Ron Cee
Member
Yeah, that would be about as good as the hope part of Obama's "Hope & Change" program.
Central States Pension Reduction Plan Letter announces Cuts - October 2015
- Thread starter Hofficer Hater
- Start date
Yeah, that would be about as good as the hope part of Obama's "Hope & Change" program.
5habits100
Well-Known Member
People have tried, the politicians, republican and democrat are not on the side of working men and women. They can all blow as much smoke as they want when they are trying to get re-elected but the reality is they just want your vote so the can get theirs. This has been an issue since the pension was raised with no way to fund it. It really stinks. My pension is cut but I am still working. I feel really bad for the people already retired. They should have never done the "and out" pensions. In my opinion.
Ron Cee
Member
Your post doesn't state your friend's age. If he is 80 years old or retired on a disability, he is not affected by this reduction of benefits. If he is neither of these, then yes, it sucks, big time!
gonein2011
Member
Not sure of his exact age, but mid-50's. He's banking on what this letter from CS is saying. I've been telling him this isn't the same thing we've been told for the last 7 years. My question now is why is CS sending out letters with incorrect information in them. I saw his letter and it did state his pension would not be reduced.
Ron Cee
Member
Don't hold your breath until this happens!
gonein2011
Member
He did leave UPS because of back problems, I'm not sure if he just quit or went out on disability. Maybe that's it.
Ok, everyone................made one phone call and got resolution of the CSF Reformed Pension. If you are currently in the UPS/IBT and CSF pensions, UPS will be picking up the difference from your CSF pension reformed amount and what you should have received from CFS. If you were only in the CSF program those are the ones that are effected This number below is where I called and with your social they can tell you immediately if you are in the transferable group.
CONTACT INFORMATION FOR CLAIMS FILING
To request an application or for additional information, please contact the UPS/IBT Plan:
CONTACT INFORMATION FOR CLAIMS FILING
To request an application or for additional information, please contact the UPS/IBT Plan:
- by telephone at 1-800-643-4442, or
- by e-mail at www.ibtupspensionfund.ups.com
Ron Cee
Member
{"it is not up to the government to fix things." But it is the government, (Treasury Department, Kline/Miller in The Legislature, Obama in the Executive), that is enabling the Central States to do the screwing. Kinda like telling a rapist, 'I won't screw the victim, but I will hold them still for you'.
oldngray
nowhere special
Allowing something is not the same as causing it. Central States is the one to blame.
Catatonic
Nine Lives
Be happy for him.
BigUnionGuy
Got the T-Shirt
I'm a little confused.
Exactly.... who is to blame ?
Help me out.
-Bug-
oldngray
nowhere special
How is the government to blame? Help me out.
5habits100
Well-Known Member
Because the laws wouldn't allow Central States make the changes when they needed to so we didn't have to take a huge hit like we are.
crazyeyes
Active Member
Bug,
Here is my opinion as to ( WHY )
plenty of blame, I think the central states pension fund is to blame. They waited too long to act . I also blame the bankers in 2008 for getting greedy and writing bad loans, that people could never pay back. That drove the stock market down. and banks failed and there were a lot of home foreclosures. The pension fund is heavily invested in the stock market, and in 2008 lost a lot of money. The stock market came back but for some unknown reason the pension fund did not. ( more reason's to blame the central states pension fund)
The politicians are to blame, Of course the greedy criminal bankers on wall street got bailed out in 2008 by the US Government. Our pensions were supposed to be insured by the US Government ( not a bail out, an insurance policy) Just like your money in the bank is insured by the US Government.
But when the politicians saw that the pension funds were in trouble, they took back there promise of insurance, and snuck a earmark into the last spending bill saying that they would no longer insure multi employer pension funds. This was aimed right at the Central States Pension fund.
So you see the criminal bankers who wrote bad loans just to make a quick profit, and caused the stock market to go down in 2008 were bailed out.
the Hard working people in the pension funds (who are not criminals, they are your everyday working men and women) who's funds were Insured by the US Government ( PBGC, A US Government Agency ) got their Pension Insurance taken from them at the last minute ( just when it was needed) by more criminal sleazy politicians , and some sleazy businessmen who thought it would benefit them.
Many would say there was not enough money in the PBGC to save the pensions. I say then put some more money into the PBGC to fund it. All the government has to do is check another pocket, the money is there. The money was there for the criminal bankers, who were not insured, why cant the money be there for the working men and women who (are) were insured.
all this is just my opinion.
Here is my opinion as to ( WHY )
plenty of blame, I think the central states pension fund is to blame. They waited too long to act . I also blame the bankers in 2008 for getting greedy and writing bad loans, that people could never pay back. That drove the stock market down. and banks failed and there were a lot of home foreclosures. The pension fund is heavily invested in the stock market, and in 2008 lost a lot of money. The stock market came back but for some unknown reason the pension fund did not. ( more reason's to blame the central states pension fund)
The politicians are to blame, Of course the greedy criminal bankers on wall street got bailed out in 2008 by the US Government. Our pensions were supposed to be insured by the US Government ( not a bail out, an insurance policy) Just like your money in the bank is insured by the US Government.
But when the politicians saw that the pension funds were in trouble, they took back there promise of insurance, and snuck a earmark into the last spending bill saying that they would no longer insure multi employer pension funds. This was aimed right at the Central States Pension fund.
So you see the criminal bankers who wrote bad loans just to make a quick profit, and caused the stock market to go down in 2008 were bailed out.
the Hard working people in the pension funds (who are not criminals, they are your everyday working men and women) who's funds were Insured by the US Government ( PBGC, A US Government Agency ) got their Pension Insurance taken from them at the last minute ( just when it was needed) by more criminal sleazy politicians , and some sleazy businessmen who thought it would benefit them.
Many would say there was not enough money in the PBGC to save the pensions. I say then put some more money into the PBGC to fund it. All the government has to do is check another pocket, the money is there. The money was there for the criminal bankers, who were not insured, why cant the money be there for the working men and women who (are) were insured.
all this is just my opinion.
BrownBrokeDown
Well-Known Member
the politicians and
crazyeyes
Active Member
This is not a negotiation over wage increases, sometimes you get what you want sometimes you don't . This is not a negotiation over healthcare benefits.
This is a promise, made to workers , and paid for by workers that simply can not be nullified , if people are to have any faith in our system.
Berine Sanders
This is a promise, made to workers , and paid for by workers that simply can not be nullified , if people are to have any faith in our system.
Berine Sanders
And most of your opinion is not based on facts.
Do you know the CSPF had no legal way to reduce benefits prior to the law change last December?
Do you know Tom Nyhan proposed passing legislation years back suggesting a smaller 10% cut as a way to solvency?
Do you know the CSPF has no way to increase the number of participating contributing employers?
Do you know the PBGC insures pensions at a pct, not the full obligation? That law remains. The FDIC also only insures to a max (I believe $250K), so over that amount you're rolling dice.
Do you know the PBGC is funded by existing Pension Plans that now face increased payments to keep the PBGC solvent? So even those in strong plans are impacted by failing plans.
The issues with funding in the CSPF started a generation ago and as in too many things, fixing the core problems weren't considered for political expediency, so remedies were kicked down the road for someone else to address. Blaming the guys today is like blaming the firemen (who are trying to save the building) for starting the fire.
Finally, criminal bankers should be hung by their nuts, but not supporting failed huge banks and businesses (GM, paid back BTW) would've collapsed the entire economy. And how do you think a total collapse would've affected EVERY pension plan? The CSPF rescue plan would've been unnecessary as everyone would get nothing.
Ms.PacMan
Well-Known Member
That was nice of you to call. I think every in CS knows what group they're in. The scary part is whether UPS will leave the language in the contract that guarantees the shortfall for as long as it takes for 48,000 of us to retire.
Drivers are fearful that UPS will use this language as leverage to force early retirements by leaving it out of future contracts.
All you Teamster cheerleaders should just hush....your teamster locals may be great but Central States has failed us.
gonein2011
Member
Oh I am, I don't want to see any one have misfortune.
gonein2011
Member
Only a few friends of mine quit UPS 15 to 20 years ago. I have a lot more friends that retired from 1997 to 2007 that are getting it stuck to them.
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