Pension cuts barreling down the road?

[cheryl]

Pension cuts barreling down the road? - The Gazette

Michael Barton drove a truck for three decades for United Parcel Service. But as of July 1, despite all those years on the job, he faces the possibility of a 50 percent cut in his pension checks.

“It’s really going to change our lifestyle,” said Barton, 67, of Cedar Rapids. “It will knock my monthly check down from $3,000 to $1,500.

“I’m in the physical condition that I am because of the job that I had. And now, what I thought I was going to get in retirement is not going to be there.”

 

[IVE GOTTA PACKAGE 4U]

What a kick in the face.

 

[IVE GOTTA PACKAGE 4U]

I just read the whole article
11billion to save the fund.
Wow.

 

[bbsam]

Man. Do you ever wonder if these companies have any shame at all?

 

[IVE GOTTA PACKAGE 4U]

Man. Do you ever wonder if these companies have any shame at all?

Nope

 

[bbsam]

Nope

already know the answer?

 

[IVE GOTTA PACKAGE 4U]

already know the answer?

I've been there too long. They barely even give acknowledgement when someone retires. It used to be a big deal.

 

[UpstateNYUPSer(Ret)]

I've been there too long. They barely even give acknowledgement when someone retires. It used to be a big deal.

I will give our center manager credit----he makes a big deal out of each and every retirement. I think this is because he drove for 12 years.

 

[IVE GOTTA PACKAGE 4U]

I will give our center manager credit----he makes a big deal out of each and every retirement. I think this is because he drove for 12 years.

Most of them don't anymore. It's ashame.

 

[Catatonic]

Man. Do you ever wonder if these companies have any shame at all?

Or the Unions since the Teamsters (and Goldman Sachs & Co. and Northern Trust Global Advisors) caused this to be.

 

[UpstateNYUPSer(Ret)]

Man. Do you ever wonder if these companies have any shame at all?

UPS held up their end of the bargain.

 

[Catatonic]

I just read the whole article
11billion to save the fund.
Wow.

11 billion more ... UPS has paid out over 7 billion over the last 10 years without considering on-going pension contributions.

 

[IVE GOTTA PACKAGE 4U]

11 billion more ... UPS has paid out over 7 billion over the last 10 years without considering on-going pension contributions.

I know. It's sickening

 

[bbsam]

Or the Unions since the Teamsters (and Goldman Sachs & Co. and Northern Trust Global Advisors) caused this to be.

Really? My bad. So unions really are dead?

 

[Catatonic]

Really? My bad. So unions really are dead?

Alive but not so well.

 

[IVE GOTTA PACKAGE 4U]

Really? My bad. So unions really are dead?

Just the leadership not the members.

 

[Packmule]

Feel bad for all those who retired before 2008, but the writing was on the wall way back in 97 and the company was trying to get their people on better ground. All the company got for their trouble was a kick in the teeth.

 

[IVE GOTTA PACKAGE 4U]

Feel bad for all those who retired before 2008, but the writing was on the wall way back in 97 and the company was trying to get their people on better ground. All the company got for their trouble was a kick in the teeth.

The strike was a mixed bag.
Probably too late to fix the pensions.

 

[1989]

My pension is 91% funded and 40% in stocks. So if the market crashed, I could lose nearly 50% of my pension.
I sold nearly every stock. Do I need to short in order hedge this risk.

 

[Part-Timer 052]

put our union leaders in the pension plan and it would be fixed tomorrow