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Brown Cafe UPS Forum
UPS Retirement Topics
Pension in Jeopardy
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<blockquote data-quote="retiredone" data-source="post: 85082" data-attributes="member: 1576"><p>I agree with the comment regarding UPS participation in multi employer plans. The burden of many employers is now being carried by fewer companies. One of the problems is simply declining union membership so there are less contributors to cover retired teamsters. The company offered to buy their way out of the pension plan back in 1997 and I believe that UPS retirees pensions would have been safe today if the rank and file hadn't resisted. Let's face facts: There are a number of teamster pension plans that are paying generous benefits and have no financial concerns at all. The problem is not now, nor has it ever been, the company's contributions. Now consider the Central State Fund, which was looted and mismanged by the "trustees" for years. It's hard to understand why the rank and file Teamsters took this, and then turned their noses up at the life ring tossed by the company back then. I don't understand why the rank and file Teamsters were so passive while their "brothers' were stealing their future. Given a choice of who to trust, I'll take the company any day of the week.</p></blockquote><p></p>
[QUOTE="retiredone, post: 85082, member: 1576"] I agree with the comment regarding UPS participation in multi employer plans. The burden of many employers is now being carried by fewer companies. One of the problems is simply declining union membership so there are less contributors to cover retired teamsters. The company offered to buy their way out of the pension plan back in 1997 and I believe that UPS retirees pensions would have been safe today if the rank and file hadn't resisted. Let's face facts: There are a number of teamster pension plans that are paying generous benefits and have no financial concerns at all. The problem is not now, nor has it ever been, the company's contributions. Now consider the Central State Fund, which was looted and mismanged by the "trustees" for years. It's hard to understand why the rank and file Teamsters took this, and then turned their noses up at the life ring tossed by the company back then. I don't understand why the rank and file Teamsters were so passive while their "brothers' were stealing their future. Given a choice of who to trust, I'll take the company any day of the week. [/QUOTE]
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