Hofficer Hater
Well-Known Member
These apologists make me baffle. The members in the Central States blame JR for their collapse. But in New England they drink the wonder boy's kool-aid.
The Boston Bully's New England Pension Fund in the Red Zone!
- Thread starter Hofficer Hater
- Start date
These apologists make me baffle. The members in the Central States blame JR for their collapse. But in New England they drink the wonder boy's kool-aid.
Gimme Danger
Well-Known Member
In 2008, Ups paid 6 billion to CSPF and set up that ups-ibt single employer pension fund in article 34.
In New England, in 2012, Ups agreed to pay 2.15 billion spread out over 50 years. Then pay $6.20 per hour to the NETTIPF under the NE supplement. I still get $248 a month for every good year in the pension.
Different situations.
realbrown1
Annoy a liberal today. Hit them with facts.
UPS paid $2.15 Billion over the next 50 years plus $6.20 per hour for FT employees?
Sounds like a lot of non-UPS retirees just hit the jackpot.
Gimme Danger
Well-Known Member
FT and PT employees are in the pension. (Just like FT and PT are in Local H&W funds - no TeamCare here)
The $6.20/hr and $248/month accrual is specific to ups members.
The other employers in the fund have different rates, different 'withdrawal & re-entry' terms, and accruals are based on the specifics of each company.
It's more complicated then a traditional multi employer pension.
realbrown1
Annoy a liberal today. Hit them with facts.
It may be specific to ups employees going into the fund, but that money once in the fund, will go to non-ups employees also.
That's how pension funds work.
That's why, in my opinion, they are ponzi schemes.
When you retire, they don't come to you and say that you have X dollars contributed on your behalf by your employer plus that money earned this amount of interest for a grand total of Y dollars.
Notice they don't do that?
Because all the money goes into 1 pool of money.
How you get that money has almost nothing to do with what I mentioned above.
Hence, a ponzi scheme.
My advice, plan your retirement WITH OUT relying on your pension.
If you can do that, what ever pension money you get is pure bonus money.
Gimme Danger
Well-Known Member
Pension contributions are deferred wages. Our pension says you will get $248/month for every full year of work, from when you retire until you die (we have options where a spouse gets money after death of retiree). It isn't putting money into a 401k that when you retire, that's the money you have to retire on. (Maybe converting it into an annuity is comparable?)
What happens when it runs out? Social Security is there, but isn't enough to live on.
I'd rather have 5k a month in a pension, plus whatever I put in a 401k, plus social security when available.
What happens when it runs out? Social Security is there, but isn't enough to live on.
I'd rather have 5k a month in a pension, plus whatever I put in a 401k, plus social security when available.
realbrown1
Annoy a liberal today. Hit them with facts.
Central States told their retirees they would get X amount of dollars for the rest of their lives.
How is that working out for them?
What you are promised when you retire is just that a promise.
You can't alway count on a promise.
Lead Belly
BANNED
We blame Ron Carey in the central states. He screwed everyone to get reelected and then cheated to get reelected. He friend. Ed everyone and knew he was doing it. He's a jerk.
Lead Belly
BANNED
For Ron Carey to raise pensions across the board with all the orphan companies and the freight companies going out of business and trucking deregulation was very irresponsible. He did it for his political gain. He knew people were going to let we their ass in the end and all he wanted to do was get reelected. Mayb it was because he inherited 1.9 million in ups stock from his daddy. What would he care about the members he was screwing. He and tdu were in ups's pockets. Ups paid off Carey and tdu. In my opinion he was a POS.
UPS Preloader
Well-Known Member
I'm not disagreeing that the plan is in the red zone, but them members here have not diverted any wage increases to the fund. In an effort to help maintains the fund, I myself would like to see the members start diverting some of the wages to help beef up the fund to insure its long term survival.
UpstateNYUPSer(Ret)
Well-Known Member
I thought the whole idea of UPS buying their way out of the plan was so that the members would not have to divert any of their raises.
UPS Preloader
Well-Known Member
Not sure about that. I'm just saying that I'm willing to divert a percentage of my wages to help insure the pension. I hope it's something the New England Supplement considers going forward.
UpstateNYUPSer(Ret)
Well-Known Member
With the buyout the pension is secure thus negating any need for wage diversion.
1989
Well-Known Member
If UPS buys out a pension plan, employees should have to pay a portion with their wages.
UpstateNYUPSer(Ret)
Well-Known Member
Do employees already in their plan do the same?
1989
Well-Known Member
Don't know, but they should, they are the only ones befitting from it.
623 TRUTHER
Member
lead and wide are still the same! the boston bully is going down!
Gimme Danger
Well-Known Member
It wasn't a buy out in New England. We are still in the pension fund accruing the same pension benefits.
UPS Preloader
Well-Known Member
I'm not so sure about that. UPS had a 2.1 billion underfunded liability. Had we gotten it all upfront, maybe. It is now being funded over 50 years. The fund lost out on a lot of interest growth.
Brown Spider
Well-Known Member
Didn't happen, Belly. Carey did NOT inherit "1.9 million in ups stock from his daddy"! Joseph Carey, Ron's father did buy 8 shares of UPS stock in 1935 for $320.00. Over 56 years, that stock did grow to 112,000 shares worth about 1.9 million dollars. All similarities between fact and your steaming pile of BS end right here.
Federal labor law requires union officers to report ownership of any stock in a privately held company that the officer is representing in collective bargaining. Joseph Carey died in 1991 and left his six sons an estate that included $1.9 million in UPS stock. The estate, which was still in probate in August of 1992, sold that stock back to UPS. The U.S. Department of Labor, specifically John Koch, the acting deputy assistant secretary for labor-management standards, advised the Teamsters Union in an August 18, 1993 letter that "Mr. Carey did not have any vested right to the stock in question during the time the stock was in the estate, and there is no indication that he exercised any influence or control over the handling or sale of the stock."
As to the rather bizarre assertion that "He and tdu were in ups's pocket. Ups paid off Carey and tdu." Huh? WTF was UPS paying for...the 1997 UPS strike?
BTW...I have no idea what you meant by "going to let we their ass in the end".
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