Discussion in 'UPS Discussions' started by Stink219, Sep 16, 2012.
Just had the vote for our new pension fund structure. 98.5% voted yes.
Welcome to our fund it's more than 100% funded.
Care to explain the disadvantages of the proposal to this stupid truck driver?
There isn't any that the problem it's going to say the company money in the long run as they will not be held liable for funding pension other than those of people that work for UPS and it going to make sure the the future UPS retires have a sound pension. By saving the company money it will give us more leverage in negotiating wages increases in this new contract...
New England UPS Workers Vote on Big Pension Change | Teamsters for a Democratic Union
There are several disadvantages:
We are locked into a ten year agreement with no increase in the pension contributions.
The company will be paying their liability over a 50 year period. accounting for inflation, the end of the 50 years the 43 million will have less value.
The language to prevent the company from a future buy out or renegotiation the term is weak
and a few others. however, the alternative could have been much worse.
Does the new agreement become part of the new contract? Like Central States did
What percentage of old $8.50 hr accrual rate actually was going to pay for UPS pensions and what percentage is going to pay for no UPS pensions ?? I would be that the new rate of $6.10 going to UPS pension is larger than that when the accrual was $8.50.
Accrual will remain the same for ten years at 248.00. UPS will have to pay 800m in withdrawal fees IF, WE voted to allow them to withdraw (which we wouldn't). There were only 3 NO votes in our meeting. It's a good deal, especially now. The pension was in the critical stage. A 10 year guarantee is a pretty good damn guarantee.
Alternative, such as being in the red four years later? ;P
I just received another Doom and Gloom letter from Central States today. The idiots that run the fund are too afraid to make the cuts necessary for the plan to survive. Bottom line, Central States will be gone in less than 10 years.
Dog food time?
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