Pension letter

[upschuck]

The problem is that all our pensioners were promised a fixed pension amount for the rest of their lives.
The laws protected the retirees.
Even if the pension became insolvent, the Pension Benefit Guaranty Corporation (PBGC), which is a US government agency, would pay your pension.
So essentially the retirees had the federal government guaranteeing their benefit.

Single employer plans are guaranteed at a higher % than are multi employer plans.

Back in 97, did UPS try to take everyone's plan over or just certain one(s).

 

[hellfire]

Contrary to popular belief the driver group doesn't dictate profits. The sales people don't dictate profits, I.E. doesn't dictate profits, etc. It's how the company operates as a whole which dictates profits. Being too heavy in one area or too lean in another can destroy profits.

Remember that little strike thingy we went on?

 

[BigUnionGuy]

Being too heavy in one area or too lean in another can destroy profits.

And living "day to day" must be hard.

Never knowing.... if you will have a job.... tomorrow.


Management people that talk smack, are expendable.



-Bug-

 

[Future]

Single employer plans are guaranteed at a higher % than are multi employer plans.

Back in 97, did UPS try to take everyone's plan over or just certain one(s).

Pretty sure across the board

 

[oldngray]

Pretty sure across the board

And the union convinced members they were a better option than letting UPS take over the plan. In hindsight going with UPS then would have been a better choice but too many people still trusted the union then.

 

[rod]

Didn't you retire at 51, or 52?

53

 

[rod]

Seriously?

SERIOUSLY

 

[rod]

The people who set up pensions planned on you being dead within 5 or 10 years after collecting.

I didn't even start really living until I retired. After I retired a built a new house, bought a new truck, bought a new Harley Ultra Classic, bought a toy hauler, traveled, camped, lived----and I'm no where near done yet.

 

[Brownslave688]

SERIOUSLY

So I guess you assumed the union invested in one of those money making trees.

 

[rod]

So I guess you assumed the union invested in one of those money making trees.

Do you expect your retirement income to last at least as long as you are retired? You don't seem to grasp the whole retirement pension idea.

 

[upschuck]

So I guess you assumed the union invested in one of those money making trees.

They should of had professionals and invested correctly, and yes, then it would of lasted past the test of time.

 

[rod]

So I guess you assumed the union invested in one of those money making trees.

When I retired I had X amount of money available to me. After 15 years of being retired I have more in that pile now than the day I quit work. Its called "smart investing". I expected those who ran my pension to be just as smart (or even smarter) than a retired truck driver. I was wrong and I have every reason in the world to be pissed.

 

[Brownslave688]

They should of had professionals and invested correctly, and yes, then it would of lasted past the test of time.

Maybe someone can give us hard numbers but I doubt the $25 or so a week that was put in on many of these guys behalf was enough to sustain their 3k a month pensions for very long.

 

[MC4YOU2]

The pension should take steps to partition off those who worked for companies that just flat stopped contributing. Everyone should get full credit for every deposit made on their behalf, but not for months and years of zero contributions.

 

[Brownslave688]

When I retired I had X amount of money available to me. After 15 years of being retired I have more in that pile now than the day I quit work. Its called "smart investing". I expected those who ran my pension to be just as smart (or even smarter) than a retired truck driver. I was wrong and I have every reason in the world to be .

Oh I'm sure I would be pissed too. Just not sure I'd be surprised.


I think if one had run the numbers they would find without new money coming in things didn't add up.

 

[MC4YOU2]

Maybe someone can give us hard numbers but I doubt the $25 or so a week that was put in on many of these guys behalf was enough to sustain their 3k a month pensions for very long.

No one at UPS that I know if had that little put in. Are you talking about folks from like Yellow Freight?

 

[Brownslave688]

No one at UPS that I know if had that little put in. Are you talking about folks from like Yellow Freight?

I'm talking about guys building credit in the 70's and 80's

 

[Brownslave688]

No one at UPS that I know if had that little put in. Are you talking about folks from like Yellow Freight?

And like I said. I don't know the numbers. Maybe they add up but I doubt they do.

Like upstate ny. There is no way they ever had enough money going in to support the 5k a month retirements they've been paying.

 

[oldngray]

And like I said. I don't know the numbers. Maybe they add up but I doubt they do.

Like upstate ny. There is no way they ever had enough money going in to support the 5k a month retirements they've been paying.

Central States members paid just as much into their pensions and were getting much less in pensions even before the recent slashing of benefits. That can't be blamed anywhere other than mismanagement of the fund.

 

[rod]

Oh I'm sure I would be too. Just not sure I'd be surprised.


I think if one had run the numbers they would find without new money coming in things didn't add up.

What's upsetting about it is that for years we would get a letter yearly stating how underfunded the pension plan was BUT not to worry because we were grandfathered in and . The pension cut wasn't unexpected but it being cut in half was.