Central States Pension Reduction Plan Letter announces Cuts - October 2015

[Dracula]

...and they would if they had the funds available to do so.....the truth is the pension fund is broke and UPS did the right thing by taking care of their employees and retirees....

Haha...good one.

 

[Dracula]

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.

Conveniently, or out of ignorance, you leave out the bankers. It's always interesting how when the music stops, the bankers and the money are long gone, and everyone blames each other. Oh, and we all forget the bankers ever existed.

Whether it is pensions, the housing markets, the stock markets, or even our governments, when disaster strikes, there is always one group that glides to the ground flawlessly. What a system we have...

 

[Dracula]

This is because pension plans are ponzi schemes relying on contributions from new workers to partly pay for retired workers.

They should be set up like 401k plans with their individual accounts.

Money put in by you, is for you and you alone.

Then when you retire, you buy an annuity with your money.

Typical Chamber of Commerce tripe.

All pension agreements, whether made to union employees or not, are part of the agreement employers make with employees when figuring out compensation. Your pension is part of your pay. You earn it. But somewhere along the way, it became kosher for companies to say, "Sorry, we lied about what we were going to pay you. You're SOL."

Ironically, if one corporation did this to another corporation, it wouldn't be written off, the way pensions get waved away. It would wind up in court, and the promiser would be settling with the promisee.

No such luck for the little guy. Capitalism doesn't work that way.

 

[Dracula]

Disregard previous comments apparently I didn't understand UPS agreed to cover current employees pensions.

Don't worry, it won't be true by the time you retire.

 

[Dracula]

Everyone lost a lot in 2008.

I've made it up and more since.

Not the bankers. They all went belly up, and almost all of them are better off now than before 2008.

How did you get all of that money back? If it was lost, it was gone for good. I've made money since then too, but I'll never get the lost money back again; and neither will you. The fact that you simply write off "a lot" of lost money from 2008 kind of implies that money was an illusion in the first place.

You should be selling Kool-Aid for those Wall Street bankers. Either that, or you believe it.

 

[Dracula]

Please think about this.
If you still don't get it, I'll explain when I get back from the doctor's office.

Don't bother...it's too late.

 

[Dracula]

We all lost in 2008.

And despite what some of the dreamers here want to say, that money is gone forever.

 

[Dracula]

I haven't heard anybody purpose that the government "bail out" any UPS employee?
The purposed bail outs have been for retirees, on fixed incomes who spent their entire working life earning the money's they receive in their senior years.
I find the notion deplorable that these stand up citizens are going to be left dangling in the wind, when they should be enjoying the fruits of their sacrifices and labors of their working years.

Come on Bubblehead. You should know capitalism cares for nothing but the bottom line and the shareholders. You only have to look at the healthcare system we have in this country. For all of the belly-aching from the right about Obamacare, very little has changed in our system. Some more people have insurance, but the system is still the same. Healthcare costs still go up every year, just as they did before Obamacare. Catastrophic illnesses still bankrupt people, as before.

Our whole system is designed for the profiteers, at the expense of everything, and everyone else.

Grandpa and Grandma need to buy some Merke or Kaiser stock and make due on that.

 

[Dracula]

Right because the last thing the CSPF needs is educated Trustees and administrators.

I wonder what sort of education we're paying for on the golf courses in Hawaii?

 

[UpstateNYUPSer(Ret)]

I wonder what sort of education we're paying for on the golf courses in Hawaii?

You would be amazed as to how much networking gets done on the golf course.

 

[realbrown1]

Not the bankers. They all went belly up, and almost all of them are better off now than before 2008.

How did you get all of that money back? If it was lost, it was gone for good. I've made money since then too, but I'll never get the lost money back again; and neither will you. The fact that you simply write off "a lot" of lost money from 2008 kind of implies that money was an illusion in the first place.

You should be selling Kool-Aid for those Wall Street bankers. Either that, or you believe it.

The market goes down....I lose money.

The market goes up......I make money.

You never heard of this?

 

[realbrown1]

Typical Chamber of Commerce tripe.

All pension agreements, whether made to union employees or not, are part of the agreement employers make with employees when figuring out compensation. Your pension is part of your pay. You earn it. But somewhere along the way, it became kosher for companies to say, "Sorry, we lied about what we were going to pay you. You're SOL."

Ironically, if one corporation did this to another corporation, it wouldn't be written off, the way pensions get waved away. It would wind up in court, and the promiser would be settling with the promisee.

No such luck for the little guy. Capitalism doesn't work that way.

This has nothing to do with the Chamber of Commerce.

It has to do with the investment vehicle our union leaders demanded our employers give to us.

Our union leaders chose poorly for us.

They chose pretty well for themselves.

If we had accounts like I suggested (401k style plans) there would be no need for a plan to have 20 or more union officials sucking $5 million a year off in salary and health care that they seem to do now.

 

[realbrown1]

You would be amazed as to how much networking gets done on the golf course.

Because we need more union officers networking..............right?

I don't think so.

 

[DOK]

Tell me again why we struck in '97 to keep the pension out of ups's hands...

 

[gonein2011]

I wonder if this round of cuts are enough to save the fund or are there more looming down the road in a few years?

 

[gonein2011]

Tell me again why we struck in '97 to keep the pension out of ups's hands...

That might open up a can of worms!

 

[gonein2011]

What was worse Carey keeping UPS in Central States in 97 or Hoffa letting them out in 2007?

 

[Catatonic]

What was worse Carey keeping UPS in Central States in 97 or H letting them out in 2007?

About the same ... just delayed the inevitability of it.
Carey did however increase the chances of UPS turning their it's back to it's Teamster employees.

As a driver, I doubt you try to pet a dog that has bitten you in the past.

 

[gonein2011]

About the same ... just delayed the inevitability of it.
Carey did however increase the chances of UPS turning their it's back to it's Teamster employees.

As a driver, I doubt try to pet a dog that has bitten you in the past.

chances of UPS turning their it's back to it's Teamster employees

By this, do you mean the employees that retired between 1997 and 2007 or all of them. I retired after Jan. 2008 and feel that UPS has taken care of me quite well. BTW I'm talking Central States only.

 

[oldngray]

By this, do you mean the employees that retired between 1997 and 2007 or all of them. I retired after Jan. 2008 and feel that UPS has taken care of me quite well. BTW I'm talking Central States only.

What happens when we turn 65? The way I understood the language is that UPS only promised to pay any pension shortages until then, after that we would be stuck with the Central States reductions. I am talking about those who retired after 2008.