REFORM PLAN FOR Central States Pension Plan

Discussion in 'UPS Retirement Topics' started by group, Oct 6, 2015.

  1. group

    group New Member

    Got a letter from cs yesterday ,well guess what,do there plan is to reduce my retirement check by a 1000 dollars a month.......guess that will fix everything !!!!!!!!! RIGHT .so if I live 10 years after I retire ,I get 120000 dollars less ...give me a break!!!!!!!! DO WE JUST SAY OK SOUNDS GREAT........whats next!!!!! anybody else get this letter
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You had to see the writing on the wall.
     
  3. Skynest

    Skynest skynest

    Well, I had a shock also. Retired 2004 with 17 years and the letter from Central States tells me that when I am 65 that my pension will be $663 instead of the promised $1950. Now that is just wrong!
     
  4. Smokin

    Smokin New Member

    My husband 19 years in and we received the letter 2197.00 to 751.00 but folks you need to read further....if you are still working with UPS the difference will be picked up by UPS. Now if you retired prior to 2008 it is going to effect them dramatically and I agree that is just not right. The system is drained with people that took earlier retirement out of the program. If you will read further this is only has been sent to the treasury to review and approve............may not happen. If these retired employees have left and are 75 to 80 and or disabled this will not effect them. Who else understands what I understand>
     
  5. Skynest

    Skynest skynest

    Yes, I read the whole thing (letter). There are many in my case (and you also) that are getting the brunt of the cuts. And we are UPS! We are not the orphaned companies of the 80's and 90's. I hate to say this, but UPS, when they made their grand deal, left a substantial amount of the UPS legacy employees out to dry.
     
  6. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    UPS did not leave these previously employed Teamster UPS "out to dry".
    UPS paid out for your retirement every week you worked which was much more than adequate to fund UPS Teamster retirements.
    The Teamsters' mismanagement of the funds already paid by UPS is the reason your retirement is being reduced.
    You are right that UPS has the ability to bail out the Teamsters but they do not have to do so.

    The Teamster accountants are the ones that set the levels and cutoff points.
     
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  7. Skynest

    Skynest skynest

    I agree completely with you. The Teamster management of the pension was criminal. However, it was UPS that left the legacy employees out of the new arrangement while ensuring the continuing employees legacy contributions would be taken care of even though they had already been paid for once (that is before 2008). That is what I mean by wrong. If I am in error let me know.
     
  8. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    My point was that the Teamsters that left the legacy employees out of the new arrangement.
     
  9. Sportello

    Sportello Well-Known Member

    Your point is correct. It would even be correct if you added the those 'Brothers' that voted for it, and UPS for selling out the what, 35000-40000 retired UPS full timers in the CSPF?

    UPS offered the apple, the Teamsters and rank and file gladly ate it.

    The pension was deferred compensation, the loss of which should be treated as such.
     
  10. ensure

    ensure New Member

    My check went from $2800 to $1450 a month. Here I am 72 with heart problems an a colostomy bag. No way I can make up that money. Well I guess Barry's plan to wipe out the middle class is happening. I sure though UPS would back us old drivers. I felt that I paid all along for my pension.
     
  11. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    My understanding is that the Teamster Union management came up with the sell-out plan.
    Regardless, the Teamster Union management were entirely in agreement and sold this to the members.
    UPS did not even try to sell this last contract to the Teamster members.
     
  12. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    UPS did pay for your pension all along.
    Carey broke the pension viability trying to get elected.
     
  13. RonBurgandy??????????

    RonBurgandy?????????? God is Great, beer is good , People are crazy.

    Ouch. Hope your S.S. And other investments will still allow you to live comfortably
     
  14. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Right or wrong, UPS felt the Teamster UPS members sold out the company in 1997.
    Everything that has happened with the CSPF since then can find it's origins around 1997.
     
  15. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Talked to a Yellow Freight retiree today.
    He went from $3000 TO $1400 a month.
    He said he will be OK when Soc Sec starts next year.
    He completely blamed Ron Carey and the Teamsters for paying out too much with the number of pay-in's reducing and the number of retirees increasing.
     
  16. Sportello

    Sportello Well-Known Member

    I'm not privy to any of that information. As far as the last? contract... I'm not sure when that was. I've been gone for awhile, but the contract that increased the pension for UPS employees and bought UPS' way out of CS didn't need to be sold, it was the apple that Eve was coveting, everyone else be damned.

    Just let those affected retirees take a loss on their taxes.

    My recollections of 1997 were a bit different, but I sure didn't hold a grudge and change my work habits after 1997. Management, at least at my location, certainly did. Small people, acting big.
     
  17. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Trickled down.
    I know that Corporate Upper management felt that way.
     
  18. im not a robot

    im not a robot New Member

    What is going on is really messed up.

    http://thehill.com/blogs/ballot-box/245707-sanders-pushes-for-restoring-pension-protections

    Sen. Bernie Sanders (I-Vt.) is pushing for legislation that he says will bolster pensions for millions of Americans.

    Sanders, who has emerged as a top candidate against Hillary Clinton for the Democratic presidential nomination, has joined Democratic Sens. Sherrod Brown (Ohio) and Tammy Baldwin (Wis.) in introducing the Keep Our Pension Promises Act, which aims to strengthen multi-employer pension plans.


    The legislation would reverse a provision, included in a spending bill passed last year, that allowed pension plans to cut retiree benefits in an effort to shore up the plans' finances.

    Sanders said during a rally outside the Capitol late last week that without a repeal of the provision, "retirees all over this country could see their pensions cut by 30 percent or more. We cannot let that happen."

    According to a fact sheet from Sanders' office, many multi-employer pension plans are underfunded or retirees have been "orphaned" after an employer left a plan or it went bankrupt.

    In an effort to guarantee benefits, Sanders' legislation would create a fund for "orphaned" retirees. The fund would be offset by closing tax loopholes for the wealthy.

    Members of the International Association of Machinists and Aerospace Workers and the International Brotherhood of Teamsters appeared alongside Sanders at his rally late last week. AARP has also backed the legislation.

    Reps. Marcy Kaptur (D-Ohio) and Tim Ryan (D-Ohio) have introduced a companion bill in the House.
     
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  19. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Ole Bernie seems the least dishonest of the candidates.
     
  20. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    You are not UPS, you are proud Teamsters!