Brownslave688
You want a toe? I can get you a toe.
Some people just don't get it. They could take 20-30 hours and wouldn't have a clue.
Teamsters pension cut
- Thread starter MendozaJ
- Start date
Faceplanted
Well-Known Member
Yet they can study for the drivers test to get a license and be in charge of a 10k lb truck. Crazy world we live enh?
Brownslave688
You want a toe? I can get you a toe.
Why is that crazy?
My wife is a CRNA she literally has people's lives in her hand all day every day. Yet she doesn't get retirement talk at all.
Intelligence comes in many different forms.
Faceplanted
Well-Known Member
Your saying some people just can't understand.
I'm saying if a person can understand how to study the driving test book, memorize it and pass it, you can't say they are too stupid to learn basic investment strategy.
Not caring or wanting to do something is different than being intelligent or stupid.
Brownslave688
You want a toe? I can get you a toe.
No I'm not saying anyone is stupid. Einstein was a genius in certain areas and below average in others.
I didn't study at all for the driving test. Mostly common sense for me. Others I'm sure struggle with it.
You're painting intelligence with one big brush. That's not how it works.
Faceplanted
Well-Known Member
You knew how many feet wide the median had to be for you to have to stop for a bus? You knew how many feet ahead you had to signal before a turn. All without looking in the book??
You were meant to be a driver! Don't know any 15/16 year old who would know those things without learning them first.
People are simple lazy and can't be bothered to read about the importance of finance. They are too busy posting on browncafe or watching the braves game.
Call if whatever you want to call it, I say it's easially preventable. there is no excuse for it at all.
twoweeled
Well-Known Member
I'm with you. From what little i know. UPS paid in more than enough to cover us. It's what the Union did with it after, that fouled everything up in a HUGE way. I think the majority of us can see down the road. These cuts are not done. The union is picking away a little at a time, as not to cause a large reaction. A common act, in these types of situations.
UpstateNYUPSer(Ret)
Well-Known Member
UPS is 76% of our pension fund.
The smart move would be for the company to buy us out.
35years
Gravy route
Nope,
It was a smart move when they bought out of Central States pension fund.
But now the pension laws have changed and UPS can just let the pensions go into the red zone so they have to make cuts to the beneficiaries. A buy out no longer makes sense financially for UPS.
The fat cats who administer the funds (and who have crippled them) will get their exorbitant salaries whether or not the funds are hurting. It is in their interest to just prolong the demise so they are retired by the time the fund is belly up.
Brownslave688
You want a toe? I can get you a toe.
Why would they do that?
Not really. UPS's unfunded liability increases as the funds assets decrease. Only the plan participants, not UPS, can vote to reduce benefits if the plan meets certain criteria. Even if the plan was forced into bankruptcy and taken over by the PBGC, UPS's growing liability continues.
Should've stopped at the bolded part.
burrheadd
KING Of GIFS
35years
Gravy route
Unfortunately with large plans ($1 Billion+), the participants do not have the final say ever since the 2014 pension reform act. I am sure UPS is well aware of this and this is why UPS has not withdrawn from the other pension plans following their exit from Central States. See the link and language below ...
Kline-Miller Multiemployer Pension Reform Act of 2014 FAQs
Different rule for large plans:
There is a different rule for large and financially troubled multiemployer plans (referred to as “systemically important plans”). These are plans that would require PBGC assistance valued at more than $1 billion if the proposed reductions in benefits are not implemented. Even if a majority of the participants and beneficiaries covered by one of these large and financially troubled plans vote against the proposed benefit reductions, the Treasury Department is required by Congress to permit the implementation of such benefit reductions or a modified version of such reductions.
The Treasury Department, in consultation with PBGC and the Department of Labor, is responsible for formulating any modified version of such reductions, taking into account any recommendations submitted to the Treasury Department by the Participant and Plan Sponsor Advocate.
UpstateNYUPSer(Ret)
Well-Known Member
The Company withdrew their employees from and paid their unfunded liability to (over a 10 year period) the New England Pension Plan.
35years
Gravy route
You are correct.
But that was before the new pension law.
Is UPS proposing to withdraw from any plans, including yours, post 2014?
twoweeled
Well-Known Member
Maybe I should've, and maybe you should try to be at least a little specific as to what you know? I'm listening.
twoweeled
Well-Known Member
Damn. Very informative. Sorta sounds like, whatever is going to happen, is going to happen regardless of votes?
If you have a copy of the UPS NMA read page 170.
UpstateNYUPSer(Ret)
Well-Known Member
Yuppers---the Treasury will consider our votes but in the end it is their decision.
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