Interesting Timing, think on this one!

Discussion in 'UPS Discussions' started by Raw, Sep 8, 2018.

  1. Raw

    Raw Raw Member

    UNLESS CONGRESS TAKES ACTION, YOUR CENTRAL STATES PENSION WILL BE SEVERELY REDUCED IN 2025 OR EARLIER. JOIN OUR CAMPAIGN TO SOLVE THIS CRISIS.
     
  2. Tony Q

    Tony Q Well-Known Member

    This has been going on for a decade. It just hit the head in the last 4 years. If you missed this I am at a loss for words.
     
  3. Raw

    Raw Raw Member

    I haven`t missed it, I`m wondering how UPS will use this to their advantage in next contract! UPS bought out my pension and is supposed to make up the monies CS can`t pay.
     
  4. Tony Q

    Tony Q Well-Known Member

    There will be to many people affected by this for at least the next 15 years for them to ever get out of this. Unless a bankruptcy happens in the mean time.
     
  5. Indecisi0n

    Indecisi0n Well-Known Member

  6. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Get out of maybe not.


    Severely reduce their liability? You bet.



    They paid their way out and shouldn't have to pay anything more if you ask me.
     
  7. DELACROIX

    DELACROIX In the Spirit of Honore' Daumier

    It is only a matter of time before insolvency, all timelines point to 2023 or 2025 unless a miracle occurs. It that happens UPS will have to cover the offsets, they know that. Maybe their plan is to prolong the Central from going bankrupt just enough to get that 15 years in, most of the old retirees would of passed and the newer ones will have a majority of their vested time under the IBT/UPS Pension. You are talking about over 25 years from the original buy out in 2008, every year that passes UPS is lessening their liability costs, the stock market is continuing upward and their reduced pension liability projections are making the shareholders jumping for joy.

    I believe that the Federal Pension Insurance (if it has the money) would pay a 1,000 a month flat rate per retiree if the Central folds. Most of the retirees who retired just before 2008 were getting close to 3,000. Big cut...
     
  8. Raw

    Raw Raw Member

    Making up for what CS doesn't pay is re-negotiated each contract, perhaps they will stop one day.
     
  9. rod

    rod #1 on Upstates "list"

    As far as I know my pension will cease to exist period in 2025. I've received letters to that effect. A few years ago we were offered a SUBSTANTUALY reduced pension starting back then to "try" and save the pension program. This was for those who retired pre 2008. It was voted on and the verdict was -shove it up your ass. Who knows--we could all be dead by then but at least we are still getting our whopping 3 grand a month in the mean time. IF it comes to an end there will be a few who will probably end up on welfare and then all workers can support them.
     
  10. Wally

    Wally BrownCafe Innovator & King of Puns

    Are others responsible for your pension's leadership? Where does that stop? We have states carelessly spending that would love the free money!
     
  11. Benben

    Benben Working on a new degree, Masters in BS Detecting!

    I don't think this is correct!

    NO, UPS has to pay UPS members the difference. You are in the UPS forums not the general IBT of CS forums.
     
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  12. iruhnman630

    iruhnman630 Well-Known Member

    The pension model of putting the fate of our financial stability in somebody else's hands is risky.

    I would like to see it replaced.
     
  13. Box Ox

    Box Ox Well-Known Member

    Risky, and makes the Union especially vulnerable during Contract negotiations.