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

[qdg2]

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.

And.....so?

How can I be so stupid and have one? Which makes one wonder your station in life...I mean I have no earthly clue what in the world I'm doing....(see below)

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.

I mean Good God.

Sure glad breathing is automatic.

Newsflash: I retired anyway......all that breathy stuff you are personally attacking me for......don't matter.....Chief(God)(last and final word on everything) or whatever you think you are.

 

[qdg2]

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!

Well, there are pages and pages of folks that got reduced funds. Know several personally. Federal Law...interesting. And yet.

 

[Thebrownblob]

Well, there are pages and pages of folks that got reduced funds. Know several personally. Federal Law...interesting. And yet.

Sure if their fund is in danger, or they work for a bankrupt company they can be reduced. Since you have money in central states you have many decades not to worry about it, now since the fund was taken care of by the PBGC. If you also have money in the UPS plan, the company is strong, and they will be required to make sure their pension is funded.

 

[pkgdriver]

Sure if their fund is in danger, or they work for a bankrupt company they can be reduced. Since you have money in central states you have many decades not to worry about it, now since the fund was taken care of by the PBGC. If you also have money in the UPS plan, the company is strong, and they will be required to make sure their pension is funded.

Yep….I started in the middle late 80s…By 90 I was concerned about the pension( Central States) and have been watching it like white on rice ever since. It was harder back then to get the info but you could. There were many NOTAMS sent out for someone to pour over. Some didnt.

shrugs

 

[Lineandinitial]

NOTAM is Notice to Airmen.
I assume you’re saying there was info provided that should have been reviewed before you flew into the .

 

[UnionStrong]

NOTAM is Notice to Airmen.
I assume you’re saying there was info provided that should have been reviewed before you flew into the .

Now it’s “ Notice to Air Missions”. Gotta make sure the trannys aren’t triggered.

 

[qdg2]

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

I agree.

But I'm under constant personal attack. I give what I get.

 

[Thebrownblob]

I agree.

But I'm under constant personal attack. I give what I get.

Perhaps, but I would never wish you dead nor injured whether you believe it or not brother.

 

[UnionStrong]

Perhaps, but I would never wish you dead nor injured whether you believe it or not brother.

 

[Thebrownblob]

View attachment 426100

Lmao

 

[Trucker Clock]

all that breathy stuff you are personally attacking me for..

Attacking you?

I just made an observation from what you posted. And it was a true observation.

Another observation and not an attack. You promised to go away. Do everybody a favor and keep your promise.

 

[Buffet Master]

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.

Yes Amazon is massive, but you have to look at the path that they used to get there. They are an entity unto themselves. Let's use Walmart as they are an appropriate parallel. You and I are close enough in age that we'd have the same observation of Walmart.

Walmart became what they were by direct competition. They did not come into your town (or nearby town) and buy Sears, JC Penny and the main street mom and pop stores, close them, slap the Walmart name on them and reopen. Rather they purchased land, built their store and proceeded to either drive those other businesses to their knees or to close up the doors.

Now, while the end result is the same, the path used was different. Walmart did not buy out all the competition and just rename them. They competed with them. That is all the difference when it comes to anti-trust/monopolization. This is exactly what Amazon has done. They haven't bought out the competition, they have completed directly against them.

So Amazon could begin building a national network of hubs and terminals and get full on into package delivery like FedEx and we do. And through pricing, service etc, could conceivably put UPS out of business. That would be "fair play". But Amazon buying UPS to dominate the market and eliminate competition is an entirely different thing that there are regulations against. Again, both instances end result is the same (UPS out of business) but the path to that result is entirely different.

 

[BrownFlush]

Amazon isn’t going to buy UPS.

UPS isn't going to buy Amazon.

 

[BrownFlush]

Attacking you?

I just made an observation from what you posted. And it was a true observation.

Another observation and not an attack. You promised to go away. Do everybody a favor and keep your promise.

pic of @qdg2

 

[DELACROIX]

Well, there are pages and pages of folks that got reduced funds. Know several personally. Federal Law...interesting. And yet.

Not saying that Federal Law is going to save us, from what I have seen these protective agencies like the DOL, DOJ and NLRB that deal with labor in particular have been efficiently neutered by the sponsored corporative lobbyists over the last 40 years. When was the last time we seen corporate executives serve real time in a Federal Institution, occasionally they will throw one under the bus just to say they are doing their job or keep it.

The original criminal and civil penalties for wrongdoing are now insufficient to deter these corrupt actions or directives, besides that they have access to a team of high price attorneys to protect them. Our Union is following along in that direction unfortunately, has anybody else asked for help from the highest levels after being told by our locals that the issue or problem is way over their heads. Face it you as an individual do not have the means or the time to challenge, they will wait it out and drag it along knowing full well that your will get frustrated and eventually quit fighting. The system is set up that way..remember they have a team of paid professionals that are looking for an out or a loophole to prevent any liabilities, you on the other hand are working 50 hours a day and trying to raise a family. Even if you go out and get an attorney (who is willing to take on these large corporations or organizations) it will cost you in time, energy and resources.

There was a UPS phrase that was popular back in the 80's and 90's: "Doing the right thing" that has been replaced some time ago by "If you can get by with it..Do it" and look the other way or find an out.

 

[qdg2]

Not saying that Federal Law is going to save us, from what I have seen these protective agencies like the DOL, DOJ and NLRB that deal with labor in particular have been efficiently neutered by the sponsored corporative lobbyists over the last 40 years. When was the last time we seen corporate executives serve real time in a Federal Institution, occasionally they will throw one under the bus just to say they are doing their job or keep it.

The original criminal and civil penalties for wrongdoing are now insufficient to deter these corrupt actions or directives, besides that they have access to a team of high price attorneys to protect them. Our Union is following along in that direction unfortunately, has anybody else asked for help from the highest levels after being told by our locals that the issue or problem is way over their heads. Face it you as an individual do not have the means or the time to challenge, they will wait it out and drag it along knowing full well that your will get frustrated and eventually quit fighting. The system is set up that way..remember they have a team of paid professionals that are looking for an out or a loophole to prevent any liabilities, you on the other hand are working 50 hours a day and trying to raise a family. Even if you go out and get an attorney (who is willing to take on these large corporations or organizations) it will cost you in time, energy and resources.

There was a UPS phrase that was popular back in the 80's and 90's: "Doing the right thing" that has been replaced some time ago by "If you can get by with it..Do it" and look the other way or find an out.

The way I see it...

We have folks on here that say your money is "locked in".....even in bankruptcy....into perpetuity(generalizing)".

With all respect.....that just isn't so. The exact opposite is happening. Happens.

How in the world if a company doesn't exist.....does a fund keep going?

Now, normal retirement age being 62 and life expectancy 72.....who knows. But if a defined benefit ends on the companies side, and the liabilities have a finite end.....it might work out for the remaining recipients. Such as ending a pension for a 401k. IDK.

And the wizards that think they know.....lol.

 

[Over70irregs]

Don’t trust. Verify

 

[Thebrownblob]

The way I see it...

We have folks on here that say your money is "locked in".....even in bankruptcy....into perpetuity(generalizing)".

With all respect.....that just isn't so. The exact opposite is happening. Happens.

How in the world if a company doesn't exist.....does a fund keep going?

Now, normal retirement age being 62 and life expectancy 72.....who knows. But if a defined benefit ends on the companies side, and the liabilities have a finite end.....it might work out for the remaining recipients. Such as ending a pension for a 401k. IDK.

And the wizards that think they know.....lol.

I think you just saw how a fund with the majority of the businesses out of business continues on…,,

 

[BrownFlush]

 

[Trucker Clock]

How in the world if a company doesn't exist.....does a fund keep going?

God, you really are clueless, aren't you?