Teamsters pension cut
- Thread starter MendozaJ
- Start date
Matty_lawn
Poopin' on the clock
Tours over, boyos
Indecisi0n
Well-Known Member
If we hadn't lost Amazon this wouldn't be an issue.
PT Car Washer
Well-Known Member
Lots of amazon where I am at. Delivered some yesterday.
Indecisi0n
Well-Known Member
The cuts just haven't reached you yet. I only drive 4 days a week because of the reduced workload.
Mugarolla
Light 'em up!
No wonder the pension fund went bankrupt.
Yellow Roadway was allowed to skip its pension contributions for 18 months. When the company started paying again, it was at 25% of the previous rate.
And then there is people like this guy.
Milton Acosta, 75, was a dockworker in Local 707. He retired at age 62, figuring his union pension of $2,300, coupled with his Social Security, would keep him and his wife afloat.
Now his pension is $760 a month after taxes, he said.
“I pay $13,000 a year in property taxes alone. My mortgage is $2,300 a month,” Acosta said.
Yet this guy decided to retire.
While it may be too late for 707 and possibly a few others, I am hopeful for some of the other funds now that the stock market has eclipsed 20,000 and the future looks good, for the time being.
Yellow Roadway was allowed to skip its pension contributions for 18 months. When the company started paying again, it was at 25% of the previous rate.
And then there is people like this guy.
Milton Acosta, 75, was a dockworker in Local 707. He retired at age 62, figuring his union pension of $2,300, coupled with his Social Security, would keep him and his wife afloat.
Now his pension is $760 a month after taxes, he said.
“I pay $13,000 a year in property taxes alone. My mortgage is $2,300 a month,” Acosta said.
Yet this guy decided to retire.
While it may be too late for 707 and possibly a few others, I am hopeful for some of the other funds now that the stock market has eclipsed 20,000 and the future looks good, for the time being.
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If you retire in debt , you are an idiot. I've seen it happen too many times. Who wants to retire and be forced to go back to work?
UpstateNYUPSer(Ret)
Well-Known Member
Yawn.
retired2000
Well-Known Member
Do not yawn upstate this is a real issue. Not ups fault it is all the unions and how they handled our money
Oak
Well-Known Member
Yep. I didn't get to work my regular shift on local sort all week. FT drivers bumping back to preload and reload to get their hours. Fortunately, i did get to run Saturday air yesterday.
It's a real issue for many.
UpstateNYUPSer(Ret)
Well-Known Member
Yawn squared.
Wally
BrownCafe Innovator & King of Puns
How did they run out? Are they giving out too much, or letting folks retire too early? Maybe both?
Many funds are in por shape but unfortunately nobody wants to make any cuts, they are to worried about getting re elected.
UpstateNYUPSer(Ret)
Well-Known Member
We will find out on April 12th whether the Treasury accepts our proposed cuts or not. Word is they will not and the cuts will not be made on July 31st as planned. This would be a shame as, without a company buyout or an infusion of a large amount of money, out fund will continue to lose money.
Our BA did mention that our Fund is looking in to the possibility of a 1% interest $1B government loan with a 10 year grace period. It is expected that our Fund would have recovered to the point where we could pay our benefits, repay the fund and continue to grow our balance.
Our BA did mention that our Fund is looking in to the possibility of a 1% interest $1B government loan with a 10 year grace period. It is expected that our Fund would have recovered to the point where we could pay our benefits, repay the fund and continue to grow our balance.
UpstateNYUPSer(Ret)
Well-Known Member
The Company agreed to pay their unfunded liability over a 10 year period and moved their emotes in to the Company plan.
I wish they would do that here.
Brownslave688
You want a toe? I can get you a toe.
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