Central States Pension Reduction Plan Letter announces Cuts - October 2015

[Fullhouse]

I'm pretty sure the letter stated ups employees and retirees wouldn't be affected by the proposed cuts. I only glanced over it though tonight.

Better look again!

 

[Fullhouse]

I don't think it will be as high as the max at 50% because the retirees who once worked for an orphan company but now work for another contributing employer will have those work credits from the orphan co. reduced to 110% of the pbgc guarantee and their current employer credits reduced by a different amount.

That will leave more money to be split amount retirees who never worked for an orphan company.

Split? They are not going to "split" anything it will be an across the board cut for everyone! The objet for them is remain solvent. In order to do so, they have to hold on to as much money as possible!

 

[Fullhouse]

I was a 23years old during the strike. I liked picketing. I didn't know Ron Carey from Jim Carey back then. I was worried about getting friend up and sex with as many women as I could. Knowing what I know now I know Ron Carey screwed central states pension fund bad. He upped the pension for the election. It was political. For this I think he is responsible.

He only upped it because he wanted to match what UPS was offering. He knew if word got out that UPS was offing $3000 and wanted to all the employees in a UPS only sponsored plan, he wasn't willing to take that chance!

 

[Fullhouse]

I started in 71 and went full in 77 and retired 2012. 41 years. My letter says my benefits will be cut from $2,699.06 to $1650.81. A cut of $1,048.19. That would have been 27 years in CS. But it goes on to say "because you are a member of the protected UPS Transfer Group, you should expierience no loss of benefits under our proposed pension rescue plan....because UPShas committed to making up the difference."
My wife is freaked out. She was set to retire next summer and now thinks she will have to stay. She does not believe UPS will hold up its 2 billion dollar commitment. Quite frankly, neither do I.
This really sucks. I may or may not be ok, and I knew it was coming but it's takes the wind out of my retirement plans.

My fears also! Now if they stated "contractually obligated" I would feel a lot better!

 

[realbrown1]

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.

So who would you like to negotiate the next contract with UPS?

A. Consession and Impose Hoffa and Hall.

B. Anyone else.

 

[Ron Cee]

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.

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.

"(GM, paid back BTW)" Sort of, the American taxpayer still took it on the chin for $10 million. Here's an article that explains it very succinctly. http://www.fool.com/investing/general/2013/07/15/why-gm-hasnt-repaid-taxpayers.aspx

 

[crazyeyes]

Fact: 2008 bankers wrote bad loans, made stock market crash. This affected the pension fund .
Fact: the stock market did recover, but the pension fund never did. ( why?)
fact: 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.
Fact: 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.
fact: Tom Nyhan is director of both the Central States Pension Fund and of Teamcare. ( you think he collects two paychecks ? )
fact: How many more executives work for both Central States and Teamcare?
fact: How many people are happy with Central States pension fund, right now?

 

[Fullhouse]

I absolutely agree that pre 2008 retirees are getting royally screwed but it is not up to the government to fix things. The government has no money of its own so any hand outs are just another redistribution of wealth. From one pocket into another.

Agreed but it is their job to enforce "ERISA" laws put in place to protect pensions plans from incompetence, neglect, and criminal activity.

 

[MobileBA]

Im sorry but if you think you can promise yourself some entitlement that doesn't get funded with what is actually contributed why would you think your entitled to something more than what is actually contributed?Im a die hard teamster in the western conference, Ive lived with a minimal accruel rate, something nothing more than the fund can pay out and meet all its obligations. This is maddening, sorry, but you can't promise you something more than what you have contributed.

 

[542thruNthru]

Fact: 2008 bankers wrote bad loans, made stock market crash. This affected the pension fund .
Fact: the stock market did recover, but the pension fund never did. ( why?)
fact: 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.
Fact: 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.
fact: Tom Nyhan is director of both the Central States Pension Fund and of Teamcare. ( you think he collects two paychecks ? )
fact: How many more executives work for both Central States and Teamcare?
fact: How many people are happy with Central States pension fund, right now?

Just curious.

Can a Fact be a question?

Fact: How many people are reading this?

Fact: How many times did I use the bathroom today?

 

[realbrown1]

How is the government to blame? Help me out.

It's our fault.

Pensions are Ponzi schemes.

We should have never have allowed the teamsters to put us in these plans.

Central States is just the tip of the iceberg.

 

[Bubblehead]

Can someone tell me if it is right that Thomas C. Nyhan is the Director of both the Central States Pension fund and of Teamcare?

Google is your friend.

http://i816.photobucket.com/albums/... Uploads/FB_IMG_1444284681023_zpsi0y0kakl.jpg

Looks like it may be more than just Thomas N.?

 

[hellfire]

http://i816.photobucket.com/albums/... Uploads/FB_IMG_1444284681023_zpsi0y0kakl.jpg

Looks like it may be more than just Thomas N.?

BAM !!!!

 

[IVE GOTTA PACKAGE 4U]

http://i816.photobucket.com/albums/... Uploads/FB_IMG_1444284681023_zpsi0y0kakl.jpg

Looks like it may be more than just Thomas N.?

Looks a little crooked.

 

[hellfire]

http://i816.photobucket.com/albums/... Uploads/FB_IMG_1444284681023_zpsi0y0kakl.jpg

Looks like it may be more than just Thomas N.?

Bunch of scumbags..slash their salary 2/3rds

 

[Mugarolla]

Looks a little crooked.

The picture or the salaries? Or both?

 

[IVE GOTTA PACKAGE 4U]

The picture or the salaries? Or both?

The salaries. No need to be double dipping.

 

[realbrown1]

http://i816.photobucket.com/albums/... Uploads/FB_IMG_1444284681023_zpsi0y0kakl.jpg

Looks like it may be more than just Thomas N.?

Damn.

No wonder the CS Pension is bankrupt.

Too many hands in the cookie jar taking way too much for themselves.

Funny how the deal to cut the pensions left those greedy bastards alone.

 

[UpstateNYUPSer(Ret)]

Damn.

No wonder the CS Pension is bankrupt.

Too many hands in the cookie jar taking way too much for themselves.

Funny how the deal to cut the pensions left those greedy bastards alone.

Cutting all of those salaries would be a drop in the bucket.

 

[IVE GOTTA PACKAGE 4U]

Cutting all of those salaries would be a drop in the bucket.

It's still a start.