But what is your plan going to look like next year? How many employers may not any longer be in business?Same here.
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But we need to be vigilant and make sure it stays that way. My local has this up on their website.
The Devastating Facts of GROW
Twelve unions, representing the majority of private-sector union members, including the International Brotherhood of Teamsters, oppose the GROW Act. So why have the House Democrats included it in their latest coronavirus relief bill?
The GROW Act hurts workers, retirees, employers, and the Pension Benefit Guaranty Corporation and should not become law.
The GROW Act is deeply flawed because it allows multiemployer plan trustees to “refinance” their obligations to workers and retirees in the existing pension plan over 25 years instead of 15 years, so they can divert money to create a new composite pension plan. This weakens the existing plan and leaves neither plan—the existing plan, nor the composite plan—with enough money to pay promised benefits.
The current public health and economic crisis illustrates the harm the GROW Act would inflict on Americans. If Congress had already passed the GROW Act and it was law now, workers in a previously healthy multiemployer pension plan that converted to a composite plan would face draconian benefit cuts. The benefits composite plan participants expected they would earn would be cut 70%, and the vested benefits they already earned would be cut 25%. At the same time, the vested benefits of workers in the existing plan would be cut 21%. To avoid benefit cuts, employers would be required to increase contributions by approximately 82%—above and beyond what they already committed.
Supporters of this terrible legislation claim that transitioning to a composite plan is voluntary. Composites plans are anything but voluntary. They undermine multiemployer defined-benefit pension plans by shifting risk from the plan sponsor (employer) to the worker, thereby creating an incentive for employers to flee defined-benefit plans. If GROW succeeds, it guarantees it will be an issue in every negotiation where unions currently have defined-benefit plans and result in a race to the bottom. The more than one million Teamsters who are essential workers risking their health to continue going to work amid the pandemic deserve to retire with dignity and financial security.
We urge Speaker Pelosi and House Democrats to listen to the majority of the labor movement that opposes GROW and strip it out of the HEROES Act before it is considered on the House floor.
Sincerely,
Steve Vairma, IBT Vice President, President JC 3
Rome A, IBT Vice President, President JC 7
Rick Hicks, Presiden,t JC 28
Tony Andrews, President, JC 37
Randy C, President, JC 42
Rick M Vice President, IBT
Ron H, Vice President, IBT
UPS/IBT pension funding
- Thread starter 35years
- Start date
But what is your plan going to look like next year? How many employers may not any longer be in business?
UPS to deliver $2 billion to pension funds in 2019
United Parcel Service Inc. expects to contribute $2 billion to its U.S. pension plans in 2019.
Overpaid Union Thug
Well-Known Member
Sounds like both UPS and the Teamsters have been mismanaging our money. Big shocker!
DELACROIX
In the Spirit of Honore' Daumier
"MENE MENE TEKEL UPHARSIN"..
a. The Central States pension plan was in bad shape before 2020, what will be their liabilities at the end of this year and why would you expect the Feds to save it with a 35 billion forgivable loan with all the other (entitlement programs) that might happen if the Democrats take the executive branch.
b. By 2023 the contractual supplement that UPS will not be permitted to offer an alternative Pension Plan to their bargaining unit employees will end, then everything will be on the table. I fully expect that the companies' UPS Pension plan for primarily part time members will be eliminated, saving roughly 2 billion annually. What will be offer will be similar to management's matched 401K that take take place also in 2023. Seriously with the part timer's turnover ratio, just how many of them hang around enough to be vested in a pension plan.
c. The Western Conferences pension plans will also take a hit but will still be healthy enough to provide the promised benefits, this "GROW" legislation could limit it's ability to provide future benefits. Consider that the current monetary retirement for a retiree under the West is roughly twice as much as one the the Central or Southern for the same number of years service. You not think that Washington is asking the tough question on why should they be bailing out the Central States fund when the Western states are well over 100 percent vested. Please redefine (UNION), or the Teamster's motto "PEOPLE HELPING PEOPLE".
d. Hoffa and Hall will not be involved with this coming contract, the company knew who they were dealing with and used it to the best of their abilities. I would say that the other guys who nearly won the last election will be a shoe in, the other candidate from Colorado I do not know and he will be hampered by Hoffa's handling of the last two national contracts. My personal opinion is that is a good turn for the members, when leadership gets too comfortable and old they start to lose their edge and mental capabilities if you get my point.
a. The Central States pension plan was in bad shape before 2020, what will be their liabilities at the end of this year and why would you expect the Feds to save it with a 35 billion forgivable loan with all the other (entitlement programs) that might happen if the Democrats take the executive branch.
b. By 2023 the contractual supplement that UPS will not be permitted to offer an alternative Pension Plan to their bargaining unit employees will end, then everything will be on the table. I fully expect that the companies' UPS Pension plan for primarily part time members will be eliminated, saving roughly 2 billion annually. What will be offer will be similar to management's matched 401K that take take place also in 2023. Seriously with the part timer's turnover ratio, just how many of them hang around enough to be vested in a pension plan.
c. The Western Conferences pension plans will also take a hit but will still be healthy enough to provide the promised benefits, this "GROW" legislation could limit it's ability to provide future benefits. Consider that the current monetary retirement for a retiree under the West is roughly twice as much as one the the Central or Southern for the same number of years service. You not think that Washington is asking the tough question on why should they be bailing out the Central States fund when the Western states are well over 100 percent vested. Please redefine (UNION), or the Teamster's motto "PEOPLE HELPING PEOPLE".
d. Hoffa and Hall will not be involved with this coming contract, the company knew who they were dealing with and used it to the best of their abilities. I would say that the other guys who nearly won the last election will be a shoe in, the other candidate from Colorado I do not know and he will be hampered by Hoffa's handling of the last two national contracts. My personal opinion is that is a good turn for the members, when leadership gets too comfortable and old they start to lose their edge and mental capabilities if you get my point.
What'dyabringmetoday???
Well-Known Member
Bug- lol.
What'dyabringmetoday???
Well-Known Member
He's loaded. Lol.
BigUnionGuy
Got the T-Shirt
Brown287
Im not the Mail Man!
Speaking for someone who works in one of the most expensive places in the U.S. all while I essentially make what drivers do in the South and the Central States area, why is it now that inequities in compensation a concern?
One could argue that my pensions health is the counter balance to the pay disparity. To clarify my position, my obligation to the other unhealthy pensions in UPS is as much as the other areas feeling of obligation to the blatant inequalities in our pay structure.
BigUnionGuy
Got the T-Shirt
BigUnionGuy
Got the T-Shirt
Over70irregs
Well-Known Member
Do both yall. Ignore raises and increase 401k and/or Roth. File 9.5’s to pad savings and pay down debt. Let them finance everything.
Over70irregs
Well-Known Member
Is Western that much better? How?
People need to live within their means
Over70irregs
Well-Known Member
That GROW Act info should be handed out at every hub.
Over70irregs
Well-Known Member
Roll paid for cars yall
542thruNthru
Well-Known Member
Did that here and found most of them in the first trash can as you walk in the building. People don't care and think their pension is guaranteed to be there.
Seriously we have guys that have 60k+ vehicles and their wife has a good paying job too but they can't afford to put money in the 401k
You would think they would wise up after they seen what has happened to a lot of the pension plans
Over70irregs
Well-Known Member
Yeah. Hard to look at light at end of tunnel when its so dim at brown daily. I do encourage guys to 401k it traditional/roth whenever I can.
542thruNthru
Well-Known Member
That and I believe the lack of understanding how our pension actually works. Even I still don't fully understand it and just a few years ago didn't know anything about it really.
