REFORM PLAN FOR Central States Pension Plan

[oldupsman]

Thank you for that. I was wondering how many UPS retirees were affected...less than 9000 and falling. You would think UPS would step up and do the right thing. The positive publicity would likely outweigh the true costs.

Why? People who have been gone since 2008? They could care less. This is only a one or two day story. It will all go away
shortly.

 

[Sportello]

Why? People who have been gone since 2008? They could care less. This is only a one or two day story. It will all go away
shortly.

True. I've never known them to do anyone a solid.

 

[Mugarolla]

Why? People who have been gone since 2008? They could care less. This is only a one or two day story. It will all go away
shortly.

They could care less about retirees post 2008 also.

They only have to match the cuts because the withdrawal agreement made them.

Let's see how hard UPS tries to remove that offset clause from the contract.

If they really care like the article says, they will not even mention removing the clause.

They said that the $6.1B should have covered previous retirees and that they are making up the cuts for current retirees.

We'll see how long before they want it changed.

 

[brownmonster]

The company is doing what they are contractually obligated to do, nothing more. Heard more than one Teamster with the same attitude towards the company.

 

[Mugarolla]

The company is doing what they are contractually obligated to do, nothing more. Heard more than one Teamster with the same attitude towards the company.

I agree. Don't do any more than necessary, or any more than you have to.

And let's see how hard UPS tries to get out of that contractual obligation.

 

[BROWNHOG]

Yes, I read the whole thing (letter). There are many in my case (and you also) that are getting the brunt of the cuts. And we are UPS! We are not the orphaned companies of the 80's and 90's. I hate to say this, but UPS, when they made their grand deal, left a substantial amount of the UPS legacy employees out to dry.

If UPS didn't pony up billions in relief for the C.S.fund, everyone would have been left out to dry

 

[BROWNHOG]

You are not UPS, you are proud Teamsters!

I took 15 years of no raises or reduced increase of a salary base along with job reclassification and reduction in contributions to my pension based on my expected work week of 55 hours per week. No credit for hours worked and required beyond 55 hours . My pension took a hard hit , from 4600 to 2900 at the max level and it started 15 years ago when the company changed their calculation and contribution rates for the management pension. The pension calculation was redefine while at the same time billions were being given to the Teamsters Central States and other funds to shore up a suspect and poorly run fund. Teamster pension funding from UPS was huge during those times as the Teamsters tried to finance their pension obligations. I'll also add that my management pension was reduced by the " expected " amount of a Teamsters pension I was to receive @ age 64 .

 

[BROWNHOG]

What is going on is really messed up.

http://thehill.com/blogs/ballot-box/245707-sanders-pushes-for-restoring-pension-protections

Sen. Bernie Sanders (I-Vt.) is pushing for legislation that he says will bolster pensions for millions of Americans.

Sanders, who has emerged as a top candidate against Hillary Clinton for the Democratic presidential nomination, has joined Democratic Sens. Sherrod Brown (Ohio) and Tammy Baldwin (Wis.) in introducing the Keep Our Pension Promises Act, which aims to strengthen multi-employer pension plans.


The legislation would reverse a provision, included in a spending bill passed last year, that allowed pension plans to cut retiree benefits in an effort to shore up the plans' finances.

Sanders said during a rally outside the Capitol late last week that without a repeal of the provision, "retirees all over this country could see their pensions cut by 30 percent or more. We cannot let that happen."

According to a fact sheet from Sanders' office, many multi-employer pension plans are underfunded or retirees have been "orphaned" after an employer left a plan or it went bankrupt.

In an effort to guarantee benefits, Sanders' legislation would create a fund for "orphaned" retirees. The fund would be offset by closing tax loopholes for the wealthy.

Members of the International Association of Machinists and Aerospace Workers and the International Brotherhood of Teamsters appeared alongside Sanders at his rally late last week. AARP has also backed the legislation.

Reps. Marcy Kaptur (D-Ohio) and Tim Ryan (D-Ohio) have introduced a companion bill in the House.

Are you aware of how much UPS has contributed to the Teamsters pension funding that the Teamsters distributed to other members ?

 

[BROWNHOG]

Talked to a Yellow Freight retiree today.
He went from $3000 TO $1400 a month.
He said he will be OK when Soc Sec starts next year.
He completely blamed Ron Carey and the Teamsters for paying out too much with the number of pay-in's reducing and the number of retirees increasing.

Smart man and correct

 

[Mugarolla]

If UPS didn't pony up billions in relief for the C.S.fund, everyone would have been left out to dry

UPS didn't pony up a dime in relief for the CSPF.

They did pay their withdrawal liability in order to exit from the fund. This was not a relief to the fund.

They did promise to make up any cuts to retirees after 2008, but this is not a relief to the CSPF. The CSPF cuts will still be implemented.

The only relief that UPS gave was to retirees after 2008, not to the CSPF.

And UPS has not matched any cuts yet, we will see if they do.

 

[twoweeled]

Yes, I read the whole thing (letter). There are many in my case (and you also) that are getting the brunt of the cuts. And we are UPS! We are not the orphaned companies of the 80's and 90's. I hate to say this, but UPS, when they made their grand deal, left a substantial amount of the UPS legacy employees out to dry.

Sadly, we live in a world of, "It's all about me". "I'm okay", and that's all that matters. We also hung the retirees out to dry. divide and conquer, and everyone is turning the other way. We as active employees, will be next, in the way of healthcare cost. It'll be small at first. But it's going to happen. do you think anyone will come to our side then?? just like we ran to everyone else's side! UPS is smart and organized. Obviously, we are not! Because UPS is winning.