Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
UPS, Teamsters to Restructure New England Pension Plan
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="beentheredonethat" data-source="post: 1015643" data-attributes="member: 4886"><p>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.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 1015643, member: 4886"] 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. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
UPS, Teamsters to Restructure New England Pension Plan
Top