Why 8,737 UPS retirees are bracing for pension cuts

[cheryl]

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.

 

[rod]

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.

 

[hdkappler]

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?

 

[Catatonic]

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.

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.

 

[bbsam]

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

 

[AllOnTheHorses]

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

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.

 

[UpstateNYUPSer(Ret)]

Drivers had nothing to do with your benefits.

 

[AllOnTheHorses]

Drivers had nothing to do with your benefits.

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?