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UPS Union Issues
Ron Carey Speaks On How Hoffa Is Trying To Sell Us Out
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<blockquote data-quote="Bill" data-source="post: 262329" data-attributes="member: 5483"><p>The only winner in this buyout is UPS. If this passes, UPS will save billions over the next few years. Right now, UPS contributes $238 per week per employee into the CS pension fund, but under the new UPS/IBT plan, UPS will contribute only $132 per week. Is UPS bailing us out, or looking at the bottom line? Also, under the proposed "new deal", if UPS contributes more each following year, then why is the 30-and-out pension frozen at $3000 per month? Logically, if UPS puts in more each year, shouldn't we receive more? The cost of living goes up each year, so every successive year, the $3000 is worth that much less. Granted, CS is a financial mess and can not sustain its present course before the fund goes into insolvancy. On the other hand, if we go into this new UPS/IBT fund, there is no guarantee after age 65. UPS only guarantees the pension money ($3000 for 30 and out) until age 65, but what happens afterwards? My understanding is that we receive two checks after 65; one from CS and another from UPS. If CS can not pay their share of the pension, UPS will not pick up the offset (it states that in article 34L page 24). Without any future UPS money going into CS, the pension fund will drain faster than before. It is inevitable that CS will not be able to pay its share, UPS will not make up the difference, and the retiree has even less to live on. UPS will continue to save big money by not contributing as much into our retirement fund. The only fair solution is for UPS to guarantee the money at any age, as well as add a cost of living increase by the guidelines set by the US government's consumer price index statistics. I await a rebuttal.</p></blockquote><p></p>
[QUOTE="Bill, post: 262329, member: 5483"] The only winner in this buyout is UPS. If this passes, UPS will save billions over the next few years. Right now, UPS contributes $238 per week per employee into the CS pension fund, but under the new UPS/IBT plan, UPS will contribute only $132 per week. Is UPS bailing us out, or looking at the bottom line? Also, under the proposed "new deal", if UPS contributes more each following year, then why is the 30-and-out pension frozen at $3000 per month? Logically, if UPS puts in more each year, shouldn't we receive more? The cost of living goes up each year, so every successive year, the $3000 is worth that much less. Granted, CS is a financial mess and can not sustain its present course before the fund goes into insolvancy. On the other hand, if we go into this new UPS/IBT fund, there is no guarantee after age 65. UPS only guarantees the pension money ($3000 for 30 and out) until age 65, but what happens afterwards? My understanding is that we receive two checks after 65; one from CS and another from UPS. If CS can not pay their share of the pension, UPS will not pick up the offset (it states that in article 34L page 24). Without any future UPS money going into CS, the pension fund will drain faster than before. It is inevitable that CS will not be able to pay its share, UPS will not make up the difference, and the retiree has even less to live on. UPS will continue to save big money by not contributing as much into our retirement fund. The only fair solution is for UPS to guarantee the money at any age, as well as add a cost of living increase by the guidelines set by the US government's consumer price index statistics. I await a rebuttal. [/QUOTE]
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