Pension changes?

[IVE GOTTA PACKAGE 4U]

I get my NE Pension in May of 2024, has Sean been dipping in that fund? Hope not

He only took it away from 177

 

[Wally]

I get my NE Pension in May of 2024, has Sean been dipping in that fund? Hope not.

Isn't that fund designated as "favored nation" like the Central?

 

[oldngray]

Isn't that fund designated as "favored nation" like the Central?

 

[UnionStrong]

Isn't that fund designated as "favored nation" like the Central?

Sean was a trustee

 

[DELACROIX]

Isn't that fund designated as "favored nation" like the Central?

The "Writing is on the Wall"....Come 2028....UPS will he targeting every Union Pension Plan Period, again see what they did with their own management. Expect no more monetary increases with the West or another Monetary Contribution Plan they are involved in, they will freeze everyone's pension benefits for everybody under the Central and will create a 401K for it's Union members similar to the Management one. I suspect the deal has already been done, just study the language under Article 34 (Master).

The Central was screwed with this Contract and previously, it members will still be stuck with having an inferior pension benefit no matter how many years they are vested compared for those under the West Conference. The West will do very well and will stay in their current Contribution rates, the Markets currently will provide a massive increase in their final pension benefits even without any further pension monetary contribution increases.

Said this in the past, but again every rank and file member under the Company's controlled defined pension plan like the Central were again ignored even with this last contract, particularly the Senior Part Timers close to retirement. We call ourselves a Union, yet we will have a great divide in pension benefits depending on what conference you are under or who is in charge. Nothing has changed....

 

[Wally]

The "Writing is on the Wall"....Come 2028....UPS will he targeting every Union Pension Plan Period, again see what they did with their own management. Expect no more monetary increases with the West or another Monetary Contribution Plan they are involved in, they will freeze everyone's pension benefits for everybody under the Central and will create a 401K for it's Union members similar to the Management one. I suspect the deal has already been done, just study the language under Article 34 (Master).

The Central was screwed with this Contract and previously, it members will still be stuck with having an inferior pension benefit no matter how many years they are vested compared for those under the West Conference. The West will do very well and will stay in their current Contribution rates, the Markets currently will provide a massive increase in their final pension benefits even without any further pension monetary contribution increases.

Said this in the past, but again every rank and file member under the Company's controlled defined pension plan like the Central were again ignored even with this last contract, particularly the Senior Part Timers close to retirement. We call ourselves a Union, yet we will have a great divide in pension benefits depending on what conference you are under or who is in charge. Nothing has changed....

I'm not convinced of Central's inferior status when current retirees get more of a payout than my own local's plan. Sizable difference too.

 

[BigUnionGuy]

The "Writing is on the Wall"....Come 2028....UPS will he targeting every Union Pension Plan Period, again see what they did with their own management. Expect no more monetary increases with the West or another Monetary Contribution Plan they are involved in, they will freeze everyone's pension benefits for everybody under the Central and will create a 401K for it's Union members similar to the Management one. I suspect the deal has already been done, just study the language under Article 34 (Master).

The Central was screwed with this Contract and previously, it members will still be stuck with having an inferior pension benefit no matter how many years they are vested compared for those under the West Conference. The West will do very well and will stay in their current Contribution rates, the Markets currently will provide a massive increase in their final pension benefits even without any further pension monetary contribution increases.

Said this in the past, but again every rank and file member under the Company's controlled defined pension plan like the Central were again ignored even with this last contract, particularly the Senior Part Timers close to retirement. We call ourselves a Union, yet we will have a great divide in pension benefits depending on what conference you are under or who is in charge. Nothing has changed....

 

[BrownFlush]

The "Writing is on the Wall"....Come 2028....UPS will he targeting every Union Pension Plan Period, again see what they did with their own management. Expect no more monetary increases with the West or another Monetary Contribution Plan they are involved in, they will freeze everyone's pension benefits for everybody under the Central and will create a 401K for it's Union members similar to the Management one. I suspect the deal has already been done, just study the language under Article 34 (Master).

The Central was screwed with this Contract and previously, it members will still be stuck with having an inferior pension benefit no matter how many years they are vested compared for those under the West Conference. The West will do very well and will stay in their current Contribution rates, the Markets currently will provide a massive increase in their final pension benefits even without any further pension monetary contribution increases.

Said this in the past, but again every rank and file member under the Company's controlled defined pension plan like the Central were again ignored even with this last contract, particularly the Senior Part Timers close to retirement. We call ourselves a Union, yet we will have a great divide in pension benefits depending on what conference you are under or who is in charge. Nothing has changed....

Honestly, I'm surprised it had survived the way it's set up as long as it has. Every major corporation I know of slid the 401K deal in long ago.
I think they will camouflage it like many did to make the penetration seem ok so to forget what we're losing. Ups will match what you put in or maybe 50%.
Time goes by and different language sells something else and before you know it, you're retirement is all on you.

 

[BigUnionGuy]

Honestly, I'm surprised it had survived the way it's set up as long as it has. Every major corporation I know of slid the 401K deal in long ago.

How many of them were Unionized Teamster represented companies ?

 

[BrownFlush]

How many of them were Unionized Teamster represented companies ?

Good point. None.
I did think about that, but I don't think it will stand in the way much longer from what I'm seeing in the brown trucks now.

 

[Thebrownblob]

The "Writing is on the Wall"....Come 2028....UPS will he targeting every Union Pension Plan Period, again see what they did with their own management. Expect no more monetary increases with the West or another Monetary Contribution Plan they are involved in, they will freeze everyone's pension benefits for everybody under the Central and will create a 401K for it's Union members similar to the Management one. I suspect the deal has already been done, just study the language under Article 34 (Master).

The Central was screwed with this Contract and previously, it members will still be stuck with having an inferior pension benefit no matter how many years they are vested compared for those under the West Conference. The West will do very well and will stay in their current Contribution rates, the Markets currently will provide a massive increase in their final pension benefits even without any further pension monetary contribution increases.

Said this in the past, but again every rank and file member under the Company's controlled defined pension plan like the Central were again ignored even with this last contract, particularly the Senior Part Timers close to retirement. We call ourselves a Union, yet we will have a great divide in pension benefits depending on what conference you are under or who is in charge. Nothing has changed....

The legal entanglements make that near impossible, not to mention it’s never going to happen because the union will not allow it.

 

[DELACROIX]

View attachment 461045

Seriously...Hoping you are correct..

Just an Observation...

 

[Coldworld]

The legal entanglements make that near impossible, not to mention it’s never going to happen because the union will not allow it.

Exactly what they said at our pension meeting. That would be a strike issue.

 

[DELACROIX]

The legal entanglements make that near impossible, not to mention it’s never going to happen because the union will not allow it.

Nothing is impossible, they did it to their own management. Those pension contributions and obligations have been on the Company's radar since the 1993 Contract. It really depends on how the economy stands with the next Contract. I did not expect miracles with the new O'Brien team with this current Contract, basically supplemental language remained the same even with the good deal with our hourly rates.

As far as the Union not allowing it..again depends on the development of our economy and increasing Union support from both the Public and Washington (DOL) etc... I just put the warning out there for those considering retiring before 2028, it would be smart to start living within your means over the next 4 years and start investing those early and late hourly increases in other avenues (401K) besides your pension plan.

Legal entanglements were eliminated when they decided to end their management's plan, their legal department is well stocked with the best attorneys out there. Frankly they are playing the system and the know every loophole in the ERISA laws, again most of the Companies are eliminating pension plans and replacing them with 401K's, UPS will just follow suit.

Another factor is the "union", sometimes we make the mistake thinking that our leadership will have the final say in our Contract negotiations...It comes down to our membership and how much backbone they will display in order to prevent a wrong...

 

[Thebrownblob]

Exactly what they said at our pension meeting. That would be a strike issue.

The misunderstanding about pensions how they work how they’re funded and how they could be dissolved and companies have a very difficult time getting away from them.
Just as much as the union was happy that the pension was fixed, UPS was just as happy because of their unfunded liabilities

 

[Coldworld]

Seriously...Hoping you are correct..

Just an Observation...

I could see the kids wanting a 401k because the average young person stays at a job for like 3-4 years before bouncing to somewhere else. For them a 401k makes sense.. but not for us old duffs like @Thebrownblob!!

 

[oldngray]

I could see the kids wanting a 401k because the average young person stays at a job for like 3-4 years before bouncing to somewhere else. For them a 401k makes sense.. but not for us old duffs like @Thebrownblob!!

401k makes more sense if you start out that way but no way the union would let people convert their accrued pension credits to one.

 

[Wally]

401k makes more sense if you start out that way but no way the union would let people convert their accrued pension credits to one.

You would need a tremendous amount of income diverted to equal any pension monthly cash flow. Millions.

 

[Thebrownblob]

Nothing is impossible, they did it to their own management. Those pension contributions and obligations have been on the Company's radar since the 1993 Contract. It really depends on how the economy stands with the next Contract. I did not expect miracles with the new O'Brien team with this current Contract, basically supplemental language remained the same even with the good deal with our hourly rates.

As far as the Union not allowing it..again depends on the development of our economy and increasing Union support from both the Public and Washington (DOL) etc... I just put the warning out there for those considering retiring before 2028, it would be smart to start living within your means over the next 4 years and start investing those early and late hourly increases in other avenues (401K) besides your pension plan.

Legal entanglements were eliminated when they decided to end their management's plan, their legal department is well stocked with the best attorneys out there. Frankly they are playing the system and the know every loophole in the ERISA laws, again most of the Companies are eliminating pension plans and replacing them with 401K's, UPS will just follow suit.

Another factor is the "union", sometimes we make the mistake thinking that our leadership have the final say in our Contract negotiations...It comes down to our membership and how much backbone they will display in order to right a wrong...

I could see the kids wanting a 401k because the average young person stays at a job for like 3-4 years before bouncing to somewhere else. For them a 401k makes sense.. but not for us old duffs like @Thebrownblob!!

Nothing is impossible, they did it to their own management. Those pension contributions and obligations have been on the Company's radar since the 1993 Contract. It really depends on how the economy stands with the next Contract. I did not expect miracles with the new O'Brien team with this current Contract, basically supplemental language remained the same even with the good deal with our hourly rates.

As far as the Union not allowing it..again depends on the development of our economy and increasing Union support from both the Public and Washington (DOL) etc... I just put the warning out there for those considering retiring before 2028, it would be smart to start living within your means over the next 4 years and start investing those early and late hourly increases in other avenues (401K) besides your pension plan.

Legal entanglements were eliminated when they decided to end their management's plan, their legal department is well stocked with the best attorneys out there. Frankly they are playing the system and the know every loophole in the ERISA laws, again most of the Companies are eliminating pension plans and replacing them with 401K's, UPS will just follow suit.

Another factor is the "union", sometimes we make the mistake thinking that our leadership will have the final say in our Contract negotiations...It comes down to our membership and how much backbone they will display in order to prevent a wrong...

Never bad advice to tell people to live within their means. But the pension is going nowhere anytime soon.

 

[Coldworld]

Nothing is impossible, they did it to their own management. Those pension contributions and obligations have been on the Company's radar since the 1993 Contract. It really depends on how the economy stands with the next Contract. I did not expect miracles with the new O'Brien team with this current Contract, basically supplemental language remained the same even with the good deal with our hourly rates.

As far as the Union not allowing it..again depends on the development of our economy and increasing Union support from both the Public and Washington (DOL) etc... I just put the warning out there for those considering retiring before 2028, it would be smart to start living within your means over the next 4 years and start investing those early and late hourly increases in other avenues (401K) besides your pension plan.

Legal entanglements were eliminated when they decided to end their management's plan, their legal department is well stocked with the best attorneys out there. Frankly they are playing the system and the know every loophole in the ERISA laws, again most of the Companies are eliminating pension plans and replacing them with 401K's, UPS will just follow suit.

Another factor is the "union", sometimes we make the mistake thinking that our leadership will have the final say in our Contract negotiations...It comes down to our membership and how much backbone they will display in order to prevent a wrong...

Supposedly mgt is still getting the full pension amount but just into the 401k instead. I have heard that a few times not sure how true it is.