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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: 52946"><p>One point I would like to elaborate on from My2cents posting of Mr. McDevitt's testimony regarding the "the dire financial condition of many multi-employer plans".</p><p></p><p>That infers to me that the problem is the multi-employer plans are the problem and they are not.</p><p></p><p>It's something like 90 percent of the pension failures so far have been single employee funds, United's single employer pension fund just was allowed to go belly-up by the judicial system yesterday for instance.</p><p></p><p>The single employee funds are also the only ones that got some legistlative relief last year.</p><p></p><p>So pension funds in general (both single employer and multi-employer) are finding themselves in financial trouble and I think that underlines the true cause of underfinancing (or over benefitting) them with the baby boom generation now hitting the bottom line by retiring and stressing the benefit output.</p><p></p><p>The medical benefits financial crisis is becoming unbearable for the entire system, including that for current workers.</p><p></p><p>Look for significant concession demands by UPS regarding our benefit package in 2008.</p><p></p><p>Sawman, you are probably wrong regarding ups79's personal situation.</p><p></p><p>He happens to be in a very small local (relative to the rest of us in any of the multi-employer pensions) that is made up of exclusively UPS employees in the Chicago area which leaves him in an enviable demographic situation which should keep his personal retirement situation comfortable and solid for the rest of his life unlike most of the rest of us.</p><p></p><p>That is why he has taken such a shine to the boat rockin' you have been doing here. </p><p></p><p>He is very happy with his personal situation and for that I do not blame him.</p><p></p><p>It's fine to disagree with an idea.</p><p></p><p>It's his lack of class regarding how he talks to you that I find disagreeable.</p></blockquote><p></p>
[QUOTE="ok2bclever, post: 52946"] One point I would like to elaborate on from My2cents posting of Mr. McDevitt's testimony regarding the "the dire financial condition of many multi-employer plans". That infers to me that the problem is the multi-employer plans are the problem and they are not. It's something like 90 percent of the pension failures so far have been single employee funds, United's single employer pension fund just was allowed to go belly-up by the judicial system yesterday for instance. The single employee funds are also the only ones that got some legistlative relief last year. So pension funds in general (both single employer and multi-employer) are finding themselves in financial trouble and I think that underlines the true cause of underfinancing (or over benefitting) them with the baby boom generation now hitting the bottom line by retiring and stressing the benefit output. The medical benefits financial crisis is becoming unbearable for the entire system, including that for current workers. Look for significant concession demands by UPS regarding our benefit package in 2008. Sawman, you are probably wrong regarding ups79's personal situation. He happens to be in a very small local (relative to the rest of us in any of the multi-employer pensions) that is made up of exclusively UPS employees in the Chicago area which leaves him in an enviable demographic situation which should keep his personal retirement situation comfortable and solid for the rest of his life unlike most of the rest of us. That is why he has taken such a shine to the boat rockin' you have been doing here. He is very happy with his personal situation and for that I do not blame him. It's fine to disagree with an idea. It's his lack of class regarding how he talks to you that I find disagreeable. [/QUOTE]
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