So our pensions are being wiped out .

Discussion in 'UPS Union Issues' started by gorilla75jdw, Dec 10, 2014.

  1. gorilla75jdw

    gorilla75jdw Active Member

    Read today where congress is set to repeal a law that was passed in the 70's that allows companies to paying out retirement benefits to retirees. And that is the first step to taking all pensions away . They are using UPS employees as an example . There is plenty of links , I'm not going to provide them at this point because hopefully some of you will wake up and research for yourself and research it yourself .
  2. rod

    rod retired and happy

    it was nice while it lasted
  3. Future

    Future Victory Ride

    I heard the same.....un :censored2:in real!!
  4. babboo25

    babboo25 Active Member

    If you are in a multi employer pension fund then you should be concerned. Our pension isn't going anywhere but nothing is guaranteed. I guess the working man really is a sucker.
  5. Ron Carey lives on

    Ron Carey lives on Well-Known Member

    it definitely opens the door

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  6. BrownTexas

    BrownTexas Well-Known Member

    I planned on my pension being extra spending money. So I will be ok. But I know people that are solely relying on a pension. Hopefully the union will hold up.
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  7. brownmonster

    brownmonster Man of Great Wisdom

    Glad I'm not one of those drivers that thought it was more important to live the high life than to save for retirement.
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  8. grgrcr88

    grgrcr88 No It's not green grocer!

    The Teamsters are one of the largest supporters of this bill. This is the only way they feel some of the plans can be saved. At this point they feel like a decreased benefit to already retired participants is better than no pension at all!!
  9. rod

    rod retired and happy

    You can be guaranteed it won't stop at the "already retired participants". Those still working and looking forward to a nice pension check should probably start thinking about a plan B also.
  10. bbsam

    bbsam Moderator Staff Member

    Sad part is that there seems to be no fight. Feels like it's a done deal.
  11. grgrcr88

    grgrcr88 No It's not green grocer!

    Agreed. It's a very bad situation. You have to admit though, if Union leadership hadn't used the pensions as political footballs in the past we would not be here now. The 20 and out and 25 and out pensions that were introduced were never funded. They were simply a ploy to get inferior contracts passed or to get reelected by international leadership. There was never a way the funds could sustain those benefits for ever.
  12. oldngray

    oldngray nowhere special

    Those promised pensions were sustainable from UPS employee contributions. It was so many other Teamster trucking companies going belly up that has wiped out pension funding.
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  13. Atomic_Smurf

    Atomic_Smurf Well-Known Member

    Stealing our earned benefits...No way. Washington wouldn't do that. (ACA)...

    Said its expected to pass the senate tomorrow.

    Found this line interesting in the WashPost article...
    "The idea of cutting benefits is reluctantly supported by some unions and retirement fund managers who see it as the only way to salvage pensions in plans that are in imminent danger of running out of money."

    And then this " The deal is aimed at helping plans such as the Teamsters’ Central States fund."
  14. bbsam

    bbsam Moderator Staff Member

    "Helping." Of course that's what it's doing.
  15. Atomic_Smurf

    Atomic_Smurf Well-Known Member

    If you ever had any question about who in Washington is looking out for you, for the middle class, for working people, look at the small handful of politicians that are against this continuing resolution. They are Tea-party favored constitutional conservatives. Republicans are using the excuse that they would be blamed with a government shutdown and the Democrats are just doing what they do. Obamas White House spokesperson said that this was the kind of cooperation they had been seeking from Republicans for years. This is what happens when Democrats and Republicans work together and why the Tea Party is demonized by both parties.
  16. bbsam

    bbsam Moderator Staff Member

    Elizabeth Warren is a Tea Party conservative?
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  17. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    They over promised the current retirees when they were working. Anyone should of been able to see that $50 a week or whatever was not enough for 3-4k a month pension.

    Now they are dependent on current employees to pay for current retirees pensions. This is not how a pension should work.

    Every current employee should be able to pull out of the pension and it still
    Be fine. Why because every retiree monies they should be pulling from is already paid in for them. It's a broken system and individuals need to take control of their finances. The last thing any financial advisor will recommend is an annuity. A pension is basically an annuity.
  18. Atomic_Smurf

    Atomic_Smurf Well-Known Member

    Warren is about as much Tea party conservative as she is Cherokee Indian. If she we're looking out for working folks should be against the spending bill. She's not. She's against a provision in it.
  19. undies

    undies Active Member

    Thankfully I'm not in the central states pension plan!
  20. ski or die

    ski or die Ski or Die

    But they all are fellow Teamsters. When UPS was able to buy their way out, it done them in. I'm thankful my Local's leadership did not sell out. But I pray that something will work out for Central State UPS Teamsters.