IF someone has to explain that to you when you have 8670 post. You got bigger problem to worry about than what a pension is...
UPS, Teamsters to Restructure New England Pension Plan
- Thread starter Mr Sincerity
- Start date
IF someone has to explain that to you when you have 8670 post. You got bigger problem to worry about than what a pension is...
UPS was going to be on the hook either way this move just makes it so they are only on the hook for UPS employees... This move should have no effect on the contract negotiating it actually will save UPS money in the long run....
UpstateNYUPSer(Ret)
Well-Known Member
...but this way UPSers are protected. Do you think if the fund were to become insolvent that UPS would bail out the entire fund?
I undated my post...
bluehdmc
Well-Known Member
No I'm talking about when UPS got out of Central States so they would no longer be liable for the pension obligations. The problem with multi-employer plans is as more and more employers have gone out of business the employers that are still in business end up paying retirees that did not work for them. Since these retirees are still collecting pensions the remaining companies have larger liabilities or the funds become "underfunded" or both.
UpstateNYUPSer(Ret)
Well-Known Member
This is a smart business move both for the company and the employees.
Old International
Now driving a Sterling
It is exactly what UPS did for Central States. Moved the UPS employees out of the multiemployer plan, thus reducing the risk to the failure of the pension to UPS employees. Central States is holding on by a thread, and if YRC defaults on it's catchup plan with Central States, it will go under.
UpstateNYUPSer(Ret)
Well-Known Member
Did the members vote or was this a decision made by the Union?
OVERBOARD
Don't believe everything you think
Multi employer pension funds are backed by the government. Single employer funds are not. It also affects our social security benefits. So if it's consider a single employer fund now, that would suck but it's better than nothing. I can't wait to see the details.
It was voted on by the members as part of the National Contract Agreement. I'm glad it happened, we will get something. At least UPS knows how to invest and make money, unlike the Central States Pension Fund Trustees.
beentheredonethat
Well-Known Member
I don't know why people keep saying this, it is wrong. Granted, I will give you if there are lots more employees working then collecting the ponzi scheme set up can work and will work for a longer period of time. The problem is very similar to what is happening with Social security. It started off as a great supplement for people when they get older. It was designed initially when the majority of people didn't live much past retirement age. Now we have people talking about 25 and out and collecting 2500+ per month for life. Which for many people can be in the order of 40 or 50 years. I'll give you that 1/2 the vote was by members of companies and 1/2 teamsters. UPS for the longest time didn't even get one vote, now we do. I do not know what the other companies contribute nor what other companies employees make. I've heard different rumors that it is close to what a retired UPSer would make. A proper retirement plan should assume modest returns and will have acturial data to know the avg life span. They can know exactly how much needs to be collected and how much they can give out to fully fund what they promised the retirees. A properly funded retirement plan could have every company stop the next day paying into the fund (and of course, all employees would stop gaining additional time) and the fund could pay out what is promised. That's the whole idea. The TEAMSTERS mismanaged the fund, they stole money, they overpromised benefits to stay in power etc. I've said this before, and I"ll say it again. Look at what UPS pays out in your name to the pension fund. Show it to a financial advisor of what has been contributed. Then show them what they are offering. The financial advisors will easily tell you that you are getting screwed.
What'dyabringmetoday???
Well-Known Member
One thing is for certain- he is worried about one person...I believe it would be wise and wait to see the details of their plan. Plus it has to voted on and passed by the membership. Be careful what you hope for
UnconTROLLed
perfection
I don't see how this is good news for labor or the overall "big" picture. Rich get richer, pretty friend'ing greedy if you ask me.
UpstateNYUPSer(Ret)
Well-Known Member
This appears on the surface to be a win/win for the New England Teamsters and UPS. I do hope that our pension fund is next on their list.
....and as far as your comment, you're damn right I am worried only for myself. Will you be paying my bills when I retire?
UpstateNYUPSer(Ret)
Well-Known Member
Make sure to ask about the effect, if any, that this will have on your Social Security benefits.
What'dyabringmetoday???
Well-Known Member
You wouldn't understand the point if it was made. No, I won't be paying your bills, but I hope you will be able to. Again, I know you won't understand what I mean.
UpstateNYUPSer(Ret)
Well-Known Member
I know exactly what you were trying to say---I was being obtuse.
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