That's unfortunate!
I've looked at it from a business and operational perspective and UPS is continuously getting squeezed by competitors with key lower operating cost in certain variables.
It's not bleak just gray.
I look at my UPS Pension and Social Security with about the same probabilities and plan accordingly.
Looking at what is happening to non union pensions at UPS, that is a HUGE warning shot being fired over the bow. All UPSers, union and non union alike should be saving big time and eliminating any and all possible debt. UPS is saying something and everyone needs to listen. This ain't about the next contract, this is about the next 10 years out. It's coming, get ready.
Pro-Union here---but I do wish they would have managed the pension fund better.
They choose direct raises meaning more union dues for themselves over the obvious problems than would manifest over the longterm with the union brethren being the one left without a chair when the music stops. Sadly you are a testament to that reality. I've said what I would do if I were in charge concerning this problem and you yourself saw how quickly that got shot down by folks right here. Had that been done day one when the hand writing was on the wall, I doubt Central States or some of the other funds would be in the trouble they are in and most likely, the union would still have control of the pension funds and in a little better position to push back.
One other thing the union should have done was to think of the membership first and make our insurance upon retirement free so to speak and upon turning age 65, instead of losing the union insurance all together, make the union insurance a supplemental policy with Medicare the primary. That's called taking care of your people which builds loyalty and maybe even lead to more employees not just becoming members but other non union workers wanting to become union to enjoy the fruit of that labor.
But once unions became big business themselves, we were bought and sold many times over and now here we stand.