old levi's
blank space
Ibt/ups only makes up the difference to age 65 ; after that you're at the mercy of Central States.
Ibt/ups only makes up the difference to age 65 ; after that you're at the mercy of Central States.
Completely wrong.
packageguy
Well-Known Member
3700 a month
old levi's
blank space
Then please explain it to me.
If after you turn 65 Central States has made any cuts as allowed or required by law UPS will make up the difference. This only applies to the current contract. Hopefully UPS will keep this provision in the next contract. Frankly I don't see how they couldn't without a strike.
3 done 3 to go
In control of own destiny
My last print out had me at $5500 a month at age 51. But, since has changed the age to 55. With rumor it my be dropped back to 52.(2020). My dues have gone up to 77 a month. In the contract when it finally passes - the union will be taking 35 cents out our last raise of a dollar. For pension an hr
oldngray
nowhere special
U.S. Pension Insurer Issues Dire Warning on Pooled Plans
The multiemployer insurance program works differently from the single-employer one, and the report expressed concern that the people at greatest risk were unaware of how much their pensions could be cut if the situation deteriorated. The maximum insurance benefit is less than $13,000 a year, and that is only for people who have at least 30 years of service. In some plans, notably the famous Teamsters’ Central States plan, many workers and retirees have already earned pensions well above the insurance maximum.
http://dealbook.nytimes.com/2014/06...warning-on-pooled-plans/?partner=yahoofinance
The multiemployer insurance program works differently from the single-employer one, and the report expressed concern that the people at greatest risk were unaware of how much their pensions could be cut if the situation deteriorated. The maximum insurance benefit is less than $13,000 a year, and that is only for people who have at least 30 years of service. In some plans, notably the famous Teamsters’ Central States plan, many workers and retirees have already earned pensions well above the insurance maximum.
http://dealbook.nytimes.com/2014/06...warning-on-pooled-plans/?partner=yahoofinance
oldngray
nowhere special
You would have enough for a whole gallon of gas if it wasn't for Obama!
The Milkman
Well-Known Member
You use the word Hope....They will change things down the road after what has happened to us retirees in this contract..Also keep in mind..Your pension minus what your monthly medical costs will cost you down the road..4-5 k a month is great, after taxes, after your more than likely monthly medical costs which will increase over time after seeing what just happened to us current retirees. Your Net pension ck will shrink over time..So be ready
oldngray
nowhere special
Medical costs will increase but the defined pension is fixed.
The Milkman
Well-Known Member
So in reality........deduct your monthly medical costs which were low for me when I hung it up, and it eats away at your net monthly income little by little. So from what I can see down the road you will have more taken out, so you get a pension increase...just to give it back for medical.Would be nice if the fixed medical costs I was told I would have, would of not of increased like they just did..before I retired I did all the calculations with my fixed income pension, medical costs included just to have my plan go south...Just like property taxes in Jersey..they keep going up..that's why I Left that wretched state
goingdownbrown
Member
just retired from upstate N.Y. age 48 30.10 years of service took the reduction getting $4120 a month
UpstateNYUPSer(Ret)
Well-Known Member
Our pension is 30 years and 55 years of age. You are 48. The reduction is either 3 or 6% per year (I forget which one it is) so that means you lost either 21 or 42% of your monthly pension payment. Ouch!
Our pension is way under funded.
thankyou hoffa and Hall, for not giving us a chance to fix it this contract.
If I sound pissed off, thats because I am!
thankyou hoffa and Hall, for not giving us a chance to fix it this contract.
If I sound pissed off, thats because I am!
goingdownbrown
Member
upstate I took the 21% After 30.10 years and the B.S and stress of the job.when I left I had not 1 debt and assets over 600k.7 years of living on$ 4120 and not going into that zoo every day instead of 7 more years for a grand more was a no brainer for me.I have had more job offers doing something enjoyable with no stress than I want.I was just thankful to get out.
UpstateNYUPSer(Ret)
Well-Known Member
Good luck to you. Dave.
Resident know-it-all.
Resident know-it-all.
goingdownbrown
Member
thanx Dave
