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UPS Retirement Topics
YRCW bankruptcy impact on UPS employee pensions
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<blockquote data-quote="Cezanne" data-source="post: 657021" data-attributes="member: 5104"><p>I would aqree with most of your statement, the problem that most of us have with the Central States dealings is the lack of correct information over the years to the funding levels. Sure who could foresee the current recession and the effects that it had with all the pension trusts, but how has the IAM mechanics fund that is funded by UPS and maintained by the union maintain thier current benefits? I could be wrong on the totals, but I believe it is at around or over 300 dollars a service year or 6,000 per month. Have they put that much more into their trust, or were they smarter with their investments? Another case in point is the current level of funding in the Teamster's run Western Conference fund, which has close to the IAM benefit levels. If you have even had a passing interest in the Central States fund even a half-wit would know something is wrong with the administrative end of this pension trust, let alone the politics associated with promising increased benefits in order to be elected to these union positions. </p><p> </p><p>The real question is whether the Feds will allow Central States to go under, I believe that they will not. Just study the Pension Reform Act of 2006 and see how much effect it will have on all these underfunding pension trusts. </p><p> </p><p>The fact that the monetary contributions going into these funds over the years that was negotiated as part of our wages was more than enought to cover the promised benefits and more some is what is frustrating. All we are getting is coverups/misinformation and finger pointing, it is sickening.<img src="/community/styles/default/xenforo/smilies/FeltTip/sick.png" class="smilie" loading="lazy" alt=":sick:" title="Sick :sick:" data-shortname=":sick:" /></p></blockquote><p></p>
[QUOTE="Cezanne, post: 657021, member: 5104"] I would aqree with most of your statement, the problem that most of us have with the Central States dealings is the lack of correct information over the years to the funding levels. Sure who could foresee the current recession and the effects that it had with all the pension trusts, but how has the IAM mechanics fund that is funded by UPS and maintained by the union maintain thier current benefits? I could be wrong on the totals, but I believe it is at around or over 300 dollars a service year or 6,000 per month. Have they put that much more into their trust, or were they smarter with their investments? Another case in point is the current level of funding in the Teamster's run Western Conference fund, which has close to the IAM benefit levels. If you have even had a passing interest in the Central States fund even a half-wit would know something is wrong with the administrative end of this pension trust, let alone the politics associated with promising increased benefits in order to be elected to these union positions. The real question is whether the Feds will allow Central States to go under, I believe that they will not. Just study the Pension Reform Act of 2006 and see how much effect it will have on all these underfunding pension trusts. The fact that the monetary contributions going into these funds over the years that was negotiated as part of our wages was more than enought to cover the promised benefits and more some is what is frustrating. All we are getting is coverups/misinformation and finger pointing, it is sickening.:sick: [/QUOTE]
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