Central States Pension

[Mugarolla]

UPS isn't off the hook .. yet.

It could still change in future contracts.

Correct.

You can bet when it comes down to it they won’t be forced to pay.

Right now, they are contractually and legally bound to pay.

It is not only written into the contract, it is also written into the pension language.

This is why UPS came up with their own bailout plan for the CSPF last year.

Some sort of bailout could save UPS billions.

Will they pay if and when the time comes?

I cannot predict the future.

The only thing in life that is guaranteed is death and taxes.

 

[rod]

show me the money

 

[Mugarolla]

show me the money

Sorry, pre 2007 retirees are going to get boned hard.

UPS kicked you guys to the curb.

 

[dudebro]

If Uncle Sam could find an extra 80 billion to lob bombs into Syria and pass that bill 89-8 in the Senate, it could find 40 billion to fix the fund. That's what should happen. No one getting 3k should be cut to 1200...

 

[PT Car Washer]

If Uncle Sam could find an extra 80 billion to lob bombs into Syria and pass that bill 89-8 in the Senate, it could find 40 billion to fix the fund. That's what should happen. No one getting 3k should be cut to 1200...

And why is that a tax payer problem?

 

[dudebro]

It was majority government caused.

"Had the plan been well-run and properly funded, and had principles of multi-employer plan design and the relevant legislation been designed to ensure long-term solvency rather than relying on new generations of contributors to make up for losses, Central States would have weathered these storms.

But Central States was missing all this. Like all plans, they were stymied by legislation designed for ongoing plans. They had flaws in their plan design. And they were neither well-run nor properly funded.

To begin with, in my prior article, I wrote that during boom years, plans were unable to overfund their pension plans due to a tax code that imposed excise taxes on plans which continued to contribute despite overfunding. "

 

[rod]

Sorry, pre 2007 retirees are going to get boned hard.

UPS kicked you guys to the curb.

Actually it was the Union that did. UPS was offering to take over the pension plan and the Teamsters told them hell no and we went out on strike. At the time nobody wanted the company involved in the Pension Plan. You know what they say about hind sight.

 

[Mugarolla]

Actually it was the Union that did. UPS was offering to take over the pension plan and the Teamsters told them hell no and we went out on strike. At the time nobody wanted the company involved in the Pension Plan. You know what they say about hind sight.

In 2007, UPS could have included you guys in the pension agreement, you know, take care of your own.

I mean, how many of you are actually still alive?

And in 10 years, when the CSPF goes belly up, there will be line 2 of you guys left.

Wood have been a good PR move to include the both of you.

 

[rod]

In 2007, UPS could have included you guys in the pension agreement, you know, take care of your own.

I mean, how many of you are actually still alive?

And in 10 years, when the CSPF goes belly up, there will be line 2 of you guys left.

Wood have been a good PR move to include the both of you.

I agree with everything you say but not the ten years thing. I predict maybe 3 or 4 more years at the most. It's only 27% funded now. You are right about us old farts dying off. I plan to be one of the last 2.

 

[Mugarolla]

I agree with everything you say but not the ten years thing. I predict maybe 3 or 4 more years at the most. It's only 27% funded now. You are right about us old farts dying off. I plan to be one of the last 2.

Hope you have 30 more left in you.

It will probably be you and Ol' Roach Clip as the sole survivors.

 

[Mugarolla]

And why is that a tax payer problem?

When the federal government bailed out the banks and auto manufacturers, why was that a taxpayer problem?

 

[rod]

Hope you have 30 more left in you.

It will probably be you and Ol' Roach Clip as the sole survivors.

If I live as long as Granny did I have 31 left. She was healthy as a horse until 101 then the last year she went down fast. I changed my mind -- I only want 30 years---I'm not into all that bad health crap. Pull the plug damnit!

 

[badpal]

In 2007, UPS could have included you guys in the pension agreement, you know, take care of your own.

I mean, how many of you are actually still alive?

And in 10 years, when the CSPF goes belly up, there will be line 2 of you guys

I, for one would give up my next raise if we could take care of those folks, be nice if drivers anyway could organize a vote on that. Like you said might not be that many left in 10 years , but still be a lot of widows.

 

[rod]

I, for one would give up my next raise if we could take care of those folks, be nice if drivers anyway could organize a vote on that. Like you said might not be that many left in 10 years , but still be a lot of widows.

Most sign up for the plan that gives you the whole pension and takes care of the wife for the first 5 years after you retire. If you wanted your wife to keep getting your pension as long as she lives (at a reduced rate mind you) you would have had to sign up for a different plan that lowered your pension by about a third. Its been a long time ago so I'm probably not spot on with those numbers. Most signed up for the 5 year plan because most buy a life insurance plan that she can live off of when you croak --- or she can find another meal ticket. .

 

[ski or die]

I agree with everything you say but not the ten years thing. I predict maybe 3 or 4 more years at the most. It's only 27% funded now. You are right about us old farts dying off. I plan to be one of the last 2.

Received our funding report in May. We are at 92%. I retired 21 years ago on this past June 1st. With that percentage, I think it might last until I kick the bucket. Only bad thing is I had a couple of heart tests done last month and both were in excellent condition. So if I live till 100 I hope its not broke by then. I would have to cut out my Vegas trips.

 

[rod]

Received our funding report in May. We are at 92%. I retired 21 years ago on this past June 1st. With that percentage, I think it might last until I kick the bucket. Only bad thing is I had a couple of heart tests done last month and both were in excellent condition. So if I live till 100 I hope its not broke by then. I would have to cut out my Vegas trips.

92% is unheard of---are you sure you worked for UPS?

 

[beatupbrown]

I see this and feel I got another friend... from Brown ,I was able to pull my self out of the hole and pile reserves up .I think they were paying 200 a week into the pension for me .I plan on seeing very little of it. Any pension can be wiped clean think of UPS 20 years from now hocus pocus no more pension .

 

[ski or die]

92% is unheard of---are you sure you worked for UPS?

Went from 81.1% last year to 91.8% this year. It had been going steadily down for the last four years and 81.1% was the lowest. I was concerned last year it would fall to endangered status this year. But stock market has improved and kudos to our local for making very good investments.

 

[542thruNthru]

92% is unheard of---are you sure you worked for UPS?

91.9% last year. Haven't seen this years yet.

 

[rod]

Went from 81.1% last year to 91.8% this year. It had been going steadily down for the last four years and 81.1% was the lowest. I was concerned last year it would fall to endangered status this year. But stock market has improved and kudos to our local for making very good investments.

Don't anyone retiree out west? Are your dues higher than other Regions? 92% is amazing. Whatever they are doing I wish Central States would have done.