Pension Discrepancy across country
- Thread starter Wally
- Start date
Ours is in the tank..Piss poor management of the fund! No fill time jobs in over five years here! Many guys retired but no fulltime slots ever filled. Thats why we are voting no on this contract! If you think we want teamcare after the way our pension fund looks?? No way inHELL!
jumpman23
Oh Yeah
I agree totally. If drivers make the same hourly rate mostly across the board why shouldn't the pensions match the same criteria. Im not saying im an expert on the subject whats so ever, just my honest opinion. Lets be real guys we all drink out of the same cup if you know what im saying.
MethodsMan
Well-Known Member
Weak locals.
How many pension funds do you administer? I didn't think so...
Babagounj
Strength through joy
Unfortunately poopsup is correct .
If your local failed to bargain for improvements to your local pensions funds , then all the fault lies with them .
Anonymous 10
Guest
No offense but those 5500 and 6000 a month pensions are irresponsible. How will that kind of payout ever be sustained??
Now we have two administrators chiming in. Lots of factors determine benefit levels. Does your local administer H&W and Pension? Are the Trustees empowered to allocate contributions between Funds? If so is your H&W coverage superior thereby reducing allocations to Pension? Is there a retiree component built in funding to cover H&W post Medicare for pensioners? Does your plan allow the ridiculously expensive early outs? How about disability pensions? Are you green zone? Has your Pension taken Funding relief (after the debacle of 2008) under the PPA, thereby curtailing ability to improve benefits? And on, and on....
But instead just ignore all the pertinent issues and focus on the easy blame game...weak locals.
The irony here is these levels are offered by the officials these same posters deride, the political opportunists. You're dead on 407, these high payout pensions weaken the overall sustainability long term for their members. But they keep their Local officials elected. Backwards thinking in my book.
Indecisi0n
Well-Known Member
I believe cost of living is factored in as well.
Jackburton
Gone Fish'n
Over promise the near term and let someone else down the road figure out how to pay for it later. Where have I heard this before?
MethodsMan
Well-Known Member
So, what you're saying is you're in a weak local?
MethodsMan
Well-Known Member
Were in the green, my friend.
oldngray
nowhere special
Black town cars here.
Ouch
Well-Known Member
Y'all should be filing grievances everyday for those jobs. People use to come to me everyday and ask me how the union lets this happen. Well really and truly the members of the union should be grieving this and holding there locals feet to the fire. If the local will not do anything, go over there head. Make the union represent you that's why your paying dues to have a voice. I'm not saying everybody has a perfect local but y'all are the ones voting them in. There is strength in numbers, put your numbers to good use, make them work for you, don't take, there is nothing we can do for an answer, tell them they will be voted out. There are two kinds if people, those that complain about everything and get screwed, and those that do something about it and get results.
Great comment. Some people complain, some get results.
Here is part of the answer, from a guy who was around when this happened. Did you ever hear of the Inserra brothers? Google them and see what comes up. Something like this: (from 1983)
"Court documents have disclosed that the investigation was triggered by a tip that employees in Shearson`s Utica office, including George Inserra and his brother John, were engaging in a scheme under which securities trades were ``parked`` in a certain account until it was clear whether they were profitable or unprofitable. The winning trades were allegedly transferred from the ``holding`` account into accounts of friends, relatives and associates of the Inserra brothers and Teamsters officials. Unprofitable transactions were ``dumped``into Teamster pension fund accounts, according to court papers."
The Upstate N.Y. pension fund was being mis-managed, but the corruption was discovered during the start of the 1980s. The pension fund was closely monitored and the result was great investment growth for the fund. The people who benefited were the rank and file teamsters, who got the full value of all the employer contributions, honestly invested. Today that pension fund pays one of the highest monthly pension benefits of all the locals with teamsters employed by UPS.
The big question is how did it happen. When the corruption was uncovered in the early 1980s, union stewards stood up, gathered the membership and demanded accountability from the Upstate N.Y. pension fund responsible for investing the company contributions in their names. They were successful and today's retirees owe a debt to those forgotten teamsters who had the courage to question what was happening and demand a change.
kingOFchester
Well-Known Member
I would love to have all UPS teamsters in one plan managed by which ever fund has the best history.
However, there are a lot of locals where the pension is a multi-employer fund. Most companies, unlike UPS, were hit hard by the deep recession and put a hurt on the pension funds. These funds would be destroyed if we left those funds and put into a UPSers only fund. It is unfortunate, but I can't see how it would be possible.
Any ideas how this could be done without collapsing the multi-employer funds if we would go into a national teamsters-UPS-pension fund?
However, there are a lot of locals where the pension is a multi-employer fund. Most companies, unlike UPS, were hit hard by the deep recession and put a hurt on the pension funds. These funds would be destroyed if we left those funds and put into a UPSers only fund. It is unfortunate, but I can't see how it would be possible.
Any ideas how this could be done without collapsing the multi-employer funds if we would go into a national teamsters-UPS-pension fund?
