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

[Thebrownblob]

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

We had a local grocery warehouse who thought that as well, they were bought by a third-party and locked out the Teamsters. Let’s just say it didn’t go very well for that company and the Teamsters are still there and now that company has to negotiate with them.

 

[Johney]

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

Geezus just relax and enjoy your retirement, can you do anything about it now? NO why worry about you have absolutely no control over. For Christ’s sake.

 

[Just A UPS Guy]

Geezus just relax and enjoy your retirement, can you do anything about it now? NO why worry about you have absolutely no control over. For Christ’s sake.

Because he gets off on taking a "devil's advocate" approach to each and every conversation, and offer some irrational conjecture in an attempt to sound intellegent educated, or somehow informed at a higher level than us lay people.

 

[Buffet Master]

Let's suppose Amazon began the steps of trying to acquire UPS; don't you think that the amount of anti-trust litigation thrown at them would be massive? When Walmart was at its peak, the mightiest in the land, they started getting slammed with anti-trust suits left and right, above and below. Our government might be bought, bribed and steered by these behemoth corporations, but at some point the government does put its foot down.

 

[MyTripisCut]

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".

Ever heard of T Force?

Still Teamsters.

 

[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…

So, how do YOU explain pensions going reduced or even insolvent? Do those folks sleep well?

While I'm getting ripped here(not really).....

"They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt". Can you please explain this most basic contradiction of current reality? Serious question.

 

[qdg2]

Because he gets off on taking a "devil's advocate" approach to each and every conversation, and offer some irrational conjecture in an attempt to sound intellegent educated, or somehow informed at a higher level than us lay people.

Hey Champ........I'll provide my own irrational and "intellegent"(lol) conjecture......

 

[qdg2]

Let's suppose Amazon began the steps of trying to acquire UPS; don't you think that the amount of anti-trust litigation thrown at them would be massive? When Walmart was at its peak, the mightiest in the land, they started getting slammed with anti-trust suits left and right, above and below. Our government might be bought, bribed and steered by these behemoth corporations, but at some point the government does put its foot down.

Yet, look how big Amazon is now.

Amazon has a big hub at an airport near me. Brushed Fed-Ex aside and now American is a mere shadow.

In bright, clear daylight.

 

[qdg2]

Ever heard of T Force?

Still Teamsters.

For now.

We had a local grocery warehouse who thought that as well, they were bought by a third-party and locked out the Teamsters. Let’s just say it didn’t go very well for that company and the Teamsters are still there and now that company has to negotiate with them.

We had several grocery chains(union) leave and independent stores filled in(smaller regional). Just fact.

 

[Just A UPS Guy]

Hey Champ........I'll provide my own irrational and "intellegent"(lol) conjecture......

Sweet, you caught me on a typo, and immediately back that up by displaying your stunning inability to properly use parentheses. Neat.

 

[qdg2]

Because he gets off on taking a "devil's advocate" approach to each and every conversation, and offer some irrational conjecture in an attempt to sound intellegent educated, or somehow informed at a higher level than us lay people.

Fascinating.

Even in retirement.......so much power.

Say Champ, you(and the circle of hate) might look into what fills your black heart(s). That hate and anger gonna burn you up inside.

 

[qdg2]

Fascinating.

Even in retirement.......so much power.

Say Champ, you(and the circle of hate) might look into what fills your black heart(s). That hate and anger gonna burn you up inside.

+

Sweet, you caught me on a typo, and immediately back that up by displaying your stunning inability to properly use parentheses. Neat.

There is redemption. I'm a believer.

 

[Just A UPS Guy]

Fascinating.

Even in retirement.......so much power.

Say Champ, you(and the circle of hate) might look into what fills your black heart(s). That hate and anger gonna burn you up inside.

For a man (allegedly) so well educated, I would've thought you may know the difference between hate, and simple observation.

 

[Lineandinitial]

Off to another great morning here on BC

 

[DELACROIX]

So, how do YOU explain pensions going reduced or even insolvent? Do those folks sleep well?

While I'm getting ripped here(not really).....

"They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt". Can you please explain this most basic contradiction of current reality? Serious question.

Federal Law prevents corporations, companies and organizations from reneging on their pension obligations. Whatever the employee has in their current plan stays in that plan, these corrupt executives or boards cannot touch those funds and raid those funds for any reason...period..

The PBGC covers defaulting pension plans. Every Corporation, Company or Organization that provides a Pension and I believe 401K plan pays an annual insurance charge for each one of the participants that are in those benefit plans. Case in point the recent "Central States" bailout, they just payed forward knowing full well they would eventually have to pay in the future. How the Central States and others got into their troubles is another long story, It did not help when the Feds allowed deregulation in the trucking industry in the 70's or 80's. Another factor if UPS is that all the part timers were under a company controlled pension plan and were not contributing into the Teamster's pension funds, considering that the vast majority of our workforce were part time till recently. UPS knew this and would and will fight any creation of a full time position because they would not have to contribute to those funds...the primary reason for the "97" strike.

The feds did try to reduce the retiree's pension benefits in those troubled pension trusts, they eventually found out that it wouldn't fix the problem of these pension plans from going into default, so they backtracked and passed the bail out plan. Central States by itself will be getting over 35 billon to cover their plan for the next 40 years I believe, anyway most of the people in that plan will be dead by then, including you and me.

...Pretty sure @rod sleeps well at night..NOW!

 

[Thebrownblob]

For now.

We had several grocery chains(union) leave and independent stores filled in(smaller regional). Just fact.

As far as I know, we do not have any union, grocery stores here. But this was not a store. This was a distribution warehouse that delivers the food and supplies to the grocery stores.

 

[UnionStrong]

Off to another great morning here on BC

So many posts to burn, so little time.

 

[Trucker Clock]

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.

Good God.

You worked for UPS for over 40 years, decided to quit your high paying job, retire and start drawing a pension.

But, you know nothing about the pension. You don't know if you will continue to get it if UPS goes bankrupt. You don't know if you will continue to receive it if there is no longer a Teamster contract.

You're not even sure you are getting the right amount.

Most people would know all these answers before they made a life changing decision. But, then again, look who we're talking about.

 

[pkgdriver]

I found out those answers before I left Nov 25 2022. Actually had some of the answers many years before.

I don't have a Corvette though.

 

[Thebrownblob]

Ok. Hateful simple observation. Better? Hateful, angry, jealous cyber bullying simple observation? What is it with the jealousy thing?

BTW, never claimed to be "so well educated". I do have 4 aviation degrees and a pilot's license. (So not allegedly).

Say, thought maybe you had(hopefully) met some sort of deserved demise.....but here we go again. Sigh.

Good grief man, wishing someone was dead or had something horrible happened to them is a little bit too far, smh