Hoffa and Teamsters Endorse Bill to Protect Pensions, Strengthen Multi-Employer Plans

Discussion in 'UPS Union Issues' started by wide load, Sep 3, 2015.

  1. wide load

    wide load Well-Known Member

    Lasted edited by : Sep 3, 2015
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Taxpayers should not bail out mismanaged private pension funds.
     
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  3. wide load

    wide load Well-Known Member

    Tax payers pay for a lot worse than someone's retirement.
     
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  4. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Failed pensions are covered by the PGBC.
     
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  5. 5habits100

    5habits100 Well-Known Member

    Which by the way is in worse shape than the pension funds.
     
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  6. 5habits100

    5habits100 Well-Known Member

    But it's ok to bail out the banks?
     
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  7. 5habits100

    5habits100 Well-Known Member

    I'm glad you posted that because the TDU people didn't read it because it's in the Teamster Magazine
     
  8. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Yup.

    UPS did the right thing by withdrawing from Central States. They knew that this day would come and took steps to protect our retirees and, as a result, our retirees will be the last to have their pensions cut, if at all.

    Why should taxpayers bail out a private pension fund?
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Yes and no. Cutting them a check without rewriting the rule book would have been disastrous as they would have burned through the money and most likely been worse off than they were in the first place.
     
  10. Bubblehead

    Bubblehead My Senior Picture

    ...yet a 35 year retired Teamster doesn't deserve the same consideration?

    What did these retirees do wrong?
    Where were they remiss?
     
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  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    They did nothing wrong. They are innocent victims.

    If we start bailing out private pension funds where does it end?
     
  12. Bubblehead

    Bubblehead My Senior Picture

    With retirees on welfare and public assistance programs.
    Like you said about the banks, bail them out and change the rules to protect from it happening again.
     
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  13. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    A retiree with a pension who has to supplement that income with public assistance clearly did not financially plan for his or her retirement.

    I agree that it sucks to devote 35 years of your life to a company with the promise of a substantial monthly pension payment only to have that dream wiped out by the realization that the company did not take care of their financial business.

    I disagree that the taxpayers should be on the hook to make up any of that shortfall.
     
  14. oldngray

    oldngray nowhere special

    A plan proposed by the socialist Bernie? I'm surprised you were against it. All a part of the whole redistribution of wealth and other people's money concept. I do agree if the government performs other bail outs then pension plans are just as deserving.
     
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    My projected pension is $5,400/month. Are you saying that you would be OK with supplementing that should my pension plan fail?
     
  16. Bubblehead

    Bubblehead My Senior Picture

    Neat, but it's OK for private businesses?
    All Teamsters don't work for UPS.
    We have many other vocations, like school bus drivers, who only make a fraction of what we make.
    For some of them, the pension was their only viable retirement plan.
     
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  17. Pensions don't work anymore.
     
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    UPS had the foresight to withdraw from CS.

    UPS pays taxes.

    Would it be fair to use a portion of those taxes to protect the pensions of non-UPSers simply because their employer did not have the same foresight?
     
  19. Bubblehead

    Bubblehead My Senior Picture

    Perhaps, but I don't think the proper remedy is to pull the carpet out from under retirees who's only culpability is being in the wrong place at the right time?
     
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  20. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Again, I agree that it sucks for them, but...