brownmonster
Man of Great Wisdom
I would think the days of improved pensions are over. Hanging on to what we have is the goal.
UPS, Teamsters to Restructure New England Pension Plan
- Thread starter Mr Sincerity
- Start date
most people don't realize that that are pensions are actually paid for by ups but put into a "pool" This pool includes several if not dozens of companies who use these funds as well as there own that they contribute. UPS is by far the largest contributor to this "pool". For example let's say Yellow freight pays into this pool, well they use the funds in this pool to pay for the pensions of their own people. Let's say yellow freight goes out of business next year. (not unheard of today). Well if that happens ups contributed funds still have to help pay for the pensions of employees who have retired from a businees that no longer exists, while that business no longer has to because it doesn't exist. This proposal is for ups to break away from that pool,( not sure if totally or partially ) to ensure that the money they put in goes to us and not to other pensions from other companies. i agree. However, Our NE contract is up next year and it would not surprise me if they use this in negotiations to say "look at what we have done we are protecting your future more so maybe you don't need such a big raise". Stay tuned.
UnconTROLLed
perfection
In order to vote, you have to attend union meeting.
Hard to see this any other way than a sellout.
Hard to see this any other way than a sellout.
UnconTROLLed
perfection
I would suggest researching and drawing your own conclusions, rather than lap up what B.A. says, verbatim. lol
My pension just got better
oldupsman
Well-Known Member
Well of course they're going to use that in contract talks next year. So what? Then the choice is yours. Do you want more money now or more money later?
Yes UPS makes a boatload of money. But the pot of gold is not unlimited.What is the downside to having UPS involved in the pension fund?
Do I want them in full control of it? Of course not. But how have the Teamsters done managing our pension funds?
The joint 401k system has worked just fine. Why can't the same be done with the pension?
UpstateNYUPSer(Ret)
Well-Known Member
Or, better yet, why can't the company direct their pension contribution directly in to our 401k's?
browniehound
Well-Known Member
I've thought this the first day I read what UPS pays in my name. I've always believed if UPS just paid me into my 401K what they contribute to the pension fund on my behalf + what I contribute on my own, I'd be a multi-millionare by age 59.5. I'd actually give up a pay-raise for a couple of years for a 5% match in my 401k by UPS. Who wouldn't?
I'll keep my pension and invest in my 401 K as a bonus. A pension is basically guaranteed money thanks to the government Benefits . Your 401 K is not is the market tanks tomorrow could loss alot and it would take year to build the value back up... You don't have to worry about that with a pension... If UPS went bankrupt tomorrow and you are vested you would still get a pension when it came time for you to collect...
What'dyabringmetoday???
Well-Known Member
I hope you don't really believe what you are posting here. If UPS goes bankrupt, there is likely no chance of getting any sort of pension. Say what you will about the PBGC, but how long do you think that will last? Pension funds do run out of money. Considering the way things are lately, do you really want to count on the government to step in and take care of it? Even if the PBGC were to stay afloat, you certainly will not see the money you expected from your pension fund. (this is not meant to start an argument, just some opinions)
Do you really think there is a possibility that UPS will go bankrupt ? Seriously ?
UpstateNYUPSer(Ret)
Well-Known Member
In it's entirety? No. Do I see the day when they spin off the small package division? Yes.
How many others have said that about their companies?
How many of those companies have been around for 100 years and have profits in the billions ?
Catatonic
Nine Lives
And the things we continuously complain about as employees are the side-effects of the changes necessary to ensure UPS does not go the way of these other companies.
Bubblehead
My Senior Picture
We will see.
I'm sure those "other companies" thought they were making prudent decisions, only to watch them blow up and drive their company into the ground.
The decision making process that lead us through the majority of the first hundred years have been pushed aside for this new strategy.
I'm not so sure that we aren't leveraging our future in the midst of an instant gradification mindset that plagues this country, especially in regards to stock.
It is no longer good enough to well.
We have to continually do better than the quarter before.
This is an unsustainable business model.
UnconTROLLed
perfection
Are you being sarcastic? Maybe read my post again. lol
Do you really believe union "bosses" wants people to know the real issues? Do you think the union wants members informed on choices that these cronies would decide for us, if they could? Why is it that a member must attend a meeting to vote?
I am not trying to sway your opinion, at all, which is why I say, draw your own conclusions , instead of whatever the phony BA, or anyone else is selling.
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