CSPF not going to resubmit cuts.

[oldngray]

Government should bail it out. Being that they were put in charge of watching over it since 1982 when it was put under their watch it is nothing more than a government pension to begin with. Government pension= Government bail-out.

Just say we all owe on student loans so we can get bailed out.

 

[Billy Ray]

Good reason to retire under this contract while the protective language is in place.

 

[oldngray]

Good reason to retire under this contract while the protective language is in place.

Don't expect to get grandfathered in if you retire under this contract. That is how it should be but many who thought they would be grandfathered in before had retroactive changes.

 

[twoweeled]

No one knows exactly what will happen. Assuming the pension fund does go insolvent in 10-12 years and they don't do anything to fix it in the meantime. There will be at least one or two contracts negotiated before then. Granted the last contract said UPS will make up shortfall. However, UPS will not want to be on the hook for billions. (Considering they already paid twice for the pension of Central State teamsters). That part will be negotiated away. Or at least attempted to be. How many people will vote to strike for something that doesn't benefit themselves and only other retired people? A 2 or 3 dollar raise to the PT'ers or a bonus will make them vote yes.

Great points! That's the way it's been working.

 

[twoweeled]

Don't expect to get grandfathered in if you retire under this contract. That is how it should be but many who thought they would be grandfathered in before had retroactive changes.

au contraire mon frère!
Everything is definitely, positively locked in - until it's most likely, probably not!
Am I right, or am I right?

 

[Catatonic]

Don't expect to get grandfathered in if you retire under this contract. That is how it should be but many who thought they would be grandfathered in before had retroactive changes.

I remember a rash of people doing that before the last strike.

 

[UPS Preloader]

No one knows exactly what will happen. Assuming the pension fund does go insolvent in 10-12 years and they don't do anything to fix it in the meantime. There will be at least one or two contracts negotiated before then. Granted the last contract said UPS will make up shortfall. However, UPS will not want to be on the hook for billions. (Considering they already paid twice for the pension of Central State teamsters). That part will be negotiated away. Or at least attempted to be. How many people will vote to strike for something that doesn't benefit themselves and only other retired people? A 2 or 3 dollar raise to the PT'ers or a bonus will make them vote yes.

Absolutely agree that most UPS Union workers will vote themselves a raise rather then give up anything for a bunch of dinosaurs.

Not all part timers or union workers will do this, but your correct in that many will. I for one won't as I believe in voting based upon what's best for all. Just my opinion, but I feel retirees should be offered the ability to continue paying dues so that they could maintain their voting eligibility. Will probably never happen, but it should.

 

[Ms.PacMan]

The response letter to CS from the Treasury Dept. was an eye opener. UPS making up the difference was one of the stipulations that the Treasury Dept required of UPS when they let them buy out of Central States. It's forever - in the contract or not.

 

[trickpony1]

It's forever - in the contract or not.

How do you know this?
The people who retired in earlier contracts thought things were "forever".....it turns out they weren't.

 

[Billy Ray]

How do you know this?
The people who retired in earlier contracts thought things were "forever".....it turns out they weren't.

Were these promises made by a third party pension fund, or a binding agreement with ups.

 

[Ms.PacMan]

It was a requirement to allow UPS out of CSPF. I'm guessing it was a stipulation so that if CS did eventually fail the PBGC would only have to cover the members left behind in the plan.

 

[tireknocker]

Think I've been to optimistic more like 7 years left CSPF!!!!

 

[twoweeled]

Could be talk of merging multi employer pensions into one big fund.

I can see this happening. Of course this is just kicking the can down the road. Doesn't solve anything, just prolongs the inevitable. Typical political move. Or, screw the people who are already retired. They can't vote! What can we do? NADA! That's an easy one too!

 

[IVE GOTTA PACKAGE 4U]

I can see this happening. Of course this is just kicking the can down the road. Doesn't solve anything, just prolongs the inevitable. Typical political move. Or, screw the people who are already retired. They can't vote! What can we do? NADA! That's an easy one too!

The active employees can vote the contract down.....oh wait Never mind our current leadership doesn't care.

 

[Brownslave688]

It was a requirement to allow UPS out of CSPF. I'm guessing it was a stipulation so that if CS did eventually fail the PBGC would only have to cover the members left behind in the plan.

Yeah good luck with that.

 

[IVE GOTTA PACKAGE 4U]

Yeah good luck with that.

But if we would have been warned years ago, some people might have saved a little bit more.

 

[twoweeled]

It was a requirement to allow UPS out of CSPF. I'm guessing it was a stipulation so that if CS did eventually fail the PBGC would only have to cover the members left behind in the plan.

I'm very close to ignorant of much of the retirement funds and funding.
1. What is PBGC?
2. Responsible for covering only members left behind? Would that include members outside of central states, but already retired?

 

[IVE GOTTA PACKAGE 4U]

I'm very close to ignorant of much of the retirement funds and funding.
1. What is PBGC?
2. Responsible for covering only members left behind? Would that include members outside of central states, but already retired?

The PBGC is a government insurance on pension funds. You will not get all of your money but you will get some.

It's kind of like FDIC insurance at the bank

 

[Brownslave688]

But if we would have been warned years ago, some people might have saved a little bit more.

Very few. We are told everyday SS is failing yet no one is saving.

 

[IVE GOTTA PACKAGE 4U]

Very few. We are told everyday SS is failing yet no one is saving.

I'm trying. Don't have what I need but not in too bad if shape.
Just bumped up my 401k another % yesterday