Central States Pension Fund. Are we ok?

[brown67]

I read this today and it looks like any current or retired UPS employees will be fine. What have you heard?

http://www.latimes.com/business/hiltzik/la-fi-mh-congress-expected-20141210-column.html

 

[PiedmontSteward]

The Kline-Miller amendment basically puts UPS employees "last in line" to get their pension payouts cut from Central States, which will inflict greater pain on the orphaned CS beneficiaries.

This will save UPS a ton of cash in reducing the amount they'll have to pay to retirees with years in CS to make up the difference. This language in the CBA is ironclad but will definitely be on the table for negotiations..

Long story short: UPS employees and retirees will be fine as long as that language in the CBA remains intact. However, UPS was able to lobby Congress to let them other CS retirees to save them money they could more than afford and reduce a liability they agreed to with the IBT in 2008 when they were finally allowed to pull out of the pension plan.

 

[rod]

The Kline-Miller amendment basically puts UPS employees "last in line" to get their pension payouts cut from Central States, which will inflict greater pain on the orphaned CS beneficiaries.

This will save UPS a ton of cash in reducing the amount they'll have to pay to retirees with years in CS to make up the difference. This language in the CBA is ironclad but will definitely be on the table for negotiations..

Long story short: UPS employees and retirees will be fine as long as that language in the CBA remains intact. However, UPS was able to lobby Congress to let them other CS retirees to save them money they could more than afford and reduce a liability they agreed to with the IBT in 2008 when they were finally allowed to pull out of the pension plan.

Long story even shorter. If your total pension comes from the Teamsters you're screwed. If part of it is from UPS you should be ok ---for now---but don't count on it. They have their foot in the door on cutting pensions and they woun't stop at the first round.

 

[PiedmontSteward]

Long story even shorter. If your total pension comes from the Teamsters you're screwed. If part of it is from UPS you should be ok ---for now---but don't count on it. They have their foot in the door on cutting pensions and they woun't stop at the first round.

Personally, I don't think the IBT will allow UPS to alter the original language put into the contract in 2008 requiring UPS to make-up the difference if CS benefits are cut.

However, UPS is probably going to use it to try and extract concessions from us like they did with healthcare in 2013. They juiced us for a 4 year progression and a lot of IBT proposals went down in flames.

 

[rod]

Personally, I don't think the IBT will allow UPS to alter the original language put into the contract in 2008 requiring UPS to make-up the difference if CS benefits are cut.

However, UPS is probably going to use it to try and extract concessions from us like they did with healthcare in 2013. They juiced us for a 4 year progression and a lot of IBT proposals went down in flames.

I depends on how much cash is exchanged under the table

 

[HBGPreloader]

The CS fund greatly benefited (again) from this last contract - thanks to all the part-timers being forced into it.

 

[MobileBA]

NO

 

[UpstateNYUPSer(Ret)]

The CS fund greatly benefited (again) from this last contract - thanks to all the part-timers being forced into it.

CS Pension and Teamcare are two separate funds.