Pension cuts barreling down the road?

Discussion in 'The Latest UPS Headlines' started by cheryl, Apr 25, 2016.

  1. cheryl

    cheryl I started this. Staff Member

    Pension cuts barreling down the road? - The Gazette

    Michael Barton drove a truck for three decades for United Parcel Service. But as of July 1, despite all those years on the job, he faces the possibility of a 50 percent cut in his pension checks.

    “It’s really going to change our lifestyle,” said Barton, 67, of Cedar Rapids. “It will knock my monthly check down from $3,000 to $1,500.

    “I’m in the physical condition that I am because of the job that I had. And now, what I thought I was going to get in retirement is not going to be there.”
     
  2. What a kick in the face.
     
  3. I just read the whole article
    11billion to save the fund.
    Wow.
     
  4. bbsam

    bbsam Moderator Staff Member

    Man. Do you ever wonder if these companies have any shame at all?
     
  5. Nope
     
  6. bbsam

    bbsam Moderator Staff Member

    already know the answer?
     
  7. I've been there too long. They barely even give acknowledgement when someone retires. It used to be a big deal.
     
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  8. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I will give our center manager credit----he makes a big deal out of each and every retirement. I think this is because he drove for 12 years.
     
  9. Most of them don't anymore. It's ashame.
     
  10. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Or the Unions since the Teamsters (and Goldman Sachs & Co. and Northern Trust Global Advisors) caused this to be.
     
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    Last edited: Apr 25, 2016
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    UPS held up their end of the bargain.
     
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  12. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    11 billion more ... UPS has paid out over 7 billion over the last 10 years without considering on-going pension contributions.
     
  13. I know. It's sickening
     
  14. bbsam

    bbsam Moderator Staff Member

    Really? My bad. So unions really are dead?
     
  15. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Alive but not so well.
     
  16. Just the leadership not the members.
     
  17. Packmule

    Packmule Well-Known Member

    Feel bad for all those who retired before 2008, but the writing was on the wall way back in 97 and the company was trying to get their people on better ground. All the company got for their trouble was a kick in the teeth.
     
  18. The strike was a mixed bag.
    Probably too late to fix the pensions.
     
  19. 1989

    1989 Well-Known Member

    My pension is 91% funded and 40% in stocks. So if the market crashed, I could lose nearly 50% of my pension.
    I sold nearly every stock. Do I need to short in order hedge this risk.
     
  20. Part-Timer 052

    Part-Timer 052 New Member

    put our union leaders in the pension plan and it would be fixed tomorrow