local 804 pension problems

Discussion in 'UPS Retirement Topics' started by psstdrvr, Dec 3, 2006.

  1. psstdrvr

    psstdrvr Member

    Has anyone heard more detailed info regarding the 30% cut in pension benefits because of the so called under funded pension fund? We are hearing it is taking affect 1/1/2007. You will keep the benefits you currently earned, however after 1/1/2007 all future retirement benefits will be cut by 30%. Our building found out about this last thursday and the union has yet to give us any detailed info.... Amazing!!!!
    Great work Howie, maybe you should call Ron Carey and learn how to take control for a change.
     
  2. wornoutupser

    wornoutupser Active Member

    Sounds like Central states is spreading the goodwill cheer! :-(
     
  3. psstdrvr

    psstdrvr Member

    I wonder how much of an employee turnover we'll have now that pension benefits have been cut by 30%? People who have 5-10 years in will have to question if this job has any future left, as UPS has now further cut the incentive to work here. Senior employees obviously have no reason to stick around as there will be no future increases in the pension. The companies HR rep told me the plan will not return to what it was, period.
    UPS will have a difficult time trying to survive the next 100 years, I will certainly not give 100% when my pension is diminished by 30%!!!! UPS just took a lot of money out of our families future.
     
  4. Anon

    Anon Guest

    How do you figure this is UPS' fault????
     
  5. Gman24

    Gman24 Member

    Not trying to start anything here at all. Is UPS in charge of your pension or is the Union?? Ups is contributing i know, but are they in charge. If UPS is, you must be in management.

    If your pension is controlled by the Union, UPS had nothing to do with the decision to cut your pension, other than the board members who were on the panel, along with the unions board members.

    Talk to some of us Central States folks, we can tell you all about it.
     
    Last edited: Dec 4, 2006
  6. Teamster251

    Teamster251 PSST Drvr Local 251 PRORI

    Good question Gman, Fisrt his handle suggest he's a premuium service driver (sleeper team) and he intially mentions Local 804 but goes on to rant about UPS.......I'm confused.
     
  7. any122

    any122 adirondack man

    The IBT hard at work.This is your early Christmas gift from Santa HOFFA.HO,HO,HO off I go with all my teamsters Doe.All I can say is you have another choice APWA strong healthy pensions taken care of by UPS employees for UPS employees.Join now why you still have a chance to protect you and your family.The APWA soon to sink the IBT Ship thats stealing,lieing,and filling thier pockets with millions under the blind eye of the people they tell they are working for.smarten up fools.
     
  8. local804

    local804 Well-Known Member

    The pension fund was underfunded and it will be cut by 30%. All of your past years will be 100% with next year at 70% and so on. The level it was at was very close to the gvmt taking it over. There was a 6 man vote(3 ups 3 union) and it was a 4-2 vote for this move. You also say that the union has not given you any information re this?
    There is a general membership meeting this month along with a shop steward meeting also where this is the top priority. I suggest you clean out your ears, bring your notepad to take notes because I think you just dont listen.If you have any other questions or need directions to Lake Success for the meeting, feel free to call for directions 718-786-5700
     
  9. satellitedriver

    satellitedriver Moderator Staff Member

    Carey in 1997 was the cause of the pension problem. Were you around in the strike of 97? Look at what UPS offered and what the strike "WON". The detailed info has been around for almost a decade. The "REAMSTER" union management will only tell that they have only your best interest at heart. While your at it, ask them how you are going to be able to pay for medical coverage after you "retire" on their reduced amount. By the way, the reduction in retirement is 44%. If you want to take control of your pension fund, then save as much as you can and invest it wisely.
     
  10. Cezanne

    Cezanne New Member

    Just wondering just what your pension was paying for a vest year before the cut and after, also did they raise your retiree's health coverage cost yet? Our local is in the Central States fund, so maybe we can give you guys a heads up of what is coming down the pipe, previous experiences and such.
     
  11. AcesUp804

    AcesUp804 New Member

    Our pension was 25 years if your age 55 $3600 or 30 years any age $3600 we also have 25 years and out at $3100 the only local in the country to have that .. I feel bad when I read about the central states pension but I dont think we will get that bad. This has alot to do with the new pension laws coming out.
     
  12. helenofcalifornia

    helenofcalifornia Well-Known Member

    Did I miss something? Where is local 804?
     
  13. cino321

    cino321 Active Member

    FYI 804 guys, wanna know who voted against us? The guy from the mechanics union. Someone's filling this jerk's pockets. Shop stewards are having a meeting this saturday i think we'll find out more later.
     
  14. ny , ron carey's local
     
  15. dumbsup

    dumbsup Member

    Word is mgt pensions are being bought out and medical will be gone...:mad:
     
  16. local804

    local804 Well-Known Member

    Yes Local 804 Is NY and correct it was a member from the mechanics union that voted against us.
     
  17. AcesUp804

    AcesUp804 New Member

    yes it was someone from the mechanics union that voted with ups BUT he was appointed by the government he is not elected
     
  18. Cezanne

    Cezanne New Member

    Just how much the new pension reform bill has to if these changes should be the first question that is brought at your local meeting. If the pension fund was running in the red for a while and drops below to the "so-called red line provision" there is nothing to do about the cuts. No matter how the membership or officials complain, beyond manufacturing money or a few billion dollars that these companies are willingly going to contribute you guys will have to live with these changes. Considering that I am in the Central States area, your cuts do not appear to be that drastic, YET. Again watch your health and welfare costs for early retirement, great controllng influence to whether any of you guys are retiring soon. Funny but there should of been hints that your trust was getting underfunded over the years, this event does not happen overnight. In the Central States fiasco, there was no real information about the cuts, considering the "2002 best ever contract" with UPS. That changed about a one later catching most of us off guard, then the blame game started.
     
  19. cino321

    cino321 Active Member

    I was told 30% of our pension is gone.

    Thats like a grand less then what we were gonna get before.
     
  20. JustPasnThru

    JustPasnThru New Member

    :thumbup1: We can all thank those beautiful folks on "The "Hill" for this...& it looks like I'll be needing that 2nd, 2nd job when I'm done here after all...