New York Teamsters approve slashing benefits to retired members

cheryl

I started this.
Staff member
New York Teamsters approve slashing benefits to retired members - Reuters

Retired members of the Teamsters union in New York will have their benefits cut by around 30 percent starting in October after the 34,000 participants in the pension approved a plan aimed at extending the life of the cash-strapped fund.

Monthly pensions for retired teamsters from nine New York local unions who have 30 years’ service will be cut on average to $3,550 from $5,000, according to plan trustees. Members who are working would also have benefits cut.
 

rod

Retired 22 years
This is why everyone needs to spend less and save more


@UpstateNYUPSer if you are still around.

We don't get along but i certainly don't wish this on you.



All those times he bragged about getting $5,500 a month. Turned out to be just like some others bragging about how Hilary was going to kick Trumps butt in the election.
 

MAKAVELI

Well-Known Member
All those times he bragged about getting $5,500 a month. Turned out to be just like some others bragging about how Hilary was going to kick Trumps butt in the election.
Or like Drumpf bragging about building a wall and Mexico paying for it.:poop:
 

oldngray

nowhere special
All those times he bragged about getting $5,500 a month. Turned out to be just like some others bragging about how Hilary was going to kick Trumps butt in the election.

I wouldn't want the cuts to happen but with how he bragged about how great his pension was compared to everyone else he would be the exception.
 

over9five

Moderator
Staff member
What do you do when your retirement income suddenly drops 18,000 dollars? I'm thinking New York will have no problem finding drivers helpers this Peak.
And I don't mean that to be funny.
Scary stuff....
 

Over disciplined0123

Well-Known Member
New York Teamsters approve slashing benefits to retired members - Reuters

Retired members of the Teamsters union in New York will have their benefits cut by around 30 percent starting in October after the 34,000 participants in the pension approved a plan aimed at extending the life of the cash-strapped fund.

Monthly pensions for retired teamsters from nine New York local unions who have 30 years’ service will be cut on average to $3,550 from $5,000, according to plan trustees. Members who are working would also have benefits cut.
It’s all UPS spreading this news all over it is part of their plan to make them look wonderful when they try to take over the pension fun next contract in August Then guess what. We will have no pension just a 401k when that happens. And it seems like the government and congress are trying to get rid of all unions so we all broke
 

olroadbeech

Happy Verified UPSer
how many wake up calls does everyone need? the writing has been on the wall for a long time.

just don't depend on your pension for all your needs just as you don't depend on social security. if possible max out your 401k, Roth IRA, save cash, pay down your mortgage.

been retired 2 years and we are glad we did all those things. now if the market crashes big time that's a different story.
 

Over disciplined0123

Well-Known Member
And as I look around in the morning arriving to work at UPS and seeing 75% of drivers all new young kids I can’t fathom the fact that the pension fund is in trouble. I could see if UPS was not doing well but 10 years ago at this time only 62 routes were run on a Thursday now we have 92 that’s 30 more routes with a average of 130 stops a route Do the math that’s like 8 billion more stops. Lol. My point is all the new young drivers will fill the fund for hopefully my retirement pension if it’s still there So where does the money disappear to.
 

oldngray

nowhere special
It’s all UPS spreading this news all over it is part of their plan to make them look wonderful when they try to take over the pension fun next contract in August Then guess what. We will have no pension just a 401k when that happens. And it seems like the government and congress are trying to get rid of all unions so we all broke

The pensions UPS has taken over are in better shape than union plans. Doesn't mean I trust them but the union plans were seriously mismanaged.

401k is great for new employees but not for those who already have years invested in a pension plan. They didn't even exist when most members now getting close to retirement started.
 

olroadbeech

Happy Verified UPSer
And as I look around in the morning arriving to work at UPS and seeing 75% of drivers all new young kids I can’t fathom the fact that the pension fund is in trouble. I could see if UPS was not doing well but 10 years ago at this time only 62 routes were run on a Thursday now we have 92 that’s 30 more routes with a average of 130 stops a route Do the math that’s like 8 billion more stops. Lol. My point is all the new young drivers will fill the fund for hopefully my retirement pension if it’s still there So where does the money disappear to.
too many cooks in the kitchen.
 
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