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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="ok2bclever" data-source="post: 52905"><p>I have been in the Central States Pension Fund for 28 plus years.</p><p></p><p>It is interesting listening to UPS representatives in management talking to congress and suddenly now speaking about being interested in looking out for our welfare and showing where we would be doubling our retirement benefits if we were on our own now that their potential future obligations to the fund could be financially taxing.</p><p></p><p>Any employee wage freeze agreement to "fund" a legal pull out from the Central State Pension, regardless of how long it would have to be would certainly be to "save UPS's behind", not ours.</p><p></p><p>teddyr, it is a no brainer for a new hire, short timers and retirees.</p><p></p><p>But the no brainer part for short timers and retirees is to NOT want this to happen.</p><p></p><p>For new hires, I agree they have nothing to lose in supporting anything different unless they believe they can work for UPS until they are 65.</p><p></p><p>Those with ten years or so need to do some math.</p><p></p><p>As it stands now, those near retirement or retired would be brain dead to support this as it would probably suicide what pension earnings they have accrued.</p><p></p><p>Wkmac,</p><p></p><p>You are correct, over the Teamsters dead bodies (before or after) would they support a wage freeze to finance UPS leaving their troubled pension funds.</p><p></p><p>You are literally asking for them to voluntarily suicide.</p><p></p><p>This could only happen if they had already lost the battle to the newcomer APWA and had been decertified as the union representative for contract negotiations.</p><p></p><p>Then APWA and UPS could screw them (and a lot of us) legally with such as move.</p><p></p><p>For instance, I am going on 29 full-time years with the Central States Pension and they would owe me around $3500 if I retired in six more years and the pension is still surviving when I turn 57. (ohhhhhhhhh, that is soooo depressing, both how long away that is and the uncertainty of the fund's financial viability)</p><p></p><p>If APWA was successful in ousting the Teamsters towards the end of this contract in 2008, made a deal with UPS to freeze wages for the three years I would have left to 2011 and UPS pays up and pulls out of CSPF immediately with this contractually locked in promise.</p><p></p><p>What happens to me?</p><p></p><p>My income producing power stagnates while inflation continues to eat up my current (at that time) ability to pay the bills and diminishes my effective purchasing power and ability to maintain my quality of living level.</p><p></p><p>The CSPF goes under, the PBGC insurance kicks in and my $3500 drops to $1080.</p><p></p><p>The APWA says my additional three years earns me a staggering great double the $100 a year that the CS use to pay so I get another $600 credit (perhaps not, perhaps only a "gee, sorry about that for you", but $600 for three years would be a best case scenario) and so I would get $1600 instead of $3500, losing $1900 in the deal, a 54% loss and no medical that I know of, but heh, that's just my scenario.</p><p></p><p>Retirees would just plummet to below poverty level and probably have no medical so I am sure they would be for this. </p><p></p><p>So it comes down to how much you have accrued with CS and how much longer you have left and how much you believe in APWA's promises and longterm viability and their capability to make good on keeping UPS contractually contributing to a new pension where the national trend if for companies to terminate their pension contributions.</p><p></p><p>Lots of ifs there unless you are a new hire or close to that.</p></blockquote><p></p>
[QUOTE="ok2bclever, post: 52905"] I have been in the Central States Pension Fund for 28 plus years. It is interesting listening to UPS representatives in management talking to congress and suddenly now speaking about being interested in looking out for our welfare and showing where we would be doubling our retirement benefits if we were on our own now that their potential future obligations to the fund could be financially taxing. Any employee wage freeze agreement to "fund" a legal pull out from the Central State Pension, regardless of how long it would have to be would certainly be to "save UPS's behind", not ours. teddyr, it is a no brainer for a new hire, short timers and retirees. But the no brainer part for short timers and retirees is to NOT want this to happen. For new hires, I agree they have nothing to lose in supporting anything different unless they believe they can work for UPS until they are 65. Those with ten years or so need to do some math. As it stands now, those near retirement or retired would be brain dead to support this as it would probably suicide what pension earnings they have accrued. Wkmac, You are correct, over the Teamsters dead bodies (before or after) would they support a wage freeze to finance UPS leaving their troubled pension funds. You are literally asking for them to voluntarily suicide. This could only happen if they had already lost the battle to the newcomer APWA and had been decertified as the union representative for contract negotiations. Then APWA and UPS could screw them (and a lot of us) legally with such as move. For instance, I am going on 29 full-time years with the Central States Pension and they would owe me around $3500 if I retired in six more years and the pension is still surviving when I turn 57. (ohhhhhhhhh, that is soooo depressing, both how long away that is and the uncertainty of the fund's financial viability) If APWA was successful in ousting the Teamsters towards the end of this contract in 2008, made a deal with UPS to freeze wages for the three years I would have left to 2011 and UPS pays up and pulls out of CSPF immediately with this contractually locked in promise. What happens to me? My income producing power stagnates while inflation continues to eat up my current (at that time) ability to pay the bills and diminishes my effective purchasing power and ability to maintain my quality of living level. The CSPF goes under, the PBGC insurance kicks in and my $3500 drops to $1080. The APWA says my additional three years earns me a staggering great double the $100 a year that the CS use to pay so I get another $600 credit (perhaps not, perhaps only a "gee, sorry about that for you", but $600 for three years would be a best case scenario) and so I would get $1600 instead of $3500, losing $1900 in the deal, a 54% loss and no medical that I know of, but heh, that's just my scenario. Retirees would just plummet to below poverty level and probably have no medical so I am sure they would be for this. So it comes down to how much you have accrued with CS and how much longer you have left and how much you believe in APWA's promises and longterm viability and their capability to make good on keeping UPS contractually contributing to a new pension where the national trend if for companies to terminate their pension contributions. Lots of ifs there unless you are a new hire or close to that. [/QUOTE]
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