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UPS subsidizing non ups pensions
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<blockquote data-quote="Cezanne" data-source="post: 132920" data-attributes="member: 5104"><p>Trying hard not to join this crying party, but should we be considering that all these underfunded teamsters pension and health and welfare funds are actually doing something about turning this thing around. Of course we have been lied to for political reasons, locally and with the international and it isn't just a Hoffa thing either. If the truth be known the trustees of these plans have seen this coming ten or fifteen years ago, hence the strike in "97" to create more contributing members to these funds. </p><p> </p><p>Consider now that these retirees who are currently collecting retirement benefits will not be with us much longer. There is a thing called actuary information that calculates how long they have to pay till we buy the farm. Is it a possible that with this timetable that the funds will turn the corner over the next 10 years and start to become stable. With the contributions that UPS will have to place with it's new participants in these plans and the elimination of the non contributing defunct pensioners through attrition would it not be slowly become a basically all UPS/teamster run plan anyway.</p><p> </p><p>With the pension reform act starting in "08" with it's increased federal pension insurance and automatic five percent increase for benefit plans in the red line provision will also come into effect. My personal belief is that is why the company and the union are starting early to work out an agreement before this comes into play. People also consider that most of us under the central states funds started out orginally under the company benefit programs, the UPS pension fund for part timers. Guessing that over three quarters of the current participants in the central states funds have been vested with over five years under the companys' pension fund. If that company plans' benefits were increased to even the 55 dollar per vested year that the current part time pension benefit pays for every year vested for all the full time participants currently in the central states plans it would help considerably with the underfunding ratio. Those who have checked into this have found out this is not happening, the benefit paid is based on when you left the plan, on a percentage of the 30 year benefit and reduced six percent till age 65. Basically you are getting peanuts for any early retirement.</p><p> </p><p>Are we being lied to again with the international's apparent concern over the lack of any possibility of any early retirement? Hard to say, it sure would benefit the trustees of these funds to keep us contributing till 65...Hell, with the saving in paying health coverages for early retirees would be incentive enough. For those who do not know at age 65 medicare or medicad kicks in and for the most part we are dropped from most health and welfare packages, union or company. With the blame game going on, it would be easy to blame any decreases in benefits on the pension reform act. Bottom line is that I am really sick of being lied to by everybody involved with this pension crisis, it should not be this hard to get correct information.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 132920, member: 5104"] Trying hard not to join this crying party, but should we be considering that all these underfunded teamsters pension and health and welfare funds are actually doing something about turning this thing around. Of course we have been lied to for political reasons, locally and with the international and it isn't just a Hoffa thing either. If the truth be known the trustees of these plans have seen this coming ten or fifteen years ago, hence the strike in "97" to create more contributing members to these funds. Consider now that these retirees who are currently collecting retirement benefits will not be with us much longer. There is a thing called actuary information that calculates how long they have to pay till we buy the farm. Is it a possible that with this timetable that the funds will turn the corner over the next 10 years and start to become stable. With the contributions that UPS will have to place with it's new participants in these plans and the elimination of the non contributing defunct pensioners through attrition would it not be slowly become a basically all UPS/teamster run plan anyway. With the pension reform act starting in "08" with it's increased federal pension insurance and automatic five percent increase for benefit plans in the red line provision will also come into effect. My personal belief is that is why the company and the union are starting early to work out an agreement before this comes into play. People also consider that most of us under the central states funds started out orginally under the company benefit programs, the UPS pension fund for part timers. Guessing that over three quarters of the current participants in the central states funds have been vested with over five years under the companys' pension fund. If that company plans' benefits were increased to even the 55 dollar per vested year that the current part time pension benefit pays for every year vested for all the full time participants currently in the central states plans it would help considerably with the underfunding ratio. Those who have checked into this have found out this is not happening, the benefit paid is based on when you left the plan, on a percentage of the 30 year benefit and reduced six percent till age 65. Basically you are getting peanuts for any early retirement. Are we being lied to again with the international's apparent concern over the lack of any possibility of any early retirement? Hard to say, it sure would benefit the trustees of these funds to keep us contributing till 65...Hell, with the saving in paying health coverages for early retirees would be incentive enough. For those who do not know at age 65 medicare or medicad kicks in and for the most part we are dropped from most health and welfare packages, union or company. With the blame game going on, it would be easy to blame any decreases in benefits on the pension reform act. Bottom line is that I am really sick of being lied to by everybody involved with this pension crisis, it should not be this hard to get correct information. [/QUOTE]
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