Central States pension calculator

[BigUnionGuy]

You don't know your IBT.

Sure I do.

I'm just not one of those turncoats, trying to advance their own personal status.


Flip flop Fred.... is a prime example.

He's gone from endorsing the Local 89 Rider, to a No Vote, back to endorsing it.

WTF ?


He's earned his name.

Remember when he hated TDU ?

Now.... he goes, and speaks at their convention.



-Bug-

 

[Smashmouth]

After BUG flamed me when I asked a question about the guarantee language awhile back I took time to contact my BA on this. He basically said the same thing, UPS liability on this issue will reduce each year as those of us in UPS/IBT fund with CSPF years die off. Don't believe this will really become an issue till they make cuts and it starts costing UPS money. Hopefully at that point the costs will be less than the bad press the company would get by wanting to drop the guarantee.

Exactly right, UPS will only start crying about this when it starts costing them money. Then look for them to try to change the language.

 

[brown_trousers]

Article 14 Section 1 of the Central Region Supplement.

If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset.

I know this can changed in upcoming contracts, but, at least for now, it will be waiting for me unless UPS goes bankrupt.

Does not matter what happens to Central States.

The guys that retired before 2008 will be getting screwed though.

Hopefully, it can and will be fixed, for their sakes.

The language is very clear. But UPS will definitely challenge it to save money, and take the case into arbitration.

You have to then wonder. Does UPS ever win in arbitration, when the contract language seems to be so clearly written?

 

[DELACROIX]

If there is such a thing as an (ironclad agreement) the Central States withdraw language about UPS being required to pay the difference if and when there is a reduction or default has to be one. Think about it, if there was a loophole on this one they would of used it from day one and not have to wait 15 years later. As you remember they tried to get out of the "97" contract language of creating those 10,000 new inside positions once the contract was ratified, the International won it in arbitration two years later.

I believe that they have given up and are now waiting it out. In time there will be no UPS retirees with any vested time in the CSPF, all of it will eventually be under the IBT/UPS Pension trust. By the next contract and every year afterwards UPS liability goes down as the retirees pass on. With them eliminating the annual funding for their management pensions in 2023 that in itself will free up about 2 billion dollars to cover any associated costs for the possible default of the Central, which will happen short of a miracle.

I believe that they made (14 percent interest) on their three major controlled Pension funds last year. If the ecomony continues to grow at the rate it is going now they will be in hog heaven for the next couple of years. If their pension trusts are right now over 100 percent vested that means that their annual contributions would be significantly less each year just from their investment interest.