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Brown Cafe UPS Forum
UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="sawdusttv" data-source="post: 218173" data-attributes="member: 7476"><p><strong>Re: What benefits would *you* have cut to rebalance the Fund?</strong></p><p></p><p></p><p> </p><p>OK Jon,</p><p>Before I give you my solution, I'd Like to say that the reason CS fund lost that kind of money is due to very poor investment practices, in other words gambling with to much of our pension money instead of putting it into more secure investments.</p><p>That being said, here is what I would do!</p><p> </p><p>I would have left the retirements of those with 25 or more years vested in tact completly. They do not have adequate time to recoup the loses. Then I would have made graduating cuts from 20 years service being small, down to large cuts for new hires. anyone not yet vested or less than 5 years and to include all new hires would take the brunt of the cuts. they either have the time to recoup from the cuts or are hired in knowing that there benifit levels would be lower than someone with 25 or more years. Granted the amounts of the graduated cuts would have to be determined but this would protect those employees that have little time left.</p></blockquote><p></p>
[QUOTE="sawdusttv, post: 218173, member: 7476"] [b]Re: What benefits would *you* have cut to rebalance the Fund?[/b] OK Jon, Before I give you my solution, I'd Like to say that the reason CS fund lost that kind of money is due to very poor investment practices, in other words gambling with to much of our pension money instead of putting it into more secure investments. That being said, here is what I would do! I would have left the retirements of those with 25 or more years vested in tact completly. They do not have adequate time to recoup the loses. Then I would have made graduating cuts from 20 years service being small, down to large cuts for new hires. anyone not yet vested or less than 5 years and to include all new hires would take the brunt of the cuts. they either have the time to recoup from the cuts or are hired in knowing that there benifit levels would be lower than someone with 25 or more years. Granted the amounts of the graduated cuts would have to be determined but this would protect those employees that have little time left. [/QUOTE]
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Another example of Central States mismanagement
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