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UPS Union Issues
Pension fix
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<blockquote data-quote="DELACROIX" data-source="post: 3985481" data-attributes="member: 49065"><p>I would be thinking that UPS does not want the CSPF to go into insolvency, they would still be on the hook for their current and future retirees. They will be working congress and our Union to lessen their project losses, hence eliminating vesting time with their management's pension formulas.</p><p></p><p>It would take 20 or 25 billion dollars 30 year bridge load from the Feds to provide the needed monetary contributions to maintain the benefits promised. The Federal Pension Insurance fund cannot pay if the Central goes down, projected in 2025 or sooner depending on it's returns with the market. What happens when the "interest only loan" become due in 2050, who pays then, is UPS and the Feds willing to co sign on that?</p><p></p><p>In 2016 they tried to cut benefits for anybody with vested time in the Central, it failed because the cuts were not sufficient by people who know. Doesn't look good for our retirees and should be a major concern for anybody else close to retirement.</p><p></p><p>These issue has been the driving issue with our contracts since the l993 one, some 26 years ago and still no real fair resolution. For those not in the Central it will eventually affect your pension and health and welfare benefits, so do not fool yourselves. It will be a time of truly testing what you call a "Brotherhood", just from past experience and history a lot has to change, otherwise it will be a typical "mob" mentality of leaving people behind to serve the vocal majority.</p><p></p><p>It will again pop it's ugly head if nothing is done about it before the next contract, the CSPF is bleeding badly it is not going to get better. Start reading the Tea Leaves and be prepared</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3985481, member: 49065"] I would be thinking that UPS does not want the CSPF to go into insolvency, they would still be on the hook for their current and future retirees. They will be working congress and our Union to lessen their project losses, hence eliminating vesting time with their management's pension formulas. It would take 20 or 25 billion dollars 30 year bridge load from the Feds to provide the needed monetary contributions to maintain the benefits promised. The Federal Pension Insurance fund cannot pay if the Central goes down, projected in 2025 or sooner depending on it's returns with the market. What happens when the "interest only loan" become due in 2050, who pays then, is UPS and the Feds willing to co sign on that? In 2016 they tried to cut benefits for anybody with vested time in the Central, it failed because the cuts were not sufficient by people who know. Doesn't look good for our retirees and should be a major concern for anybody else close to retirement. These issue has been the driving issue with our contracts since the l993 one, some 26 years ago and still no real fair resolution. For those not in the Central it will eventually affect your pension and health and welfare benefits, so do not fool yourselves. It will be a time of truly testing what you call a "Brotherhood", just from past experience and history a lot has to change, otherwise it will be a typical "mob" mentality of leaving people behind to serve the vocal majority. It will again pop it's ugly head if nothing is done about it before the next contract, the CSPF is bleeding badly it is not going to get better. Start reading the Tea Leaves and be prepared [/QUOTE]
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