Why 8,737 UPS retirees are bracing for pension cuts

Discussion in 'The Latest UPS Headlines' started by cheryl, Oct 28, 2015.

  1. cheryl

    cheryl I started this. Staff Member

    Why 8,737 UPS retirees are bracing for pension cuts - CNN

    UPS earned more than $3 billion last year. But 8,737 of its former workers could see their pension checks cut next summer.

    The problem is that some UPS retirees receive their pensions from the cash-strapped Central States Pension Fund, which covers hundreds of thousands of workers from different companies. That fund says it needs to make cuts in order to keep from running out of money.
     
  2. rod

    rod retired and happy

    When you stop to think about it 8,737 former UPS workers that fell into the crack isn't many out of the tens of thousand (maybe more) retired teamsters there are. Considering the fact that probably many of this group are getting up there in the "dying" years and will be out of the system in the coming years I think the Teamsters jumped the gun on this one. How many Bank employees and auto employees did my tax money bail out a few years ago? The whole process stinks.
     
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  3. hdkappler

    hdkappler Member

    concerned about our pensions,iretired from ups.if I think they should vote Hoffa out.Tim S teamsters united slate.sounds like they care more about the teamstersdo you agree?
     
  4. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    I know UPS has no legal or moral responsibility to help these retired UPSers but I sure wish they would.
    They could turn it into a great PR stunt too.
     
  5. bbsam

    bbsam Moderator Staff Member

    First go the retirees pension...how long 'til current employee benefits are "trimmed".
     
  6. AllOnTheHorses

    AllOnTheHorses Active Member

    Yep.. the erosion has already begun. Not long ago (two years?) preload had great insurance. Now they wait longer for benefits and the health insurance benefits are not as good financially.. (Speaking from Southern Region experience BTW).
    Who makes or breaks your day as a driver? Preload.
     
  7. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Drivers had nothing to do with your benefits.
     
  8. AllOnTheHorses

    AllOnTheHorses Active Member

    I am a driver.. but no, that is not what I mean.. I mean the company is already grinding into the foundation of the business; preload as the foundation for everything we do.

    edit- Is Ups making less money than it did when it promised x$ to all of these drivers for pension?
     
    Last edited: Nov 29, 2015