Central states-what happens when???

[Mugarolla]

I think UPS retirees before 2008 might have something to worry about, but they will be the last too see any cuts.

I agree.

 

[WhatsUP]

I think UPS retirees before 2008 might have something to worry about, but they will be the last too see any cuts.

It's that a fact that UPS retirees that retired prior to 2008 will also be last in line to take cuts?

I can't seem to get a definite answer to that question.

 

[WhatsUP]

Is that a fact that UPS retirees that retired prior to 2008 will also be last in line to take cuts?

I can't seem to get a definite answer to that question.

 

[Fullhouse]

This was sent to me by a fellow feeder driver in the upstate of South Carolina-
The IBT should be sending out a letter soon to confirm that the language on page 92 is there to protect those of us who have worked at least one hour in 2008 to present. Ups will make up the difference in the reduction . We will receive our full pension.

 

[UpstateNYUPSer(Ret)]

This was sent to me by a fellow feeder driver in the upstate of South Carolina-
The IBT should be sending out a letter soon to confirm that the language on page 92 is there to protect those of us who have worked at least one hour in 2008 to present. Ups will make up the difference in the reduction . We will receive our full pension.

Will the letter address the concerns of those who retired prior to 2008?

 

[Fullhouse]

Not sure

 

[UpstateNYUPSer(Ret)]

Not sure

It is pretty much a given that those who retired after 2008 will be taken care of. The concern should be for those who retired prior to 2008.

This issue should serve as a wake up call for our younger co-workers that their pension may or may not be there for them when it is their turn to retire and that they should fully fund other retirement investments just in case.

 

[oldngray]

There is also concern about whether retirees will continue to get full credit for years worked prior to 2008 even if they retired afterwards.

 

[UpstateNYUPSer(Ret)]

There is also concern about whether retirees will continue to get full credit for years worked prior to 2008 even if they retired afterwards.

Can they do that? I can seem them possibly lowering their monthly payment but I don't think they can changed the numbers used to determine their eligibility.

 

[oldngray]

Can they do that? I can seem them possibly lowering their monthly payment but I don't think they can changed the numbers used to determine their eligibility.

I don't know if they can do that but neither do I know for sure they can't. Hence the concern.

 

[oldngray]

I finally got that CS letter everyone else seems to have gotten a couple of days ago. UPS Pension Plan (covers paert time years) is 96.67% for 2014, UPS/IBT Full Time Employee Pension Plan is 103.04% for 2014. Those are where my current pension is paid From. The concern is about what happens after 65 when part is supposed to be covered by CS. My notice says Central States, Southeast, and Southwest Areas Pension Plan is at 48.4% for 2014.

 

[upschuck]

I finally got that CS letter everyone else seems to have gotten a couple of days ago. UPS Pension Plan (covers paert time years) is 96.67% for 2014, UPS/IBT Full Time Employee Pension Plan is 103.04% for 2014. Those are where my current pension is paid From. The concern is about what happens after 65 when part is supposed to be covered by CS. My notice says Central States, Southeast, and Southwest Areas Pension Plan is at 48.4% for 2014.

That 48% is up from last years of 47%

 

[oldngray]

That 48% is up from last years of 47%

47.6% in 2013 but still down from 53.9% in 2012.

 

[upschuck]

47.6% in 2013 but still down from 53.9% in 2012.

Trending the right way though last year.

 

[wide load]

I see lots of complaints and few answers. The people that are just complaining seem to know zero about return on investments. Upstate seems to be pretty up to speed on this subject.

 

[rod]

I see lots of complaints and few answers. The people that are just complaining seem to know zero about return on investments. Upstate seems to be pretty up to speed on this subject.

He's up to speed on EVERYTHING---just ask him-----------------------------no you really don't have to ask--he will tell you.

 

[Spicybrother]

No. They went to Congress to avoid having to pay for any reduction in pension. Since they are liable for any reduction, they asked Congress for, and got, an exception to not reduce any UPS retirees pension. Or to be at least last in line to receive cutot my opinion. I researched it first. Do a little research. The articles from the pension experts are out there. They all say the same thing.

Due to the carve-out UPS got from Congress under the Kline-Miller Amendment, UPS retirees are last in line to receive cuts.

According to the experts, the way the bill is worded, UPS retirees will receive little, if any cuts at all.


I am sorry if the truth hurts.

Truths hurts! LOL! The reality that you can't save a pension as underfunded as CS is by not cutting UPS retires is going to really hurt. That truth will be here shortly. For those over 65, the impact will be significant. Yes I am flat out saying that Congress is corrupt. No, I didn't say they took bribes but you are extremely naive if you don't think those two receive contributions from UPS in some legal form but it's money all the same.

Personally, I am planning for my own retirement with my 401K. You are going to be let down if you trust UPS.

 

[Spicybrother]

Again, you are incorrect. The Center For Retirement Research at Boston College just published a report on a study they did on Central States Pension.

They concluded that a 30 percent cut in benefits across the board will keep Central States solvent indefinitely.

That's laughable. Do you understand the study? The entire premise is based upon the PBGC guarantee, allowing only a 30% cut. Like the Geico commercial, "New flash!" The PBGC is damn near insolvent itself! How the hell is it going to guarantee anything?

 

[UpstateNYUPSer(Ret)]

The PBGC is a government agency which will never run out of money.

 

[rod]

That's laughable. Do you understand the study? The entire premise is based upon the PBGC guarantee, allowing only a 30% cut. Like the Geico commercial, "New flash!" The PBGC is damn near insolvent itself! How the hell is it going to guarantee anything?

They need to attach it to the welfare program----that will never run out of money. Social security (earned by those who actually worked) will go broke but welfare (for those too lazy too) is safe