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Brown Cafe UPS Forum
UPS Union Issues
Yes or NO on NEW CONTRACT?
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<blockquote data-quote="Bill" data-source="post: 265703" data-attributes="member: 5483"><p>YOU forgot to mention the misinformation spread by UPS. Please explain the two pension checks coming from UPS and Central States after a retiree reaches 65. My understanding is that one check from CS pays a portion of the years worked at UPS, and UPS pays the difference to total $3000 per month for a 30-and-out pension. However, the big problem with this is that if CS has to reduce its payment to a retiree for what ever reason (bankruptcy, the RED ZONE AMENDMENT), then UPS will "NOT" make up the difference. Its all in black and white on page 24 on the master contract, and again on page 13 in the Central States supplement. UPS and the Teamsters both know that CS is going to default ( the Teamsters would not allow UPS to control the pension if this was not the case). As an example, say CS issues a check for $2000 and UPS pays $1000 for a total of $3000. When (not if) CS becomes insolvent, and they can only issue a pension check for $1000, and UPS is still giving a retiree $1000, your pension is now only $2000 per month. The Teamsters are spreading misinformation that the pension is guaranteed, when in actuality, it is NOT. There is no financial security. This contract needs a guarantee from UPS if CS can't pay their portion. Also, there has to be a cost of living increase built into the pension, or the pension money is worth less and less each passing year.</p></blockquote><p></p>
[QUOTE="Bill, post: 265703, member: 5483"] YOU forgot to mention the misinformation spread by UPS. Please explain the two pension checks coming from UPS and Central States after a retiree reaches 65. My understanding is that one check from CS pays a portion of the years worked at UPS, and UPS pays the difference to total $3000 per month for a 30-and-out pension. However, the big problem with this is that if CS has to reduce its payment to a retiree for what ever reason (bankruptcy, the RED ZONE AMENDMENT), then UPS will "NOT" make up the difference. Its all in black and white on page 24 on the master contract, and again on page 13 in the Central States supplement. UPS and the Teamsters both know that CS is going to default ( the Teamsters would not allow UPS to control the pension if this was not the case). As an example, say CS issues a check for $2000 and UPS pays $1000 for a total of $3000. When (not if) CS becomes insolvent, and they can only issue a pension check for $1000, and UPS is still giving a retiree $1000, your pension is now only $2000 per month. The Teamsters are spreading misinformation that the pension is guaranteed, when in actuality, it is NOT. There is no financial security. This contract needs a guarantee from UPS if CS can't pay their portion. Also, there has to be a cost of living increase built into the pension, or the pension money is worth less and less each passing year. [/QUOTE]
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Yes or NO on NEW CONTRACT?
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