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UPS Retirement Topics
local 804 pension problems
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<blockquote data-quote="wkmac" data-source="post: 147125" data-attributes="member: 2189"><p>As I said, McDevitt was using a forward looking position using the partition model as the legislation that could result from these testimonies would also be forward. As to UPS sueing to get back the $6 bil. It's not their money my friend, it was allocated by our contract per our directions as part of a compensation package. UPS if ever forced under contractual liability to cover excess pension funding costs might could sued under the grounds of mismanagement and avoid further funding costs but that is complicated by the fact that they are trustees of said fund. If anyone has grounds to sue, it is ourselves who gave up part of our compensation to go into these retirement vehicles and you sue based on failure to provide proper fiduciary management as just one basis of suit but I think even that position if iffy and thus the reason I called some of the APWA types suggesting a pension lawsuit would save everything as at best farfetched.. </p><p></p><p>They (IBT) could see the storm brewing before it hit and instead of taking part of the hourly wage to be moved to the H&W side, they maintained it on the wage side to boost wages in order to generate dues increases to make up for the financial shortfall as a result of declining membership numbers and mismanagement. TDU to their credit has done pretty good in pointing out these failures.</p><p></p><p>You see Jon, they choose themselves and their cushy jobs before the membership and our needs as it pertains to H&W. Some have suggested we give up some of our current raises in order to help stabliize the crisis but in doing so the actual wages drop and thus do do the dues money. Some want to claim that UPS isn't funding enough monies over the years to fund the system but I maintain the problem is that the IBT needs the funds allocated to the wage side so they can cover their mismanagement of our union. However, they now have an even bigger problem in that there is pressure from the federal gov't. This may explain why UPS gave in to early contract talks.</p><p></p><p>OK, you claim some plans pay $5k per month and I've heard this myself but as of yet I've not seen a link or whatever posted to an actual IBT fund website who lays out their payment schedules according to their current plans. Even CS per their own website pays out $4300 per month for 35 years service at age 62. </p><p></p><p>And if you're thinking that "hey I get 62' with 35 years and $4300 is sweet" well not to bust the bubble but call CS and asked them if you qualify. That 35 year sevice window just opened and you can retire at that level in the year 2041'. I called them on the phone and that was exactly what they told me. </p><p></p><p>OK, now I gave you links right to CS on payouts and other issues so where are your links or hard data to support the $5k per month payout of other funds? </p><p></p><p>There is a school of thought that CS could turn a corner and stablize and I agree this could happen. The real hard question that we have to ask is, "do you trust this union and it's representatives to do so and make it happen?" That is where it get's dicey and tricky for me and a lot of other folks as well. After 25 plus years of watching this nonsense my faith bucket is about completely empty!</p></blockquote><p></p>
[QUOTE="wkmac, post: 147125, member: 2189"] As I said, McDevitt was using a forward looking position using the partition model as the legislation that could result from these testimonies would also be forward. As to UPS sueing to get back the $6 bil. It's not their money my friend, it was allocated by our contract per our directions as part of a compensation package. UPS if ever forced under contractual liability to cover excess pension funding costs might could sued under the grounds of mismanagement and avoid further funding costs but that is complicated by the fact that they are trustees of said fund. If anyone has grounds to sue, it is ourselves who gave up part of our compensation to go into these retirement vehicles and you sue based on failure to provide proper fiduciary management as just one basis of suit but I think even that position if iffy and thus the reason I called some of the APWA types suggesting a pension lawsuit would save everything as at best farfetched.. They (IBT) could see the storm brewing before it hit and instead of taking part of the hourly wage to be moved to the H&W side, they maintained it on the wage side to boost wages in order to generate dues increases to make up for the financial shortfall as a result of declining membership numbers and mismanagement. TDU to their credit has done pretty good in pointing out these failures. You see Jon, they choose themselves and their cushy jobs before the membership and our needs as it pertains to H&W. Some have suggested we give up some of our current raises in order to help stabliize the crisis but in doing so the actual wages drop and thus do do the dues money. Some want to claim that UPS isn't funding enough monies over the years to fund the system but I maintain the problem is that the IBT needs the funds allocated to the wage side so they can cover their mismanagement of our union. However, they now have an even bigger problem in that there is pressure from the federal gov't. This may explain why UPS gave in to early contract talks. OK, you claim some plans pay $5k per month and I've heard this myself but as of yet I've not seen a link or whatever posted to an actual IBT fund website who lays out their payment schedules according to their current plans. Even CS per their own website pays out $4300 per month for 35 years service at age 62. And if you're thinking that "hey I get 62' with 35 years and $4300 is sweet" well not to bust the bubble but call CS and asked them if you qualify. That 35 year sevice window just opened and you can retire at that level in the year 2041'. I called them on the phone and that was exactly what they told me. OK, now I gave you links right to CS on payouts and other issues so where are your links or hard data to support the $5k per month payout of other funds? There is a school of thought that CS could turn a corner and stablize and I agree this could happen. The real hard question that we have to ask is, "do you trust this union and it's representatives to do so and make it happen?" That is where it get's dicey and tricky for me and a lot of other folks as well. After 25 plus years of watching this nonsense my faith bucket is about completely empty! [/QUOTE]
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