Pension Freeze!

Speedo

New Member
Local 355 in Baltimore just had a meeting on Sunday 2/24/08 letting us know our pensions are frozen for up to 10 years if they don't get the fund in shape. Is this nonsense happening else where?????????
 

dilligaf

IN VINO VERITAS
Local 355 in Baltimore just had a meeting on Sunday 2/24/08 letting us know our pensions are frozen for up to 10 years if they don't get the fund in shape. Is this nonsense happening else where?????????
not in the western states our pension is 100% solvent
 

pkg-king

Well-Known Member
Local 355 in Baltimore just had a meeting on Sunday 2/24/08 letting us know our pensions are frozen for up to 10 years if they don't get the fund in shape. Is this nonsense happening else where?????????

Explain exactly what you mean by frozen. What are your benefits now and how exactly are they frozen? Thanks
 

sendagain

Well-Known Member
When the market goes down, the value of all the investments in our pension plans goes down too. If it stays down for quite awhile, nobody will be able to increase their pension benefits.
 

rod

Retired 19 years
What do you mean by "frozen"? Are you saying the some retirees get a cost of living raise? News to me. I retired at $3,000 a month in 2001 and it's still that now so I guess you could say it's frozen.
 

p1000

Free at Last
UPS is still contributing to the to the fund but as of March 1st 2008 you will not accrue any benefits under the new plan. Meaning as of March 1 2008 if your pension is 3000 a month and you can retire March 2010 your pension is still 3000 a month. If the freeze is still on. They are blamming it on the stock market. Hope they did not have any UPS stock. In 355 you can retire at age 50 and I will be getting my 1st pension check March 1st. Talk about good timing.
 
A

Agnon

Guest
They are blamming it on the stock market. Hope they did not have any UPS stock. In 355 you can retire at age 50 and I will be getting my 1st pension check March 1st. Talk about good timing.

We're addressing that now. No union should be allowed to invest their retirement monies in any company other than other union companies. We're going to get that codified into law eventually.

Then you'll be up S-creek.

That's how unions should die - economically. Well, socially AND economically, but socially they're swirling the bowl and economically they're headed there. We're going to speed it up though. Stay tuned.

Oh - BAD TIMING. You should have retired 20 years ago to boast about "good timing." You'll take a hit. Bet on it. Live with it.
 
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