What'dyabringmetoday???
Well-Known Member
Mid 40's. TTKU. Of course, with the several thousand dollars you have socked away, it won't affect the one person that you worry about.
Letter about pension cuts - not CSPF
- Thread starter retired2000
- Start date
Orion inc.
I like turtles
So would that include you or do you want cuts to only affect those after you?
UpstateNYUPSer(Ret)
Well-Known Member
Do you think I pulled that date out of thin air?
I thought it was in the high 50's/low 60's.
Orion inc.
I like turtles
So you believe everyone after you should "sacrifice " for the good of the fund but you should get yours in full even though during your time it was severely underfunded and over promised?
Oh ok.
You can't make up this level of being narcissistic if you tried.
You are the definition of everything that is ever wrong with this society.
Ms.PacMan
Well-Known Member
If UPS buys you all out of that pension plan and it happens the same way as CS, plan on working until 2019.
They will add the new pension to the 2018 contract and then start it the next calendar year and require that you work one day into that year - which would be 2019.
You posted it before. Just under 50%
Last report online says 46.5%.
Not good for him. I know the feeling.
UpstateNYUPSer(Ret)
Well-Known Member
Just got back from the union meeting. Cosmo is right----we are at 46.5%.
Our BA talked at length about the Central States situation. By law they are not allowed to cut below 110% of what the pension would be if it got taken over by PBGC. PBGC is currently paying about 30 cents on the dollar so a $1000 pension would be reduced to $300 and then increased by $30 for a net of $330. He said that UPS was one of the biggest lobbyists for passage of the Omnibus bill and that pension funds in ours and other industries will be closely watching what happens with Central States to see if they could reduce their unfunded liabilities.
He then spoke about the bill sponsored by Bernie Sanders which would in effect repeal the Omnibus bill.
I told him that I had heard that UPSers who retired after 2008 would have their reduction made up by UPS and that those who retired before then would be out of luck. He said that he not heard of this and that all retirees would be made whole.
I asked him point blank if he was anticipating CS type cuts for our pension fund and he said that he wasn't but that he would not rule them in the future if our fund does not bounce back.
He also stated that actuaries are being allowed to reduce their expectations for future growth to bring them down to more realistic levels.
He further said that our pension fund offered UPS a deal to pay off their unfunded liability but that the company declined to do so.
It does not look good for the future of our pension fund.
Our BA talked at length about the Central States situation. By law they are not allowed to cut below 110% of what the pension would be if it got taken over by PBGC. PBGC is currently paying about 30 cents on the dollar so a $1000 pension would be reduced to $300 and then increased by $30 for a net of $330. He said that UPS was one of the biggest lobbyists for passage of the Omnibus bill and that pension funds in ours and other industries will be closely watching what happens with Central States to see if they could reduce their unfunded liabilities.
He then spoke about the bill sponsored by Bernie Sanders which would in effect repeal the Omnibus bill.
I told him that I had heard that UPSers who retired after 2008 would have their reduction made up by UPS and that those who retired before then would be out of luck. He said that he not heard of this and that all retirees would be made whole.
I asked him point blank if he was anticipating CS type cuts for our pension fund and he said that he wasn't but that he would not rule them in the future if our fund does not bounce back.
He also stated that actuaries are being allowed to reduce their expectations for future growth to bring them down to more realistic levels.
He further said that our pension fund offered UPS a deal to pay off their unfunded liability but that the company declined to do so.
It does not look good for the future of our pension fund.
Especially when the funds are in "critical state". They have to invest more conservatively. Can't get ahead of the game that way.
UpstateNYUPSer(Ret)
Well-Known Member
It has less to do with their investment choices and more to do with basic math. 5000 more retirees than actives in our fund-----40000 more in CS-----it's like pouring water in to a bucket full of holes in the bottom.
What I'm trying to say is. When the funds are in critical status,they have limited investment options. You are not going to be able to grow the funds in "safe investments". Nothing to do with the funds administrators. It's a federal rule.
Definitely not looking good.
UPSmechanicinblue
Well-Known Member
I feel a new forum or thread should be created for people to contact, rallies , web sites,etc anything that is going on around the U.S that has to do with the CSPF. Keep all jokes and politics prohibited from it. Some of us could take info to work, union halls, friends, families etc. Unless someone has a better idea we should act now on it. Thanks
Catatonic
Nine Lives
This one will do.
UPSmechanicinblue
Well-Known Member
1. call/write their senators/representatives weekly
2. call/write K Feinberg weekly
3. call/write the Dept. of Treasury weekly ([email protected])
UPSmechanicinblue
Well-Known Member
this number in washington, 202-371-1110 it is the Feinberg, law that will be handling the pension cuts. The girl said someone would be calling me back to get my in put into the cuts. So please every one please call them,
Brownslave688
You want a toe? I can get you a toe.
Apparently you don't know basic math.
Pensions should have
ZERO To do with previous email employees. If it goes you've been over promised.
UpstateNYUPSer(Ret)
Well-Known Member
What is an email employee?
Brownslave688
You want a toe? I can get you a toe.
A drunk one apparently.
