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UPS Union Issues
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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<blockquote data-quote="Mugarolla" data-source="post: 2187124" data-attributes="member: 8481"><p>I found it hard to believe that the IAM mechanics make $20K more being retired than working, but what else is the IAMNPF (International Association of Machinists National Pension Fund) going to do with the money?</p><p></p><p>The companies are putting in x amount of dollars into the fund which yields x amount of dollars per month for a pension. The money is there.</p><p></p><p>The only other 2 options are:</p><p></p><p>1. Tell the companies to reduce their payments per employee because they don't need that much money.</p><p></p><p>2. Pay a pension based on yearly salary and keep all the rest of the money in the fund.</p><p></p><p>Option 1 is not going to happen and option 2 may seem like a good idea, rainy day fund, but the fund is over 100% funded right now.</p><p></p><p>So the best, and only option, is to give it to the retirees.</p><p></p><p>Kind of makes my 30 and out pension at $3200/mo look like pocket change. Yet UPS paid almost the same amount of money on my behalf to the CSPF that they paid on the mechanics behalf to the IAMNPF. Where is my $9000/mo. Thanks Central States.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2187124, member: 8481"] I found it hard to believe that the IAM mechanics make $20K more being retired than working, but what else is the IAMNPF (International Association of Machinists National Pension Fund) going to do with the money? The companies are putting in x amount of dollars into the fund which yields x amount of dollars per month for a pension. The money is there. The only other 2 options are: 1. Tell the companies to reduce their payments per employee because they don't need that much money. 2. Pay a pension based on yearly salary and keep all the rest of the money in the fund. Option 1 is not going to happen and option 2 may seem like a good idea, rainy day fund, but the fund is over 100% funded right now. So the best, and only option, is to give it to the retirees. Kind of makes my 30 and out pension at $3200/mo look like pocket change. Yet UPS paid almost the same amount of money on my behalf to the CSPF that they paid on the mechanics behalf to the IAMNPF. Where is my $9000/mo. Thanks Central States. [/QUOTE]
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Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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