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UPS Retirement Topics
Is Central States pension fund ready to go under?
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<blockquote data-quote="Bill" data-source="post: 181738" data-attributes="member: 5483"><p>What makes you so sure that if the APWA replaces the Teamsters, UPS will stop contributing money into the pension fund? Are you an insider in UPS corporate headquarters and have discussed this scenario as you describe it? You are the one that posted a law suit filed by UPS to withdraw from the Teamsters pension plan. No one else would have known about this lawsuit if not for you. Are you contradicting yourself? </p><p>Thanks to the Teamsters, we no longer have a 25 or 30 and pension plan. They want us to work until the age of 62 or 65 if you have less than 20 years of service as of 2003. Is that fair to ask the package car drivers to work this long at a back breaking job? Most of them will not be able to do this job for that length of time, and everyone of them can't become feeder drivers. The way the Teamsters have it set up, if an employee can't work until 50, he receives nothing for his/her years of work. Great plan! The money goes back into the fund, that worker receives zilch, a retiree from another company gets the money, and the Teamsters continue to mismanage our money.</p><p>What you fail to understand is that single pension plans that have failed in the past, have done so because the company controlled the fund and used the money as they desired. The APWA is not giving control over to UPS to manage, thus they control the money, and have access to 100% of the fund that will benefit only UPS people. UPS is not in financial trouble as was the case in many of these so called failed pension plans. As of now, we receive only 40% of the money that goes into the pension plan. How is that a wise investment? If you had bothered to read over the original posting on this thread, the numbers of active participants and retirees are going in opposite directions. The fund, in its current state, is doomed to fail unless much deeper cuts are made. Why should we have to receive cuts when UPS contributes more than enough to fully fund our pensions? </p><p>I could write as much as you do, but I choose not to. I only present the facts as they appear. I don't speculate on what may or may not happen as many of the people on this site do. Why don't you do the same.</p></blockquote><p></p>
[QUOTE="Bill, post: 181738, member: 5483"] What makes you so sure that if the APWA replaces the Teamsters, UPS will stop contributing money into the pension fund? Are you an insider in UPS corporate headquarters and have discussed this scenario as you describe it? You are the one that posted a law suit filed by UPS to withdraw from the Teamsters pension plan. No one else would have known about this lawsuit if not for you. Are you contradicting yourself? Thanks to the Teamsters, we no longer have a 25 or 30 and pension plan. They want us to work until the age of 62 or 65 if you have less than 20 years of service as of 2003. Is that fair to ask the package car drivers to work this long at a back breaking job? Most of them will not be able to do this job for that length of time, and everyone of them can't become feeder drivers. The way the Teamsters have it set up, if an employee can't work until 50, he receives nothing for his/her years of work. Great plan! The money goes back into the fund, that worker receives zilch, a retiree from another company gets the money, and the Teamsters continue to mismanage our money. What you fail to understand is that single pension plans that have failed in the past, have done so because the company controlled the fund and used the money as they desired. The APWA is not giving control over to UPS to manage, thus they control the money, and have access to 100% of the fund that will benefit only UPS people. UPS is not in financial trouble as was the case in many of these so called failed pension plans. As of now, we receive only 40% of the money that goes into the pension plan. How is that a wise investment? If you had bothered to read over the original posting on this thread, the numbers of active participants and retirees are going in opposite directions. The fund, in its current state, is doomed to fail unless much deeper cuts are made. Why should we have to receive cuts when UPS contributes more than enough to fully fund our pensions? I could write as much as you do, but I choose not to. I only present the facts as they appear. I don't speculate on what may or may not happen as many of the people on this site do. Why don't you do the same. [/QUOTE]
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