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UPS Union Issues
Central States Pension Fund cuts
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<blockquote data-quote="Mugarolla" data-source="post: 1882762" data-attributes="member: 8481"><p>The reason I say that UPS may not agree with the CSPF proposed cuts is not that they care anything about the pre 2008 retirees, I say this because it is going to cost them a lot of money for the post 2008 retirees.</p><p></p><p>They supposedly got a carve-out from Congress in the Omnibus Spending Bill saying that UPS retirees will be last in line to receive cuts.</p><p></p><p>The Center For Pension Research at Boston College University studied the CSPF. It concluded that a 30% cut across the board would keep the CSPF solvent indefinitely.</p><p></p><p>The CSPF cut most retirees by 50%, the greatest amount provided by law. UPS retirees are a minority of retirees receiving benefits from the CSPF.</p><p></p><p>So if most of the retirees received a 50% cut, that would leave UPS retirees, last in line to receive cuts, to expect to see cuts around 5-10% Maybe even none at all.</p><p></p><p>This would give the average cut of all retirees around 30%. The amount the CFPR concluded would keep the CSPF solvent indefinitely.</p><p></p><p>And UPS cannot separate the pre and post 2008 retirees. They have to fight the cuts according to the law in the Omnibus Spending Bill.</p><p></p><p>By fighting to save themselves billions of dollars for post 2008 retirees, it would have a trickle down effect of saving pre 2008 retirees from massive cuts.</p><p></p><p>Only time will tell what happens.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1882762, member: 8481"] The reason I say that UPS may not agree with the CSPF proposed cuts is not that they care anything about the pre 2008 retirees, I say this because it is going to cost them a lot of money for the post 2008 retirees. They supposedly got a carve-out from Congress in the Omnibus Spending Bill saying that UPS retirees will be last in line to receive cuts. The Center For Pension Research at Boston College University studied the CSPF. It concluded that a 30% cut across the board would keep the CSPF solvent indefinitely. The CSPF cut most retirees by 50%, the greatest amount provided by law. UPS retirees are a minority of retirees receiving benefits from the CSPF. So if most of the retirees received a 50% cut, that would leave UPS retirees, last in line to receive cuts, to expect to see cuts around 5-10% Maybe even none at all. This would give the average cut of all retirees around 30%. The amount the CFPR concluded would keep the CSPF solvent indefinitely. And UPS cannot separate the pre and post 2008 retirees. They have to fight the cuts according to the law in the Omnibus Spending Bill. By fighting to save themselves billions of dollars for post 2008 retirees, it would have a trickle down effect of saving pre 2008 retirees from massive cuts. Only time will tell what happens. [/QUOTE]
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