What would happen to our pensions with a dissolving of a Teamster/UPS contract?

[qdg2]

Would there be a dissolving and lump sums? Divide it up among recipients? There would be no more contributions by the company...right?

Companies come and go. I believe ours(I'm retired but have a vested interest) will too. At least as we know it.

I never really see this discussed.

I've been shouted down many times: "They can't just do that..." Oh, they can and will.

This is a very dangerous time for UPS and us.

 

[DELACROIX]

Would there be a dissolving and lump sums? Divide it up among recipients? There would be no more contributions by the company...right?

Companies come and go. I believe ours(I'm retired but have a vested interest) will too. At least as we know it.

I never really see this discussed.

I've been shouted down many times: "They can't just do that..." Oh, they can and will.

This is a very dangerous time for UPS and us.

E.R.I.S.A….

 

[rod]

Haven't you heard---Nothing in life is guaranteed---except death and taxes. Even if the contract passes.

 

[burrheadd]

Would there be a dissolving and lump sums? Divide it up among recipients? There would be no more contributions by the company...right?

Companies come and go. I believe ours(I'm retired but have a vested interest) will too. At least as we know it.

I never really see this discussed.

I've been shouted down many times: "They can't just do that..." Oh, they can and will.

This is a very dangerous time for UPS and us.

Do you know how Google the information is available
Go find it

 

[DELACROIX]

Would there be a dissolving and lump sums? Divide it up among recipients? There would be no more contributions by the company...right?

Companies come and go. I believe ours(I'm retired but have a vested interest) will too. At least as we know it.

I never really see this discussed.

I've been shouted down many times: "They can't just do that..." Oh, they can and will.

This is a very dangerous time for UPS and us.

You are talking about a permanent “closed shop scenario”. If it happens your accred pension benefits are protected, the Company can quit their monetary contributions but still have to financially maintain those already vested in their plans. They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt. If the unthinkable happens all those members’ vested pension credits are locked in place till they reach the NRA (normal retirement age) usually age 65. You will get that financial benefit even if the Company is no longer in business.

ERISA law prohibits corporations or organizations from stealing any assets that are in an individual employee’s pension trust. The Employee Benefit Security Administration (EBSA)
has authority to investigate and if need prosecute any fiduciary or plan administrator found guilty of pension fraud or embezzlement.

So sleep well…

 

[Over70irregs]

Control your own energy

 

[MyTripisCut]

Would there be a dissolving and lump sums? Divide it up among recipients? There would be no more contributions by the company...right?

Companies come and go. I believe ours(I'm retired but have a vested interest) will too. At least as we know it.

I never really see this discussed.

I've been shouted down many times: "They can't just do that..." Oh, they can and will.

This is a very dangerous time for UPS and us.

Why would the company go when you keep supplying them with free handcarts?

 

[Jkloc420]

Why would the company go when you keep supplying them with free handcarts?

Time is running out

 

[Just A UPS Guy]

Why would the company go when you keep supplying them with free handcarts?

And then DARED them to cut his lock....lmfao

 

[qdg2]

You are talking about a permanent “closed shop scenario”. If it happens your accred pension benefits are protected, the Company can quit their monetary contributions but still have to financially maintain those already vested in their plans. They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt. If the unthinkable happens all those members’ vested pension credits are locked in place till they reach the NRA (normal retirement age) usually age 65. You will get that financial benefit even if the Company is no longer in business.

ERISA law prohibits corporations or organizations from stealing any assets that are in an individual employee’s pension trust. The Employee Benefit Security Administration (EBSA)
has authority to investigate and if need prosecute any fiduciary or plan administrator found guilty of pension fraud or embezzlement.

So sleep well…

Locked in place till 65.....flesh that out please.

So, pension plans go reduced all the time. UPS/IBT is different? What about all those plans in "trouble"?

Say, UPS gets sold to Amazon(quite possible).....then Amazon freezes new members and pays us till we die? Serious question. What about "restructuring of the plan to lump sums and such...to 401k's?

BTW, I don't think it is "unthinkable".

 

[qdg2]

You are talking about a permanent “closed shop scenario”. If it happens your accred pension benefits are protected, the Company can quit their monetary contributions but still have to financially maintain those already vested in their plans. They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt. If the unthinkable happens all those members’ vested pension credits are locked in place till they reach the NRA (normal retirement age) usually age 65. You will get that financial benefit even if the Company is no longer in business.

ERISA law prohibits corporations or organizations from stealing any assets that are in an individual employee’s pension trust. The Employee Benefit Security Administration (EBSA)
has authority to investigate and if need prosecute any fiduciary or plan administrator found guilty of pension fraud or embezzlement.

So sleep well…

and yet.....

Haven't you heard---Nothing in life is guaranteed---except death and taxes. Even if the contract passes.

 

[Just A UPS Guy]

Locked in place till 65.....flesh that out please.

So, pension plans go reduced all the time. UPS/IBT is different? What about all those plans in "trouble"?

Say, UPS gets sold to Amazon(quite possible).....then Amazon freezes new members and pays us till we die? Serious question. What about "restructuring of the plan to lump sums and such...to 401k's?

BTW, I don't think it is "unthinkable".

Seriously? How can you be so obtuse?

 

[Johney]

Locked in place till 65.....flesh that out please.

So, pension plans go reduced all the time. UPS/IBT is different? What about all those plans in "trouble"?

Say, UPS gets sold to Amazon(quite possible).....then Amazon freezes new members and pays us till we die? Serious question. What about "restructuring of the plan to lump sums and such...to 401k's?

BTW, I don't think it is "unthinkable".

Why in the hell would Amazon spend billions buying UPS? They already have their own infrastructure, maybe 10 years ago no sense in that now.

 

[Just A UPS Guy]

Why in the hell would Amazon spend billions buying UPS? They already have their own infrastructure, maybe 10 years ago no sense in that now.

Not to mention FDX would be a smarter purchase.

 

[Johney]

Not to mention FDX would be a smarter purchase.

Right.

 

[DELACROIX]

Why in the hell would Amazon spend billions buying UPS? They already have their own infrastructure, maybe 10 years ago no sense in that now.

Not to mention FDX would be a smarter purchase.

If Amazon bought out UPS they would still have to deal with the Teamsters’ Unions. So it ain’t going to happen, more of a possibility of UPS buying out Amazon which is plausible in the future.

 

[UnionStrong]

Why in the hell would Amazon spend billions buying UPS? They already have their own infrastructure, maybe 10 years ago no sense in that now.

Amazon isn’t going to buy UPS.

 

[Johney]

Amazon isn’t going to buy UPS.

I know, our resident gloom and doom retired feeder driver thinks so.

 

[Thebrownblob]

Amazon isn’t going to buy UPS.

And even if they were, they would be on the hook to pay any liabilities, including pension.

 

[qdg2]

If Amazon bought out UPS they would still have to deal with the Teamsters’ Unions. So it ain’t going to happen, more of a possibility of UPS buying out Amazon which is plausible in the future.

Just have to deal with the unions once.
More like just buy the pieces.