542thruNthru
Well-Known Member
Oh so you're saying the the IBT president will do what's best for him and his and no one else.
Sounds familiar.
How long have u worked at UPS and how many years do u have left until retirement?
- Thread starter brownboyups
- Start date
Sounds familiar.
UnionStrong
Sorry, but I don’t care anymore.
Oh so you're saying the the IBT president will do what's best for him and his and no one else.
Sounds familiar.
Go OZ! No, I’m busting balls. I would hope they would treat everyone fairly.
burrheadd
KING Of GIFS
There's no shortage of bad teamster officials, you can take that to the bank. not just in the East and southI blame the members in the east and central for their pension problems. They are constantly voting in bad teamster officials because they don't know any better.
542thruNthru
Well-Known Member
East and Central. Get it right!
UpstateNYUPSer(Ret)
Well-Known Member
This is partially true----while the funds do go directly to the pension funds in question, the application process is anything but simple. Go to pbgc.org and click on one of the (redacted) applications------they are quite lengthy (500 +/- pages) and quite comprehensive. If (when) approved, the funds that are sent to the pension must be kept separate from funds already on hand and must be invested in a manner approved by the pbgc. There are also limitations on increasing future benefits and/or accrual rates.
When the funds are received by the pension, pension payments of those affected are restored to their pre-MPRA levels; in addition, "back pay" for all lost benefits are issued-----the only uncertainty is whether that will be done in a lump sum or over the course of a 5 year period.
While I will personally benefit from this "bailout", I personally disagree with our Federal government bailing out private pension plans.
UnionStrong
Sorry, but I don’t care anymore.
I’m against bailing them out too, but I’m more against losing my pension. And since the government played a big part in causing the funds to dwindle due to imposing the multi employer funds on us and deregulation of the trucking industry and NAFTA, I don’t feel that bad. There was also teamster mismanagement as well. I hope they smarten up.
UpstateNYUPSer(Ret)
Well-Known Member
From what I have been told back in the 80's my pension fund was 103% funded and was given the choice of either increasing monthly pension benefits or sending the surplus back to DC; fortunately, they chose the former. Now they are having to be bailed out. I was fortunate in that I "only" lost 18% of my pension-----those who were already retired lost 29%.
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