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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="ok2bclever" data-source="post: 52993"><p>That isn't a UPS worker thing, it's human nature to wait and let someone else do it. </p><p> </p><p>As for the 7000 part, it is easy to promise a figure, but that doesn't mean it is supportable. </p><p> </p><p>Realize, I am not necessarily saying it isn't supportable as I admit I am not a qualified financial CPA or anything. </p><p> </p><p>However, as I have stated before UPS is a relatively young workforce so the system hasn't been actually tested on whether it can support itself. </p><p> </p><p>The greatest asset the UPS only funds have is superb demographics, few retirees, lots of workers. </p><p> </p><p>Obviously, switching to a UPS only pension fund would create a superior fund for UPS people at this time as the percentage of retired and retiring non-UPS Teamsters is far higher than the amount that are UPS people. </p><p> </p><p>That will change in time, but for now it would benefit us for the section involved in the new fund. </p><p> </p><p>The danger is that switching would hasten or directly cause the collapse of the old fund and as I understand it under current policies we would be drawing from the old fund for all credit so far and from the new fund for future credit. </p><p> </p><p>For those of us with significant time in the old fund anything that contributes to it's collapse would not be a good thing as we would lose 2/3rds of our monthly income if/when that happens. </p><p> </p><p>Nothing is simple and where money is concerned, especially retirement money, nothing should be taken for granted. </p><p> </p><p>Any suggestions to solutions are welcome, but they must stand investigation and reality. </p><p> </p><p>PS - Sawman, I appreciate your honesty and as stated several times I believed you were not purposefully trying to misinform anyone. </p><p> </p><p>It's hard for any of us to fully understand all the ramifications as neither party to this is willing to be fully upfront and cooperative in supplying all the facts, not UPS or the Teamsters.</p></blockquote><p></p>
[QUOTE="ok2bclever, post: 52993"] That isn't a UPS worker thing, it's human nature to wait and let someone else do it. As for the 7000 part, it is easy to promise a figure, but that doesn't mean it is supportable. Realize, I am not necessarily saying it isn't supportable as I admit I am not a qualified financial CPA or anything. However, as I have stated before UPS is a relatively young workforce so the system hasn't been actually tested on whether it can support itself. The greatest asset the UPS only funds have is superb demographics, few retirees, lots of workers. Obviously, switching to a UPS only pension fund would create a superior fund for UPS people at this time as the percentage of retired and retiring non-UPS Teamsters is far higher than the amount that are UPS people. That will change in time, but for now it would benefit us for the section involved in the new fund. The danger is that switching would hasten or directly cause the collapse of the old fund and as I understand it under current policies we would be drawing from the old fund for all credit so far and from the new fund for future credit. For those of us with significant time in the old fund anything that contributes to it's collapse would not be a good thing as we would lose 2/3rds of our monthly income if/when that happens. Nothing is simple and where money is concerned, especially retirement money, nothing should be taken for granted. Any suggestions to solutions are welcome, but they must stand investigation and reality. PS - Sawman, I appreciate your honesty and as stated several times I believed you were not purposefully trying to misinform anyone. It's hard for any of us to fully understand all the ramifications as neither party to this is willing to be fully upfront and cooperative in supplying all the facts, not UPS or the Teamsters. [/QUOTE]
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