tieguy
Banned
A manager here told me 58 was the age requirement now.1
55 . one of many rumors that have been flying around for about five years.
Last edited:
Another example of Central States mismanagement
- Thread starter Bill
- Start date
tieguy
Banned
tieguy
Banned
you keep dodging this one my friend.
per your numbers CS has restored that 6 billion going from net assets of 15 billion to 21.6 estimated this year.
In the interim during those years ups paid their full share into the plan. So did the plan pay ups money to other retirees or did the plan use tommorrows money to pay todays liabilities. I'm curious whether you will ever answer that question directly.
tieguy
Banned
part timer retiring can get 2500 month if I heard right. Not crumbs by any means and its unheard of in most of the world for a part timer to collect a retirement much less that much.
In the Central States area the most a part-time retiree with 35 years service in will collect is l950 dollars max, spelled out pretty clear in Master language. If you can please show me a totally part-time union retiree collecting 2500 and when can I join their pension plan. I believe that it is a federal law to give part-time employees pension credit based on hours worked the same if they were full time employees. The work schedule demands and physical nature of the part-time workforce at UPS is a far cry from most other part-time positions out there. The retention rate for these entry level employees should tell you just how demanding they are. Think about it but just how many part-timers who were vested in the UPS Pension Plan ever make it to collect a full pension, the road to travel is too long and hard for that award.
J
JonFrum
Guest
You've had all these years, why haven't you posted "the offer" so we all can see for ourselves?
J
JonFrum
Guest
you keep dodging this one my friend.
I've already answered your question, even though it's hard to make sense of it.
per your numbers CS has restored that 6 billion going from net assets of 15 billion to 21.6 estimated this year.
The Fund lost $6 billion. It is gone. Permanently. The Fund has increased by $6 billion in recent years, but this does not offset the original $6 billion loss. The Fund is still $6 billion behind, more or less.
In the interim during those years ups paid their full share into the plan. So did the plan pay ups money to other retirees or did the plan use tommorrows money to pay todays liabilities. I'm curious whether you will ever answer that question directly.
UPS paid its 49% share, and its 63% share and so forth. Each month the Fund had a specific Funding Level. When UPS made its monthly contribution, they were buying the published benefit (pension credit) for their employees, but only puting down 49% or 63% or whatever the percentage was for that month. The remainder will be paid in the form of Withdrawal Liability, assuming UPS does, in fact, withdraw.
The Plan had $21 billion in Net Assets to pay today's benefits and tomorrow's. Other Employers paid in billions of dollars over the years on behalf of their employees and that money is available to pay for their retirement.
I've already answered your question, even though it's hard to make sense of it.
per your numbers CS has restored that 6 billion going from net assets of 15 billion to 21.6 estimated this year.
The Fund lost $6 billion. It is gone. Permanently. The Fund has increased by $6 billion in recent years, but this does not offset the original $6 billion loss. The Fund is still $6 billion behind, more or less.
In the interim during those years ups paid their full share into the plan. So did the plan pay ups money to other retirees or did the plan use tommorrows money to pay todays liabilities. I'm curious whether you will ever answer that question directly.
UPS paid its 49% share, and its 63% share and so forth. Each month the Fund had a specific Funding Level. When UPS made its monthly contribution, they were buying the published benefit (pension credit) for their employees, but only puting down 49% or 63% or whatever the percentage was for that month. The remainder will be paid in the form of Withdrawal Liability, assuming UPS does, in fact, withdraw.
The Plan had $21 billion in Net Assets to pay today's benefits and tomorrow's. Other Employers paid in billions of dollars over the years on behalf of their employees and that money is available to pay for their retirement.
Cezanne if your here 50 years !
tieguy
Banned
Jon,
Pretty lame response. What do we call it a "what if" contract offer? Here you can't have this now but this is what you could have gotten? Keep it real Jon. Now you're grasping for straws. Carey refused to let you see it. UPS by law can not negotiate directly with the membership. UPS sent the flyers out to their employees with some highlights to give you the chance to ask your negotiaters to let you see the full details.
tieguy
Banned
tieguy
Banned
The other point Jon. You keep giving me the oh well they lost it excuse for CS being in financial trouble. You then give me the hopefully they will rebuild it through their investments approach. That answer sounds to much like gambling to me. The pension admins are responsible for investing the money wisely and with great prudence. They are responsible for building a portfolio that guards against sudden fluctuations in the market. They have some explaining to do. You keep selling an argument here that the plan is rebounding and that (read between the lines) it ain't all that bad. The potential retirees here need some concrete committments before they should ever be expected to trust CS. You keep trying to give them that the plan ain't as bad as it seems defense. Thats not a strong enough committment.
If the CS plan is rebounding, why aren't my benefits rebounding to?
I believe that the Central States fund is not up to the federal mandated funding requirements to improve any increase in benefits. I am afraid that it will take 7 to 10 years with the current cuts to turn this ship around. Most of us with any time in at UPS will lose this race or be too busted up to enjoy any retirement. Would of loved to retire and tour Europe without being in a wheelchair.
I believe that the Central States fund is not up to the federal mandated funding requirements to improve any increase in benefits. I am afraid that it will take 7 to 10 years with the current cuts to turn this ship around. Most of us with any time in at UPS will lose this race or be too busted up to enjoy any retirement. Would of loved to retire and tour Europe without being in a wheelchair.
Point well taken!!!!!!!
J
JonFrum
Guest
They did if they *somehow* managed to make it to the finish line at UPS. But, as everyone knows, people at UPS fall by the wayside every day --- Management and Labor alike.
tieguy
Banned
Well now you have dipped into total dishonesty. Clearly their benis would not be getting cut if they did.
UPS pays the pension money to the Teamsters who allegedly hand it over to CS. Does all of the money go directly to CS, or most of it?
J
JonFrum
Guest
The Teamsters *negotiate* the contributions but the money is paid by UPS directly to the Central States Fund. The IBT never sees a penny of it. The Pension and H&W Funds are seperate legal entities from the Teamsters, although the Teamsters did create/sponsor them originally, and supplies half the Trustees.
All due respect RED,
79 brings up a good point. Bottom line is that although CS handles our pension and health care money just like all the other funds do, the teamsters gave them the money to handle, so the teamsters are ultimatly responsible for the funds gains and losses. That being said.
What are the teamsters doing to fix the pension and health care short falls??????
Nothing!!!!
How long do we continue to support them when it appears that they are doing nothing to fix the most important problem that there members have???
You know, no one had a problem supporting the teamsters in years past when they actually did things for the members, but this is a situation that you can't sit back and say," well the teamsters got us our good pay, and they did this in the past, and they did that, so we need to continue supporting them now even though they aren't doing these things any more."
We have all heard the saying, "What have you done for me lately?"
The members need to see results, and need to see evidence that something is being done now!!!
Enough of the empty promises!!!
79 brings up a good point. Bottom line is that although CS handles our pension and health care money just like all the other funds do, the teamsters gave them the money to handle, so the teamsters are ultimatly responsible for the funds gains and losses. That being said.
What are the teamsters doing to fix the pension and health care short falls??????
Nothing!!!!
How long do we continue to support them when it appears that they are doing nothing to fix the most important problem that there members have???
You know, no one had a problem supporting the teamsters in years past when they actually did things for the members, but this is a situation that you can't sit back and say," well the teamsters got us our good pay, and they did this in the past, and they did that, so we need to continue supporting them now even though they aren't doing these things any more."
We have all heard the saying, "What have you done for me lately?"
The members need to see results, and need to see evidence that something is being done now!!!
Enough of the empty promises!!!
