Pension Freeze!

Discussion in 'UPS Retirement Topics' started by Speedo, Feb 25, 2008.

  1. Speedo

    Speedo New Member

    Local 355 in Baltimore just had a meeting on Sunday 2/24/08 letting us know our pensions are frozen for up to 10 years if they don't get the fund in shape. Is this nonsense happening else where?????????
     
  2. dilligaf

    dilligaf IN VINO VERITAS

    not in the western states our pension is 100% solvent
     
  3. pkg-king

    pkg-king New Member

    Explain exactly what you mean by frozen. What are your benefits now and how exactly are they frozen? Thanks
     
  4. brownmonster

    brownmonster Man of Great Wisdom

    Ours has been frozen since 1997. Stays the same even with all the bragged about increases in contributions by the employer.
     
  5. sendagain

    sendagain Member

    When the market goes down, the value of all the investments in our pension plans goes down too. If it stays down for quite awhile, nobody will be able to increase their pension benefits.
     
  6. rod

    rod retired and happy

    What do you mean by "frozen"? Are you saying the some retirees get a cost of living raise? News to me. I retired at $3,000 a month in 2001 and it's still that now so I guess you could say it's frozen.
     
  7. p1000

    p1000 Free at Last

    UPS is still contributing to the to the fund but as of March 1st 2008 you will not accrue any benefits under the new plan. Meaning as of March 1 2008 if your pension is 3000 a month and you can retire March 2010 your pension is still 3000 a month. If the freeze is still on. They are blamming it on the stock market. Hope they did not have any UPS stock. In 355 you can retire at age 50 and I will be getting my 1st pension check March 1st. Talk about good timing.
     
  8. Agnon

    Agnon Guest

    We're addressing that now. No union should be allowed to invest their retirement monies in any company other than other union companies. We're going to get that codified into law eventually.

    Then you'll be up S-creek.

    That's how unions should die - economically. Well, socially AND economically, but socially they're swirling the bowl and economically they're headed there. We're going to speed it up though. Stay tuned.

    Oh - BAD TIMING. You should have retired 20 years ago to boast about "good timing." You'll take a hit. Bet on it. Live with it.