Central states/Teamsters pension fun

[anHOURover]

Stop shouting? FACT

BROTHER
IM LOUD
I CUASE TROUBLE
I EXPOSE LIARS
I SHOUT
FACT

 

[j13501]

Yeah but how much money went in on your behalf?


My point is you were overpromised. There was never enough money put in on your behalf for you to draw $3000 a month for 30-40 years.

Here is a different perspective on the pension issue, from a former UPS mgmt. employee. I believe that the seeds of the pension problems in Central States were sown during the contract negotiations of 1997. There is a good article titled "Pension Issue Drives Wedge between Teamsters, UPS" , dated August 15, 1997 in the SunSentinel newspaper (google it).

It says that UPS is proposing to withdraw from the CS pension fund and double pensions for UPS teamster employees. UPS could do this because it knew that money being contributed was not just going to UPS teamsters. It also states in the last paragraph that "Withdrawal of UPS....will represent the loss of 50% of the participants in the plans they pull out of. That has very significant implications for the ability to pay future liabilities."

You may answer that "UPS didn't pull out of the plans in 1997". That's true, but Central States raised the pension benefit as a result of the UPS contract offer, even though there was no increase in funds being paid into the plan.

 

[rod]

Bottom line - Live your life like you're not getting a pension

It's always the people who didn't pay off their mortgage or $50,000 truck that bitch.
Invest in your 401K and clear out your liabilities by 55.

I like my paid off mortgage and my paid off $51,000 pickup-----------------it can be done.

 

[Brownslave688]

Here is a different perspective on the pension issue, from a former UPS mgmt. employee. I believe that the seeds of the pension problems in Central States were sown during the contract negotiations of 1997. There is a good article titled "Pension Issue Drives Wedge between Teamsters, UPS" , dated August 15, 1997 in the SunSentinel newspaper (google it).

It says that UPS is proposing to withdraw from the CS pension fund and double pensions for UPS teamster employees. UPS could do this because it knew that money being contributed was not just going to UPS teamsters. It also states in the last paragraph that "Withdrawal of UPS....will represent the loss of 50% of the participants in the plans they pull out of. That has very significant implications for the ability to pay future liabilities."

You may answer that "UPS didn't pull out of the plans in 1997". That's true, but Central States raised the pension benefit as a result of the UPS contract offer, even though there was no increase in funds being paid into the plan.

I wasn't blaming the company. The union promised more than they could deliver.

 

[PT Car Washer]

I wasn't blaming the company. The union promised more than they could deliver.

Union leadership promised more then they could deliver and they knew it. Vote for me and I will increase your pension. And the membership bought it.

 

[DDD1983]

I have searched high and low, what states are in this pension fund?

 

[DDD1983]

Plain as day but ambiguous at the same time. They are kicking the can down the road and hoping nobody's watching. If the plan goes broke so do we.

 

[DDD1983]

Here is a different perspective on the pension issue, from a former UPS mgmt. employee. I believe that the seeds of the pension problems in Central States were sown during the contract negotiations of 1997. There is a good article titled "Pension Issue Drives Wedge between Teamsters, UPS" , dated August 15, 1997 in the SunSentinel newspaper (google it).

It says that UPS is proposing to withdraw from the CS pension fund and double pensions for UPS teamster employees. UPS could do this because it knew that money being contributed was not just going to UPS teamsters. It also states in the last paragraph that "Withdrawal of UPS....will represent the loss of 50% of the participants in the plans they pull out of. That has very significant implications for the ability to pay future liabilities."

You may answer that "UPS didn't pull out of the plans in 1997". That's true, but Central States raised the pension benefit as a result of the UPS contract offer, even though there was no increase in funds being paid into the plan.

 

[DDD1983]

Wrong contribution rates have gone up every year since..

 

[DDD1983]

Central states pension fund local belly up in seven years fact
The Teamsters have known about this upcoming issue Put their head in the sand and kick the can down the road

UPS will negotiate in this contract they will not be responsible for previous retirees and will not make up the shortfall I find it hard to believe UPS will keep on paying for the Teamsters lack of financial responsibility The sad part is it's really not our pension we don't have control over the money the Teamsters do and they have done nothing but short change their own members that sad

True

 

[DDD1983]

Well said..

 

[DDD1983]

I disagree----I think the Company will continue to honor their commitment to those retirees for at least the next 5 years.

Maybe in New York

 

[DDD1983]

In the early years we put 6 bucks a week into the UPS thrift plan. That turned into $120,147.87 by the time the Thrift Plan was stopped--- thanks to smart investing. That's only $312 a year invested. What was being contributed to my pension should have grown to multi-millions at that rate. Apparently the Teamsters suck at investing.

 

[DDD1983]

Suck it investing good at swallowing our money and UPS is dick.