless and not a very strong selling point for APWA recruitment. Even if the company could afford to pay that amount, which of course they can't, they never would anyway since they wouldn't have to. An article in the May 5th edition of [i]Wall Street Journal[/i] paints a potentially ugly scene for companies saddled with underfunded pension plans. Due to PBGC having to absorb so many failed plans from the steel and airline industry it is very likely that the premiums that PBGC collects from companies to comprise it's budget may more than likely double. In addition to that increase, there is also a measure that could implement a variable rate from year to year on the increase if the legislation passes. That's about as bad of a direction as this storm could have taken for a company that likes to operate on the premise of long range strategic planning under fixed costs. Granted 2008 is three years away, but this is one dark tunnel and and not any light in sight. We are going to have to find a way to get our goals alligned with thiers or none of us are going to reach retirement. [/QUOTE]
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