Pensions...We all saw this coming.

[oldngray]

Congress is set to vote on a $1.1 trillion spending bill this week, one with a troubling provision for U.S. retirees. If the bill passes, the promised retirement benefits of millions of workers could be slashed. The knee-jerk reaction: Fear that it could set a dangerous precedent and lead to more widespread cuts in retiree pension benefits. Is that realistic? Here's what it really boils down to.

Is my pension going away?

Maybe not right now. But a provision in a $1.1 trillion spending bill that Congress may pass this week could set a scary precedent. It would allow the promised pension benefits of up to 1.5 million workers and retirees to be cut. It would affect the pooled pension plans -- called multiemployer plans -- of mostly union workers across a bunch of companies, where it looks like the plans won't be able to cover full benefits in coming decades.

 

[rod]

Gee, what happened to all the money Central States lent to Las Vegas?

If they still "owned" Vegas they wouldn't be in the shape they are in now.

 

[govols019]

Gee, what happened to all the money Central States lent to Las Vegas?

Do you know what decade you are in?

I'd be willing to bet that the ROI from the "Las Vegas" money was better than what Central States has gotten since they were forced to allow Wall Street firms to invest the money.

 

[bbsam]

So if you had to guess, if this legislation passes, how far into the future will UPS' pension plan remain viable?

 

[rod]

So if you had to guess, if this legislation passes, how far into the future will UPS' pension plan remain viable?

all the way up until maybe yesterday

 

[slackadjuster]

BM is right. Ours is a multi-employer plan and pension amounts depend upon contribution rates.

I would love to see the Company take over our pension plan.

Wow ...I must be really tired. The 6.1 billion payed to Central States in 2007 accomplished what!

 

[slackadjuster]

UPS pretty much did take over the pension plan (from Central States at least). UPS will guarantee pensions until you are 65 when it reverts to the Teamsters and after that if it defaults it would be backed as an ERISA plan with possible huge pension decreases.

The 6.1 billion UPS paid Central States to exit the fund in 2007 was their only liability. UPS paid their fair share to fund & satisfy all existing members ERISA rights. Pension decreases could be inevitable for retirees that never worked under the new single employee plan.

UPS is contractually obligated to make ones pension whole for deficits incurred from Central States inability to pay after they reach age 65. The obligation is only for members that also have one day or more service in the new Teamster-UPS Jointly Trusteed Single Employer Plan started in 2007.

If one missed the cutoff, then I know they are scratching their head as to walking a picket line in 1997. Maybe, laws should matter. People should contact their Congress critters and, also, investigate the people they vote for, as they don't always represent their best interests.

 

[oldngray]

The 6.1 billion UPS paid Central States to exit the fund in 2007 was their only liability. UPS paid their fair share to fund & satisfy all existing members ERISA rights. Pension decreases could be inevitable for retirees that never worked under the new single employee plan.

UPS is contractually obligated to make ones pension whole for deficits incurred from Central States inability to pay after they reach age 65. The obligation is only for members that also have one day or more service in the new Teamster-UPS Jointly Trusteed Single Employer Plan started in 2007.

If one missed the cutoff, then I know they are scratching their head as to why they walked a picket line in 1997. Maybe, laws should matter. People should contact their Congress critters and, also, investigate the people they vote for, as they don't always represent their best interests.

I forgot about people who retired before 2007. They really do get screwed.

 

[slackadjuster]

I forgot about people who retired before 2007. They really do get screwed.

They sure could get screwed and to think most, as I, were totally against exiting Central States in 1997 and walked the line. Of course, we all thought ERISA was law.

 

[Xexys]

ERISA is still law. This bill will not pass. If you read all the articles, especially the LATimes article, my bet is that this bill will not make it through. It has just been opened to the public as of Noon Wednesday. I'm sure if all here were to read all the latest news, they will agree that this bill will definitely NOT be passed.

 

[bbsam]

ERISA is still law. This bill will not pass. If you read all the articles, especially the LATimes article, my bet is that this bill will not make it through. It has just been opened to the public as of Noon Wednesday. I'm sure if all here were to read all the latest news, they will agree that this bill will definitely NOT be passed.

It may not pass now, but what about after the House and Senate are both controlled by the Republicans? Could it get uglier?

 

[Packmule]

That is why I'm glad we switched to single employer pension.

And if we'd worked WITH the company in 97 instead of against it, how many retirees would be covered?

 

[IVE GOTTA PACKAGE 4U]

And if we'd worked WITH the company in 97 instead of against it, how many retirees would be covered?

The union told us,It was bad. We fell for it.

 

[brownmonster]

It may not pass now, but what about after the House and Senate are both controlled by the Republicans? Could it get uglier?

Yes.