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UPS Retirement Topics
Pension Agency Faces a New Front
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<blockquote data-quote="wkmac" data-source="post: 54900"><p>Thanks for the quote m2c and he made a very good point for all of us to consider no matter what the cause. OK2BC does make a valid point about the employers not making large enough payments to cover but I still wonder concerning 2 different issues. </p><p> </p><p>The first is healthcare costs especially of retirees. Who would have guessed years ago that healthcare would scream through the roof like it has and I do believe this is one of the primary reasons we are in the trouble we are in just a General Motors and Ford now find themselves. </p><p> </p><p>The 2nd point concerns to increase in monthly pension payouts as a result of the 1997' UPS strike. I do not believe that the fund was prepared to handle such a large increase based on the picture the demographic data was appearing to suggest was about to happen. To compound further our union failed to get pension increases in the 97'and 02'contracts to cover the burden such increases would place on the fund. </p><p> </p><p>I'm also not convinced that UPS didn't know exactly what the implications would be if the many multi pension funds called their bluff which they did. I'm assuming they (pension plans and union) were hoping in 97' the dynamite stock market of the late 90's would fill the difference. I hate to say it but it could appear that UPS played a game in 97' and lost and now more chickens are coming home to roost and they could really be stuck with the bill in the end. </p><p> </p><p>I'm just not convinced the sinking ship of CS can be made to float and sail to the beautiful sunset we were lead to believe we would see. It can but I'm not sure all the parties involved really want to. I think as a group we will stick with CS to the end and in the end we will get little to nothing when we had the chance to bail and not only get something but maybe even get what we were promised with CS to begin with. It's time for those of us in our late 40's to rethink our careers at UPS and consider options elsewhere as a real possible solution to all of this. JMH(but sad)O</p></blockquote><p></p>
[QUOTE="wkmac, post: 54900"] Thanks for the quote m2c and he made a very good point for all of us to consider no matter what the cause. OK2BC does make a valid point about the employers not making large enough payments to cover but I still wonder concerning 2 different issues. The first is healthcare costs especially of retirees. Who would have guessed years ago that healthcare would scream through the roof like it has and I do believe this is one of the primary reasons we are in the trouble we are in just a General Motors and Ford now find themselves. The 2nd point concerns to increase in monthly pension payouts as a result of the 1997' UPS strike. I do not believe that the fund was prepared to handle such a large increase based on the picture the demographic data was appearing to suggest was about to happen. To compound further our union failed to get pension increases in the 97'and 02'contracts to cover the burden such increases would place on the fund. I'm also not convinced that UPS didn't know exactly what the implications would be if the many multi pension funds called their bluff which they did. I'm assuming they (pension plans and union) were hoping in 97' the dynamite stock market of the late 90's would fill the difference. I hate to say it but it could appear that UPS played a game in 97' and lost and now more chickens are coming home to roost and they could really be stuck with the bill in the end. I'm just not convinced the sinking ship of CS can be made to float and sail to the beautiful sunset we were lead to believe we would see. It can but I'm not sure all the parties involved really want to. I think as a group we will stick with CS to the end and in the end we will get little to nothing when we had the chance to bail and not only get something but maybe even get what we were promised with CS to begin with. It's time for those of us in our late 40's to rethink our careers at UPS and consider options elsewhere as a real possible solution to all of this. JMH(but sad)O [/QUOTE]
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