Hey Tieguy about the buyout ?

[wildgoose]

If the company buys out Central States your implying that we will stay in
Central States for what years we have locked into the date of the new contract ? Then we will get part of our pension still from Central States and after the contract the remaining years times whatever is negotiated thru the contract and future thru Ups ? Call me crazy but the majority of my years with Central States scares the bejeebers out of me ! Can ya shine some light on this please.

 

[tieguy]

If the company buys out Central States your implying that we will stay in
Central States for what years we have locked into the date of the new contract ? Then we will get part of our pension still from Central States and after the contract the remaining years times whatever is negotiated thru the contract and future thru Ups ? Call me crazy but the majority of my years with Central States scares the bejeebers out of me ! Can ya shine some light on this please.

No I can't. I personally don't see any way around the two check scenario for some recipients but I'm not sure. People much smarter then yours truly are working on those details. For you to go to a one check scenario ups would have to be able to pull your money out of CS into a new plan. I don't know that they can do so.

I do agree with Jon on the point that ups dumping 6 billion into the fund (if that is the number) would put them in a lot better shape. The question then is can CS stop the bleeding or are we still mortgaging the future to pay todays bills. He's been a lot more optimistic then I am.

 

[wildgoose]

No I can't. I personally don't see any way around the two check scenario for some recipients but I'm not sure. People much smarter then yours truly are working on those details. For you to go to a one check scenario ups would have to be able to pull your money out of CS into a new plan. I don't know that they can do so.

I do agree with Jon on the point that ups dumping 6 billion into the fund (if that is the number) would put them in a lot better shape. The question then is can CS stop the bleeding or are we still mortgaging the future to pay todays bills. He's been a lot more optimistic then I am.

I for one would think we are better off keeping the 6 billion in our own bank and proceed that way. We would probably be all around better to start fresh without CS. I see jon has his own agenda !

 

[Fullhouse]

Don't mean to chime in, and don't want to sound like a supporter of the APWA.What if the APWA happens to recieve enough cards and a decert vote occurs and then wins? Would that relieve UPS of thier withdrawl liability? I say this, because the APWA will use another H/W Pension plan . So if that were to happen, all the UPSers would be placed into another plan and payments would be made to the new APWA plan instead of CS.Seems to me that UPS would be pushing hard for the APWA if it could save them 6 Billon for withdraw liabilites. Who knows, just something else to ponder.

 

[Cole]

I think they would still owe CS the money.

 

[wyobill]

If the company buys out Central States your implying that we will stay in
Central States for what years we have locked into the date of the new contract ? Then we will get part of our pension still from Central States and after the contract the remaining years times whatever is negotiated thru the contract and future thru Ups ? Call me crazy but the majority of my years with Central States scares the bejeebers out of me ! Can ya shine some light on this please.

Goose I think you hit the nail on the head. while UPS bails out us old timers will be locked in whatever years we have with cs.
Then you will start out like a brand new employee with the new pension
fund. In the end we might just be drawing 2 very small pension checks with 30 yrs of service with UPS. That could be a possibility!
I cant figure out whats in this for the teamsters if they indeed barter
this type of deal.

 

[wildgoose]

Goose I think you hit the nail on the head. while UPS bails out us old timers will be locked in whatever years we have with cs.
Then you will start out like a brand new employee with the new pension
fund. In the end we might just be drawing 2 very small pension checks with 30 yrs of service with UPS. That could be a possibility!
I cant figure out whats in this for the teamsters if they indeed barter
this type of deal.

I am feeling the anchor on the leg as we speak and i have too many years in to start over 1 . It all smells like rotting fish having to rely on CS again after the fact of no trust !

 

[wildgoose]

Hey Tie guy i know i have the answer how to solve this Pension issue and thats to take all the funds (The good,bad and the ugly) Put them into one fund for all and distribute as one for Ups - simple enough for a complicated problem ? I`m sure 705red and Jonfrum wouldn`t mind being that they would prefer for us to stick together and this would litterly do that ? Save on the bail out too don`t you think ? There ya go simple enough to solve everyones problem !

 

[krash]

If APWA did become the "bargaining agent", we "old timers" would still be looking at two or more checks. As of now I will receive two. One for my PT years at UPS and one at CS. If things go as the rumors say, I will receive 3, the 3rd being from the new plan. If APWA is successful, our contributions in CS would remain an CS. I don't believe APWA has ever said we would draw there projected amount without putting in another 30 in there plan and I hope no one thought differently. So regardless what shakes out, plan on more than one ck and more than one plan.

 

[705red]

Hey Tie guy i know i have the answer how to solve this Pension issue and thats to take all the funds (The good,bad and the ugly) Put them into one fund for all and distribute as one for Ups - simple enough for a complicated problem ? I`m sure 705red and Jonfrum wouldn`t mind being that they would prefer for us to stick together and this would litterly do that ? Save on the bail out too don`t you think ? There ya go simple enough to solve everyones problem !

If you would like me to take a pay frezze to help your situation im all on board for that, but i am 100% against a single employer fund and will take my chances in my mep, i will never vote for a sep plan! If your talking about rolling all teamsters pension plans into one im in!