Central States Pension Cut to be Announced Next Week!!!!!!

[Hawfuh Sux]

The Central States Pension Fund officials next week plan to announce cuts to retirees and future retires. The cuts will be drastic for over 200,000 current retirees who are expected to take cuts of 30% to 40%.

The Central States also has 200,000+ active participants that will be affected by the cuts. What percentage of these will vote for Hoffa in 2016? Will these angry 200,000 non-UPS Teamsters show up in mass to vote next year?

The Hoffa administration was hoping not to announce the cuts until after the 2016 IBT election, but the pension fund is so cash-strapped that the cuts have to be made before the end of the year.

If even 20% (40,000) of these angry 200,000 angry members cast a ballot...who will they cast it for, Hoffa?

Any thoughts on this crisis?

 

[RealPerson]

Source?

 

[5habits100]

The Central States Pension Fund officials next week plan to announce cuts to retirees and future retires. The cuts will be drastic for over 200,000 current retirees who are expected to take cuts of 30% to 40%.

The Central States also has 200,000+ active participants that will be affected by the cuts. What percentage of these will vote for Hoffa in 2016? Will these angry 200,000 non-UPS Teamsters show up in mass to vote next year?

The Hoffa administration was hoping not to announce the cuts until after the 2016 IBT election, but the pension fund is so cash-strapped that the cuts have to be made before the end of the year.

If even 20% (40,000) of these angry 200,000 angry members cast a ballot...who will they cast it for, Hoffa?

Any thoughts on this crisis?

There are only 65,000 actives There are 6 retirees for every 1 active.

 

[5habits100]

Source?

Lunch room or locker room

 

[UpstateNYUPSer(Ret)]

There are 6 retirees for every 1 active.

Gee, I wonder if this is why they are in trouble.

 

[Mugarolla]

Gee, I wonder if this is why they are in trouble.

Nope.

The active money coming in is not supposed to pay for current retirees.

They are in trouble because too many employers went out of business owing the fund billions.

They guaranteed 30 and out at $3000 when they did not have the funds for it.

The stock market took a dump.

Mis-management.

You name it, but it is not because there are not enough people paying into it.

That would be what? .......

A ponzi scheme.

 

[5habits100]

Nope.

The active money coming in is not supposed to pay for current retirees.

They are in trouble because too many employers went out of business owing the fund billions.

They guaranteed 30 and out at $3000 when they did not have the funds for it.

The stock market took a dump.

Mis-management.

You name it, but it is not because there are not enough people paying into it.

That would be what? .......

A ponzi scheme.

There is not enough money coming in and too much going out. There is not enough people paying in.

 

[3 done 3 to go]

Is this a factor from the bill passed from the government.? To punish the working man

 

[upschuck]

There is not enough money coming in and too much going out. There is not enough people paying in.

He was saying that they are not suppose to get the current distributions from the current contributions, which is correct, nothing can sustain that.

Mug is correct.

 

[oldupsman]

The Central States Pension Fund officials next week plan to announce cuts to retirees and future retires. The cuts will be drastic for over 200,000 current retirees who are expected to take cuts of 30% to 40%.

The Central States also has 200,000+ active participants that will be affected by the cuts. What percentage of these will vote for Hoffa in 2016? Will these angry 200,000 non-UPS Teamsters show up in mass to vote next year?

The Hoffa administration was hoping not to announce the cuts until after the 2016 IBT election, but the pension fund is so cash-strapped that the cuts have to be made before the end of the year.

If even 20% (40,000) of these angry 200,000 angry members cast a ballot...who will they cast it for, Hoffa?

Any thoughts on this crisis?

No offense, but I won't believe it until it's announced. Because if it's true it will absolutely have an impact on the election.

 

[upschuck]

Do retirees vote for IBT President?

 

[IVE GOTTA PACKAGE 4U]

Do retirees vote for IBT President?

No.

 

[upschuck]

No.

Didn't think so, so I don't think it will have too much effect on the election. UPSers should have little to none cut.

 

[IVE GOTTA PACKAGE 4U]

Didn't think so, so I don't think it will have too much effect on the election. UPSers should have little to none cut.

I hope they don't take too big of a hit.

 

[upschuck]

I hope they don't take too big of a hit.

Personally I'll feel bad for those guys, but a fund cannot stay viable by paying for 20 year benefit after only taking in 5 years worth.

 

[oldngray]

Didn't think so, so I don't think it will have too much effect on the election. UPSers should have little to none cut.

Non UPS Teamsters are at serious risk now but UPS people still are more threatened than at risk.

 

[PiedmontSteward]

Non UPS Teamsters are at serious risk now but UPS people still are more threatened than at risk.

The clause UPS agreed to that IBT wanted in 2008 has UPS making up the difference for vested credit for retirees in Central States if (and when) it goes under.

They can't do anything about it now, but this will absolutely be a point of contention in 2018 and it will be used to try and extract concessions from us as they did with healthcare in 2012.

 

[Catatonic]

Is this a factor from the bill passed from the government.? To punish the working man

We believe in Obama!

 

[IVE GOTTA PACKAGE 4U]

We believe in Obama!

Who?

 

[Overpaid Union Thug]

Who?

Some community organizer from Ken....uh.....Chicago. I heard he caught Osama Bin laden single handedly.