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UPS Union Issues
tentative contract now online
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<blockquote data-quote="Ms.PacMan" data-source="post: 252906" data-attributes="member: 4656"><p>Hi Tackleberry-</p><p> </p><p>After thinking about it this afternoon I came to the same conclusion. </p><p> </p><p>Even with UPS adding 6.1 Billion CS will still be underfunded 30%. </p><p>Actuaries estimate that the plan is underfunded by 49 percent, and with the $6.1 billion contribution, will remain 30 percent underfunded. <a href="http://www.nytimes.com/2007/10/01/us/01labor.html?_r=3&adxnnl=1&oref=slogin&ref=business&adxnnlx=1191528139-Wc/3nmRMQAx00mlZQ76loQ&oref=slogin&oref=slogin" target="_blank">source</a></p><p> </p><p>It seems to me that the CS Pension 'house of cards' will be shakier now then ever before without future UPS contributions. That $3000/mo is hardly a guarantee then. </p><p> </p><p>It's looks as though we (UPS/IBT) will all have $875/mo at the end of 2013 in our new pension. Am I reading this correctly? (132+132+135.5+147+158.5+170)</p><p> </p><p>What can we assume future contributions to the pension to be? The same at least? So a new hire would get approx. $5250/mo at a 30 year retirement? And me with 17 years left would accrue <em><strong>what</strong></em> - without CS added into the equation (assuming the worst- that they go belly up)?</p><p> </p><p>I'm am just not willing to vote yes on this contract unless I know <strong>worst case scenario</strong> what my pension payout will be per month.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 252906, member: 4656"] Hi Tackleberry- After thinking about it this afternoon I came to the same conclusion. Even with UPS adding 6.1 Billion CS will still be underfunded 30%. Actuaries estimate that the plan is underfunded by 49 percent, and with the $6.1 billion contribution, will remain 30 percent underfunded. [URL="http://www.nytimes.com/2007/10/01/us/01labor.html?_r=3&adxnnl=1&oref=slogin&ref=business&adxnnlx=1191528139-Wc/3nmRMQAx00mlZQ76loQ&oref=slogin&oref=slogin"]source[/URL] It seems to me that the CS Pension 'house of cards' will be shakier now then ever before without future UPS contributions. That $3000/mo is hardly a guarantee then. It's looks as though we (UPS/IBT) will all have $875/mo at the end of 2013 in our new pension. Am I reading this correctly? (132+132+135.5+147+158.5+170) What can we assume future contributions to the pension to be? The same at least? So a new hire would get approx. $5250/mo at a 30 year retirement? And me with 17 years left would accrue [I][B]what[/B][/I] - without CS added into the equation (assuming the worst- that they go belly up)? I'm am just not willing to vote yes on this contract unless I know [B]worst case scenario[/B] what my pension payout will be per month. [/QUOTE]
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