11.19igrad
Well-Known Member
im not talking to you im just learning about pension stuff.
Retired under ups then converts to central states
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rod
Retired 22 years
You will be VERY lucky if UPS is still around by then.
Johney
Well-Known Member
Multi-employer? More being taken out then is being put in?
oldngray
nowhere special
They let failing companies get away with not paying what they owed.
Wally
BrownCafe Innovator & King of Puns
This would make for a great article: Requiem For A Pension.
rod
Retired 22 years
The Teamsters were using Central States money to invest in Las Veges Casinos (and getting quite rich doing it). The Government didn't like that so in 1982 they (the Government) stepped in-- made the Union get out of Las Vegas investing and became "Overseers" of the Central States Pension Fund "to save it". At that time the fund was totally good. The rest is history. Can you imagine that--our Government screwing something up? If ANYTHING should be bailed out it should be that pension fund because it failed under the Governments control.
rod
Retired 22 years
I just assumed if I mentioned Las Vegas in the 80's people would think "Mob". I keep forgetting I'm dealing with a lot of younger kids on here who don't have a clue about what went on in the world.
Overpaid Union Thug
Well-Known Member
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...
I think I would prefer keeping the pension, both full-time and part-time, in play and dumping the 401(k) plan. If the 401(k) was matched I’d be interested.
burrheadd
KING Of GIFS
guy outta Clarksville
pkgdriver
Well-Known Member
I think the CS pension was just over 40% funded in 1982. I may be wrong but it was under 50%. Trucking deregulation in the 80’s produced thousands of “orphans” that were getting pensions but their company was now out of business and not paying into the fund. The fund wasnt good in the late 80’s when I started. I put as much in my 401k as I could and have maxed it out yearly for almost 20 yrs. Hopefully the pension will be there when I leave so I can buy a Corvette like Quad.
11.19igrad
Well-Known Member
11.19igrad
Well-Known Member
leave the statesI think the CS pension was just over 40% funded in 1982. I may be wrong but it was under 50%. Trucking deregulation in the 80’s produced thousands of “orphans” that were getting pensions but their company was now out of business and not paying into the fund. The fund wasnt good in the late 80’s when I started. I put as much in my 401k as I could and have maxed it out yearly for almost 20 yrs. Hopefully the pension will be there when I leave so I can buy a Corvette like Quad.
rod
Retired 22 years
I believe it was turned back over to the Teamsters after the Government drained it.
The Driver
I drive.
If you're in your 20s then 10% savings into a 401(k) might be good to get you through a 25 year retirement or so. If you're in your mid-thirties you gotta pump those numbers way up.
I just concentrate on maxing it out. $19,500 a year into the 401(k) and $6,000 into a separate Roth IRA. Then some into a savings account. Then spend the rest.
Kingofthenorth
Well-Known Member
If UPS is gone in 15 years it will be due to amazing improvement is tech, which will automated many industries not just ups. If tech is that disruptive in 15 years, we are all probably screwed in almost every industry as all these extra resources will probably benefit the rich almost entirely.
Federal Reserve Chairman
Well-Known Member
ZIRP
clean hairy
Well-Known Member
In order to have a pension you have to get a job that offers a pension.
Then, you learn about the specific pension that the employer has.
