Retired under ups then converts to central states

[542thruNthru]

sucks to be you

I don't know.. I feel pretty lucky being me.

I always tell myself.

"Could be worse... I could be rickyb!"

 

[rod]

I don't know.. I feel pretty lucky being me.

I always tell myself.

"Could be worse... I could be rickyb!"

But then your Dad would be a millionaire --- isn't that every ones dream?

 

[542thruNthru]

But then your Dad would be a millionaire --- isn't that every ones dream?

Yeah but he's a Canadian millionaire... thats like a Starbucks manager in America

 

[oldngray]

I've said that all along. Once you retire you are to them. Everyone is -- not just those of us who retired before 2008. The sooner you die the better they like it.

 

[Over70irregs]

If you retired before 2008 your pension will be cut by about 2/3rds. I will go from 3k a month down to 1.2k. The $1,200 monthly money is a Government program that apparently isn't in the best shape so no guarantees on how long that is good for. I've talked a lot with my financial guru and he says we will be fine with the life style we live. For those old coots who REALLY count on their pension to live it will be a kick in the face. We are basically being sent out to pasture to die by the Teamster Union. Thank you Local 638

All those who read this post learn from this. “Expect the unexpected”. Save and set aside the money you make. All union salaries need to be tied to pension compensation. Retired bro/sis deserve better.

 

[quad decade guy]

true -true (Corvettes are a waste of money anyway)

Says who?

 

[rod]

Says who?

Me

 

[quad decade guy]

Me

Right...and?

 

[Mugarolla]

Does anyone know if central states gets defunded will ups pay pension

As long as Article 14 Section 1, in future Central Region Supplements, contains the following clause: If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset.

The problem is that as time goes on, there are less employees with a vested interest in Central States. UPS could try and delete this in future contracts, with fewer employees left with a stake in Central States to vote.

The good news is that UPS's liability, should Central States make cuts, reduces as each one of us die out that can collect a partial pension from Central States.

I believe that UPS's liability, should Central States fail today, is slightly over $2B, and this is the highest it will ever be. As those collecting benefits from Central States, who retired post 2008, die off, that liability reduces.

If Central States doesn't go belly up until 2033, UPS's liability may only be around $1B. While this is still a huge sum of money, it may not be worth a possible strike to remove that clause in the contract. But then, how many of us will be left in 2033 to vote to strike to protect that pension. I mean, current employees sell out retirees all the time.

 

[11.19igrad]

If you retired before 2008 your pension will be cut by about 2/3rds. I will go from 3k a month down to 1.2k. The $1,200 monthly money is a Government program that apparently isn't in the best shape so no guarantees on how long that is good for. I've talked a lot with my financial guru and he says we will be fine with the life style we live. For those old coots who REALLY count on their pension to live it will be a kick in the face. We are basically being sent out to pasture to die by the Teamster Union. Thank you Local 638

jesus. im obviously an idiot, i never did plan to stay long enough for a pension, so, aside from the tough guys who talk , who will help me understand why pensions arent happening if the funds were recieving contributions from drivers during their respective careers??

 

[11.19igrad]

As long as Article 14 Section 1, in future Central Region Supplements, contains the following clause: If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset.

The problem is that as time goes on, there are less employees with a vested interest in Central States. UPS could try and delete this in future contracts, with fewer employees left with a stake in Central States to vote.

The good news is that UPS's liability, should Central States make cuts, reduces as each one of us die out that can collect a partial pension from Central States.

I believe that UPS's liability, should Central States fail today, is slightly over $2B, and this is the highest it will ever be. As those collecting benefits from Central States, who retired post 2008, die off, that liability reduces.

If Central States doesn't go belly up until 2033, UPS's liability may only be around $1B. While this is still a huge sum of money, it may not be worth a possible strike to remove that clause in the contract. But then, how many of us will be left in 2033 to vote to strike to protect that pension. I mean, current employees sell out retirees all the time.

yeah i dont understand any of this

 

[Jackburton]

yeah i dont understand any of this

Basically new employees won’t care about something in the contract taken out as long as UPS gives you your nickel raise in exchange.

I have 8 years under CS pension, rest UPS, should be interesting when it comes time for me to bounce.

 

[Overpaid Union Thug]

Basically new employees won’t care about something in the contract taken out as long as UPS gives you your nickel raise in exchange.

I have 8 years under CS pension, rest UPS, should be interesting when it comes time for me to bounce.

I have 0 time in CS and still don’t feel confident that I’ll get my full pension.

 

[11.19igrad]

Basically new employees won’t care about something in the contract taken out as long as UPS gives you your nickel raise in exchange.

I have 8 years under CS pension, rest UPS, should be interesting when it comes time for me to bounce.

whats cs pension?

 

[Brown Biscuit]

What if I’m in central states and won’t be retiring until 2039-2044? I should expect no pension? I’ve heard older drivers talking but haven’t really paid attention. Guess I’ll start investing elsewhere as well.

 

[DELACROIX]

As long as Article 14 Section 1, in future Central Region Supplements, contains the following clause: If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset.

The problem is that as time goes on, there are less employees with a vested interest in Central States. UPS could try and delete this in future contracts, with fewer employees left with a stake in Central States to vote.

The good news is that UPS's liability, should Central States make cuts, reduces as each one of us die out that can collect a partial pension from Central States.

I believe that UPS's liability, should Central States fail today, is slightly over $2B, and this is the highest it will ever be. As those collecting benefits from Central States, who retired post 2008, die off, that liability reduces.

If Central States doesn't go belly up until 2033, UPS's liability may only be around $1B. While this is still a huge sum of money, it may not be worth a possible strike to remove that clause in the contract. But then, how many of us will be left in 2033 to vote to strike to protect that pension. I mean, current employees sell out retirees all the time.

As time goes by with the IBT/UPS pension fund in place UPS's future liability with the Central States collapse will decrease (attrition). Every corporation in America wants to get out of all their controlled defined pension plans and convert them to individual 401K's, in 2023 UPS will be eliminating their management's pension plan freeing up about 2 Billion annually, it could be they have come to the conclusion that they have to eat the costs of the eventual bankruptcy of the Central States fund and as you stated their liability goes down...

Next contract expect the company to eliminate the UPS Pension Plan that covers all the part timers in the Central and Southern. They will offer a 401k match similar to management's, I expect they will sweeten the pot in order to get this done considering that about 60 percent of our current workforce are classified as part time and 95 percent of them do not vote or will not be around to even be vested into the plan..

You are also correct in stating that our current employees sell out retirees all the time...Maybe with Hoffa gone things will change and the concept of "Union" will actually mean something, but currently it everybody looking out for Number Uno and to hell with everyone else....Look at the last couple of contracts to prove that statement...

 

[Sissy Brown Short Shorts]

Just like social security, I’m not expecting a pension either. I put 10% of my pay into my 401k that’s all I’m expecting to get at this point. UPS shouldn’t be forced to back bad union pensions. UPS hands wheel barrels of cash over to the union to fund our pension and the union takes that money and dumps it into others to fund them. It’s a giant Ponzi scheme. Pensions are bull in my opinion anyways and a drain on companies. Sure they made sense 60 years ago when you retired at 65 and were dead at 70. Now you can retire in your mid fifties at what 70%? And collect for 30-40 years. How in anyway is that sustainable? Live within your means and save your whole life and you’ll be just as set. Don’t buy that six bedroom house or extra corvette.

 

[silenze]

What if I’m in central states and won’t be retiring until 2039-2044? I should expect no pension? I’ve heard older drivers talking but haven’t really paid attention. Guess I’ll start investing elsewhere as well.

If you went full time after 2008 you are not in central states. You are in a ups pension plan. If by chance you do have some years in central states only the years before 2008 would be devalued.

 

[clean hairy]

whats cs pension?

Why would it be of any concern to a former employee?
The pension does not affect you.

 

[Over70irregs]

Just like social security, I’m not expecting a pension either. I put 10% of my pay into my 401k that’s all I’m expecting to get at this point. UPS shouldn’t be forced to back bad union pensions. UPS hands wheel barrels of cash over to the union to fund our pension and the union takes that money and dumps it into others to fund them. It’s a giant Ponzi scheme. Pensions are bull in my opinion anyways and a drain on companies. Sure they made sense 60 years ago when you retired at 65 and were dead at 70. Now you can retire in your mid fifties at what 70%? And collect for 30-40 years. How in anyway is that sustainable? Live within your means and save your whole life and you’ll be just as set. Don’t buy that six bedroom house or extra corvette.

True words spoken. Side note 4bd +1 bonus and jeep wrangler used?