More gloom and doom..CS is tanking

[oldngray]

I didn't get a letter. Not yet anyway.

 

[clean hairy]

Are Part time under CS as well?

 

[PT Car Washer]

Are Part time under CS as well?

I suppose it depends on where you are at. Not where I am thank God. Who could imagine a PT pension being larger than a 30 year FT pension. All the experts said it was coming. I suppose now the retirees will want my tax dollars to bail them out.

 

[brownmonster]

We at UPS here in WI aren't in CSPF but I know many warehouse and trucking employees and retirees that are. It's not the government. If there is no money, there is no money. Sadly most of the retirees are old man republicans that apose government handouts but that's what they'll need. That or I sipped too much honey bourbon.

 

[clean hairy]

I suppose it depends on where you are at. Not where I am thank God. Who could imagine a PT pension being larger than a 30 year FT pension. All the experts said it was coming. I suppose now the retirees will want my tax dollars to bail them out.

Southern

 

[The Milkman]

And DONT forget about health care. We seen what this contract did to the retirees

Yes We did...........

 

[The Milkman]

Its always been that way. Give me a quarter and put a nickel in the pension fund. Instead of the other way around.

Always had thoughts like that.....Keep the benefits intact

 

[The Milkman]

Always had thoughts like that.....Keep the benefits intact

Meaning I would be happy with a nickel an hour raise but dump the extra into our benefits.....Over the years it would of helped keep the pension funded...but oh no many said I want a dollar an hour now.......now look where the pension is

 

[ginger miletello]

I received a letter to day about the rescue plan reduction???

 

[Babagounj]

During the 80's , we never saw raises , all the money was pumped into H&W and it's still a mess today .

 

[UPSmechanicinblue]

For one thing, I'm NOT concerned about Central States. I'm not the OP. I've got my other plans and investments.

For another thing, yes, I DID retire under the UPS plan. That is, until I turned 65, then, only the amount of years that I worked at UPS once they paid into CS was paid, is paid by UPS. The rest is paid by CS now. So now, I get about $500 from UPS, the rest from CS.

AND, I see NOWHERE where UPS is going to guarantee the make-up difference. Oh, yes, I heard that when they first paid that $6 Bazillion, that if CS goes bellyup, then "We'll take care of our people". I've heard it over and over but ain't seen it in writing, yet.

If somebody CAN provide me with the exact words that UPS will make it up, I'll be happy to read it but, til then, I DON'T think I'm gonna take em at their word.

exact words they will make up difference in forum below- 2nd reply- problem is I think it has to be passed in every future contract-I'm sure future ones wont sell us out as we did for the ones only in CS when we pulled out.

http://www.browncafe.com/community/threads/central-states-what-happens-when.359574/

 

[UpstateNYUPSer(Ret)]

I got my letter today too. Didn't see anything mentioned about new plan. I, too, am waiting to see if things work out as promised.

The letter that I am referring to is the one that my BA received, which was actually an e-mail from a meeting recently held in Chicago in which details of the rescue plan were revealed. As mentioned above, our BA told us that UPS anticipated this and positioned our retirees to where they would be the last ones impacted by any pension cuts, which could be as high as 30%.

Our BA also told us that the government has added another level of pension fund status for pension funds that are severely underfunded (less than 20%).

Our pension fund is just below 50% and we were told that we will probably have to revisit the pension rehab plan that we recently passed if we have any hope of maintaining a solvent plan.

 

[Wally]

What kind of reductions are we talking about. The 177 pension recently raised the monthly insurance payment for retirees, so that is a cut as well.

Why not start making mild increases in the retirement age for future retirees?

 

[UpstateNYUPSer(Ret)]

Do we really need pay raises? Isn't $35-36/hr enough? Divert all future pay raises directly to our underfunded pensions.

 

[bluehdmc]

Do we really need pay raises? Isn't $35-36/hr enough? Divert all future pay raises directly to our underfunded pensions.

I see nothing wrong with this except overtime doesn't go into the pension. We gave up a portion of our raises in 177 but the company reaps a windfall because they don't have to pay out the OT. I'd be more favorable if the amount from overtime went into the general pension fund.

 

[UpstateNYUPSer(Ret)]

I see nothing wrong with this except overtime doesn't go into the pension. We gave up a portion of our raises in 177 but the company reaps a windfall because they don't have to pay out the OT. I'd be more favorable if the amount from overtime went into the general pension fund.

This was brought up during our union meeting on Saturday and our BA conceded that there is no way the company would ever agree to contribute to our pensions for ALL hours worked, including OT. If this were to ever become reality you would see OT all but disappear.

 

[IVE GOTTA PACKAGE 4U]

Yes We did...........

Those are the easiest ones to cut. They don't get a vote in the matter.

 

[Catatonic]

Those are the easiest ones to cut. They don't get a vote in the matter.

However, UPS and the US Treasury MPRA review board are not elected by the active Union members.
These two entities would tend to protect retirees.

 

[IVE GOTTA PACKAGE 4U]

However, UPS and the US Treasury MPRA review board are not elected by the active Union members.
These two entities would tend to protect retirees.

I was talking about the healthcare. They could raise the out of pocket coats for retirees. And they wouldn't have a say.

That's what I was driving at.

 

[Catatonic]

I was talking about the healthcare. They could raise the out of pocket coats for retirees. And they wouldn't have a say.

That's what I was driving at.

OK ... this thread is about pensions however.