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Brown Cafe UPS Forum
UPS Union Issues
To those who attended their contract meeting
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<blockquote data-quote="Ms.PacMan" data-source="post: 1140221" data-attributes="member: 4656"><p>The numbers don't matter because his statements are only half the story. UPS bought their/our pensions out of CS - this is true BUT UPS will only guarantee the pension payments set forth in the contract until we reach age 65, then any pension credits accrued before 2008 revert back to CS for payment.</p><p></p><p>For example, someone who had 25 years in as of 2008 and an additional 5 years under the new UPS/IBT pension will get $3000/mo guaranteed by UPS until they turn age 65. Then at age 65, they will get $500 from UPS/IBT and CS will be responsible for the $2500 (25 years of pension credits under CS).</p><p></p><p>Central States is 64% funded and telling congress they will be bankrupt in 9 - 12 years if they don't change the laws and let them cut pension payouts now. (IMO- They don't want the PGBC taking over the pension plan - they would like to bleed it dry until the very end).</p><p></p><p>I see anonymous ended that post with LOL - unless that is a giant Tom Hanks in the Money Pit laugh, there is nothing funny about Central States.</p><p></p><p>How long will it be before they are funneling money from other pensions into CSHW and then into their bankrupt pension fund?</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1140221, member: 4656"] The numbers don't matter because his statements are only half the story. UPS bought their/our pensions out of CS - this is true BUT UPS will only guarantee the pension payments set forth in the contract until we reach age 65, then any pension credits accrued before 2008 revert back to CS for payment. For example, someone who had 25 years in as of 2008 and an additional 5 years under the new UPS/IBT pension will get $3000/mo guaranteed by UPS until they turn age 65. Then at age 65, they will get $500 from UPS/IBT and CS will be responsible for the $2500 (25 years of pension credits under CS). Central States is 64% funded and telling congress they will be bankrupt in 9 - 12 years if they don't change the laws and let them cut pension payouts now. (IMO- They don't want the PGBC taking over the pension plan - they would like to bleed it dry until the very end). I see anonymous ended that post with LOL - unless that is a giant Tom Hanks in the Money Pit laugh, there is nothing funny about Central States. How long will it be before they are funneling money from other pensions into CSHW and then into their bankrupt pension fund? [/QUOTE]
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