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UPS Retirement Topics
UPS subsidizing non ups pensions
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<blockquote data-quote="Cezanne" data-source="post: 152830" data-attributes="member: 5104"><p>Question that should be asked is to whatever happened to accountability. When is the line crossed from bad investment practices to criminal fraud and what government agency or organization overlooks or investigates these concerns. Are these trustees above the law or protected from civil action, individually or as a group. Think about it, these shortages did not happen overnight. It took several years of underfunding to get a pension fund to the red line levels. If you consider that Central States was the largest fund under teamster control, why did not somebody, somewhere see this coming. How in the world did it get to a 59 percent vesting ratio without a blip on the radar screen, something is rotten in Denmark if you get my drift.</p><p> </p><p>Alot of smoke being created with this underfunding issue, will take some digging to get to the source of the fire but somebody was playing with matches. What grieves me is the lack of honest feedback from all parties involved in this problem, has anybody else got bogus information back from inquiries about your pension and or health and welfare questions or is it only me. Covering your tail seems to be the main concern from the people in power currently.</p><p> </p><p>Can this be worked out with the upcoming contract negotiations? Believe it can, there are alot of creative ways to achieve an successful means for a reasonable pension formula. Not everybody will be happy about it, share the pain concept. Considering that I am in the Central States area and I do have a problem with other teamsters members with the same number of years collecting two or three times more at retirement. Does it make sense to have an universal pension formula that pays all Teamsters the same in whatever fund they are currently under. Believe that it is heading that way, no more local political decision making with our pensions. Promising increases without the means of fulfilling those obligations.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 152830, member: 5104"] Question that should be asked is to whatever happened to accountability. When is the line crossed from bad investment practices to criminal fraud and what government agency or organization overlooks or investigates these concerns. Are these trustees above the law or protected from civil action, individually or as a group. Think about it, these shortages did not happen overnight. It took several years of underfunding to get a pension fund to the red line levels. If you consider that Central States was the largest fund under teamster control, why did not somebody, somewhere see this coming. How in the world did it get to a 59 percent vesting ratio without a blip on the radar screen, something is rotten in Denmark if you get my drift. Alot of smoke being created with this underfunding issue, will take some digging to get to the source of the fire but somebody was playing with matches. What grieves me is the lack of honest feedback from all parties involved in this problem, has anybody else got bogus information back from inquiries about your pension and or health and welfare questions or is it only me. Covering your tail seems to be the main concern from the people in power currently. Can this be worked out with the upcoming contract negotiations? Believe it can, there are alot of creative ways to achieve an successful means for a reasonable pension formula. Not everybody will be happy about it, share the pain concept. Considering that I am in the Central States area and I do have a problem with other teamsters members with the same number of years collecting two or three times more at retirement. Does it make sense to have an universal pension formula that pays all Teamsters the same in whatever fund they are currently under. Believe that it is heading that way, no more local political decision making with our pensions. Promising increases without the means of fulfilling those obligations. [/QUOTE]
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