Greensboro UPS driver leads new labor effort

[cheryl]

Greensboro UPS driver leads new labor effort - The Business Journal

Van Skillman has been driving a truck for the United Parcel Service for 28 years, and for most of that time he was looking forward to retiring at age 51 with a $3,000 per month pension under the so-called "30 and out" plan he was told would kick in after three decades of service under the Teamsters' contract.

 

[hoser]

so if i put all my eggs into one basket by putting all my money into shares with grand promises of a guaranteed high income for the rest of my life, and that ends up flopping, i should spend my life crusading against this entity?

yes, it sucks, but this is a lesson straight out of grade 7 finance; DIVERSIFY YOUR SAVINGS.

hell, the story of the mid-west employees should be a case-study in every grade 7 finance text book.

 

[nospinzone]

This concept has been discussed extensively in other threads within the UPS Labor section. I agree with you. Diversification of investments decreases your risks. However Teamsters must be held accountable for providing a good return on our pension investment with them. I expect them to perform just as I expect my 401K manager to perform. As we all know, most of the IBT funds aren't doing that. Central States, the New York local funds, New England funds, Central Pennsylvania Teamsters...are all under between 50-75% funded and cutting benefits. How long do we give the Teamsters a free pass? How long would you give your private money manager a free pass? Why should I let them get away with a poor return on the $200 per week that I pay into their pension funds? Thats just as much my money as the contributions i make into my private 401K.

Summary of Multiemployer Pension Funding Status
pg 14-15

 

[hoser]

This concept has been discussed extensively in other threads within the UPS Labor section. I agree with you. Diversification of investments decreases your risks. However Teamsters must be held accountable for providing a good return on our pension investment with them. I expect them to perform just as I expect my 401K manager to perform. As we all know, most of the IBT funds aren't doing that. Central States, the New York local funds, New England funds, Central Pennsylvania Teamsters...are all under between 50-75% funded and cutting benefits. How long do we give the Teamsters a free pass? How long would you give your private money manager a free pass? Why should I let them get away with a poor return on the $200 per week that I pay into their pension funds? Thats just as much my money as the contributions i make into my private 401K.

Summary of Multiemployer Pension Funding Status
pg 14-15

agreed, but sometimes the grass isn't greener on the other side.

 

[Izzy]

It really is a shame that we are paying people to represent us who are not concerned about our pension, but only their own. Many of them will recieve 2 or 3 pensions, without restrictions, while we continue to work with a walker in hand. Hoffa called our last contract the Best Contract Ever! What a Joke! Maybe it was the best for him and his cronies. The young guys don't get it, as at todays Central States formula they will have to work for 60 years to get $3,000 a month. I'm ready for a New representation that is for my best interests and not their own. Only 9 more years and I'll be 62. So much for 30 and out Mr. Hoffa