Central States going broke---
- Thread starter rod
- Start date
any hours over a set amount and the company pays over-time but does not pay into health and pensions.....perhaps the teamsters and company can brainstorm together and adjust ..you know adjust to changing conditions...think out of the box and all that........I am sure that you folks have other solutions ........take a good look at some of the other unions and see what they do.....the i.a.m. is a great place to look at.......
BigUnionGuy
Got the T-Shirt
I always welcome different points of view.
Unfortunately, that's an "apples to oranges" comparison.
Bubblehead
My Senior Picture
Those opportunities vanished when UPS paid it's withdraw liability from the Central States pension fund and moved into a single employer pension.
There will be no brainstorming by UPS, aside from finding a way out the guarantee to retirees that left since 2008.
Oh and btw, the IAM recently cut pension benefits and raised the minimum retirement age, a notion deemed unacceptable by the membership and the government a few years back.
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Over70irregs
Well-Known Member
22.4 union dues. Hourly wage discount progression. Those concessions would help the central plan. Wasn’t sure of PT contributions because we know they don’t stay pension. They are a undeniable constant churn of revenue.
BigUnionGuy
Got the T-Shirt
It will be up to the next administration, to deal with that.
Can't blame Hoffa anymore....
Machinists Cut Out
One of the nation's largest union pension funds plans on cutting retirement benefits by 40 percent moving forward despite its overall fiscal health.
freebeacon.com
Union dues has nothing to do at all with the pension.
it's the hourly contribution the UPS pays on your behalf into the pension fund
And as far as putting part of your pay raises into the pension fund ask upstate New York how that worked out for them?
BigUnionGuy
Got the T-Shirt
Not sure what you are saying ?
Your post totally confuses me now.
BigUnionGuy
Got the T-Shirt
He couldn't afford a cat any longer ?
I wasn't talking about him trust me, I was talking about his pension fund.
Those guys up there was making a couple dollars an hour less than everyone else and they still got their pension cut
BigUnionGuy
Got the T-Shirt
I just couldn't resist taking the shot.
If he had not been such an arrogant, condescending, management wanna-be....
There were numerous times I pointed out that there was no way, that fund could pay out what it promised.
$5500.00 a month for 30 years of service ? No way.
Thats why @What'dyabringmetoday??? cries on this forum so much.
It's the Unions fault.... "they are fat and eat at buffets".
But yet, they couldn't even muster a 50% member participation in their pension vote.
Who is the real problem ?
-Bug-
DELACROIX
In the Spirit of Honore' Daumier
Corporate would of found a loophole already if they get out of that 2007 withdraw agreement..done deal and one of the reasons they gutted their management pension plan, frees up roughly 5 billion in contributions annually.
The UPS plan for mostly part timers will be on the table come 2023. I can see the company offered a matched 401k. The western’s peer 80 will still have part timers contributing monetary, very healthy returns currently.
The IAM pension plan were paying out similar to the Peer 80 plan, but had to reduce their future retiree benefits. Simply not enough newer participants to cover the benefits promised for the older ones.
I believe that the weekly contributions per full time members is bordering over 2,000 a month, if the stock market and investment annuities continue to grow it should provide a healthy pension benefit for our members..Good news for most of use...
oldngray
nowhere special
Expect UPS to use it as a negotiation tool in every future contract. What will be the true telling point is whether the union forces them to honor promises or to let them throw retirees under the bus. Again.
BigUnionGuy
Got the T-Shirt
Yep.
But, it is an old argument. And they got what they wanted ?
Oh....
They are gonna try again ?
What'dyabringmetoday???
Well-Known Member
Nope- not crying. But why would the trustees need to go to Disney World to hold a meeting regarding a New York State fund? I'm sure you will have one of your witty responses....since you know EVERYTHING.
What'dyabringmetoday???
Well-Known Member
And you are 100% correct about the participation. But you will never admit that the "elected leaders" are partly to blame. Perhaps you are a stand-up representative. But many times it's not the case. But in our local- the "leaders" don't want participation and actually try to do what they can to inhibit it.
PT Car Washer
Well-Known Member
How would you feel if your preloader had a higher hourly rate than drivers because the FT wages were diverted to prop up the pension?
Our part-time pension is separate here
None of the part-time money goes into the full-time pension plan
What'dyabringmetoday???
Well-Known Member
What's better is that we support the plan for everyone outside of UPS whose companies went out of business. But if they had monies paid in ,where did that money go? Gee-I wonder....
DELACROIX
In the Spirit of Honore' Daumier
There are two categories of pension plans, one is called “a monetary benefit pension plan” the other is called “ a defined benefit plan”.
Peer 80 in the western is monetary benefit ..It is getting contractual weekly individual funding by their employers.
The IBT/UPS retirement plan created in 2007 is a defined benefit plan, that plan only requires an annual contribution to maintain the negotiated benefit formula. I believe it bypasses article 34 language, if the plans investments do well annually the company does not have to pay additional funding to cover the vesting requirements. A great money saver for the contributing companies.
