yadadamean116
Well-Known Member
Tell that to the retirees right now. Pension is no guarantee.
Central States Pension
- Thread starter rod
- Start date
InsideUPS
Well-Known Member
Sorry to read about the CS 27% funding level! The following headlines in Forbes may make you happy..... "for a minute at least".
Actually, Central States' Pension Plan Is Fully Funded
People mention here that individuals who retired from UPS in 2007 or before with a CS pension are the ones that will suffer financially while believing that those that retire after 2007 will not. I suggest that ALL UPSers read for themselves the CS pension contract language and decide for themselves how or if it will affect them financially.
IMHO.....reading the "fine print" of the Central Supplement..... EVERYONE stands to lose some portion of their pension if the CS pension plan is taken over by the government. The language below is from our current contract (2018-2023). (Central Supplement)
Two things to note:
1) "will offset at Normal Retirement Age" - In other words....if a driver retires from UPS at 55.....don't expect to get that "offset" money difference until you reach 65.
2) "If the benefit paid from the CS plan is reduced or required by law, the amount of such reduction shall NOT be included in this offset".
It seems clear to me from reading this language that UPS is off the hook for any offset in your pension (regardless of when you retire) if CS goes belly up. "as permitted or required by law".
Basically.....the more years you have in the CS plan the more you will lose. The more years you have in the UPS/IBT the plan the less you will lose....but you still stand to lose money considering part of your pension is being paid from the CS plan. UPS is a master at taking advantage of any contract language that will save them money and these words certainly give them leverage in doing so.
The UPS/IBT Plan will recognize full-time service
in the CS Plan for determining eligibility for the
benefits in this section and will offset at Normal
Retirement Age the benefits accrued from the CS
Plan commencing at Normal Retirement Age. If
the benefit paid from the CS Plan is reduced as
permitted or required by law, the amount of such
reduction shall not be included in this offset.
InsideUPS
Well-Known Member
2025
From -
Pension Crisis | Central States Pension Fund
"When the PBGC assumes pension payments, they are automatically reduced from the full benefit (example: a maximum guarantee of $1,072 per month for a Central States participant with 30 years of service). With more than 100 pension plans covering 1.3 million people projected to fail in the next 20 years, the PBGC is also expected to run out of money. In fact, it is projected that the PBGC’s multiemployer program will run out of money in 2025. If that happens, pension benefits would be reduced to essentially zero—no Central States Pension Fund participant would get any meaningful pension because Central States and the PBGC will both be out of money."
rod
Retired 23 years
And SS is going broke and Medicare also. Won't be long until I can see how the other half lives. (apparently not too bad)--free healthcare,free cell phones, food stamps, rent credit, heating assistance and all kinds of other freebies. Maybe I'll even get Housing for Habitat to build me a new house. Going on welfare seems to be the ticket now--nobody ever mentions cutting welfare. I think if a person didn't smoke, do drugs and didn't have a dozen mouths to feed you could live pretty good. Then again having a dozen mouths to feed would increase my income considerably. It must-everyone does it.
rod
Retired 23 years
I would actually give that guy a buck or two----just for being honest.
rod
Retired 23 years
Come on over--I'll see if I can get a 5 pound block of Government cheese.
rod
Retired 23 years
Yes--- but your pension is only 50 cents a month.
rod
Retired 23 years
Do they still give Government cheese and powder milk away once a month? Back when they did that a driver friend of mine was friends of whoever was in charge of that program. Apparently they had more cheese to give away than people who were motivated enough to go get it. He was always bring 5 lb blocks of it back to the building. It was Excellent cheese. He said nobody ever took the powdered milk---can't blame them.
InsideUPS
Well-Known Member
Still an active PT employee (40+ years) but our PT pension is currently at $2275/month (35 years). I am now working at UPS as my retirement job with 7 weeks vacation and full healthcare benefits. Will soon be collecting full SS checks without penalty. We have one PT female employee that is 72 and is not only collecting full SS.....she is also collecting her UPS pension as mandated by the law.
rod
Retired 23 years
No hobbies or outside interests? Man--your life at home must be just terrible!----- 40+years ----smh
rod
Retired 23 years
His mother won't buy it?
1989
Well-Known Member
Is she single? Asking for a friend.
1989
Well-Known Member
Expensive I guess...Costco gets sold out as fast as they can stock it.
