More gloom and doom..CS is tanking

rod

rod

Retired 23 years
Inthegame said:
Not quite a snap of the fingers...
Anyone over 80 will not be reduced.
Anyone out on a disability pension will not be reduced. Anyone retiring from UPS since 2008 will not be reduced.
The max reduction for all others could be 60%. Very unlikely and unnecessary. Any cuts also must pass a vote of all affected pensioners.
The other option is to let it fail completely and award all future pensioners 100% of nothing.
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60% vs. 66 1/3%---I wasn't too far off. Its still going to be a big dent in the budget. You know they will go for the maximum reduction. The sad thing is after all the cuts are made I will bet anything there will be a news release about how all the top Teamster officials will get a big bonus and pay increases. I've seen it happen dozens of times when workers are asked to take cuts. What's with the over 80 crowd being exempt? I would bet that crowd is pretty small and getting smaller by the day.
 
oldngray

oldngray

nowhere special
rod said:
60% vs. 66 1/3%---I wasn't too far off. Its still going to be a big dent in the budget. You know they will go for the maximum reduction. The sad thing is after all the cuts are made I will bet anything there will be a news release about how all the top Teamster officials will get a big bonus and pay increases. I've seen it happen dozens of times when workers are asked to take cuts. What's with the over 80 crowd being exempt? I would bet that crowd is pretty small and getting smaller by the day.
Click to expand...

I think that federal law already exempts 78 and older so the 80 means almost nothing.
 
Brownslave688

Brownslave688

You want a toe? I can get you a toe.
rod said:
60% vs. 66 1/3%---I wasn't too far off. Its still going to be a big dent in the budget. You know they will go for the maximum reduction. The sad thing is after all the cuts are made I will bet anything there will be a news release about how all the top Teamster officials will get a big bonus and pay increases. I've seen it happen dozens of times when workers are asked to take cuts. What's with the over 80 crowd being exempt? I would bet that crowd is pretty small and getting smaller by the day.
Click to expand...
You all were over promised back in the 70's and 80's. They were never putting enough towards your pension to give you the large payouts promised. Now it's the other way around. Huge sums of money are being put in to make up the difference and I'm being under promised compared to what I could do with the money on my own.

I do really feel bad for you all and it seems the union lead you in the wrong direction during the strike of 97. My dad is a retired state of illinois worker. The illinois pension system is a disaster and the workers won't let the state make cuts.

Here's the problem I see. The state didn't pay into the pension for years only making promises to pay it back. Well the workers should of walked out way back then until they got their money.
 
rod

rod

Retired 23 years
Brownslave688 said:
You all were over promised back in the 70's and 80's. They were never putting enough towards your pension to give you the large payouts promised. Now it's the other way around. Huge sums of money are being put in to make up the difference and I'm being under promised compared to what I could do with the money on my own.

I do really feel bad for you all and it seems the union lead you in the wrong direction during the strike of 97. My dad is a retired state of illinois worker. The illinois pension system is a disaster and the workers won't let the state make cuts.

Here's the problem I see. The state didn't pay into the pension for years only making promises to pay it back. Well the workers should of walked out way back then until they got their money.
Click to expand...


Isn't everything in Illinois a disaster? I agree with some of what you say but the two biggest reasons the CS pension plan is going down the toilet is the big economy bust of 2008 and all the right to work BS that has been enacted. Don't feel sorry for me. I can get along fine with a cut in the pension (I won't say it won't hurt but its not the end of the world). I'm just glad I retired early when I did and have been able to enjoy 14+ years of retirement--so far. I have a few retired UPS friends I do worry about though. They are going to be hurting. You say you could do better on your own which I don't doubt. Out of all the talk on BC about putting enough away for the future I would wager that only about 5 out of a 100 posters that brag about doing it are actually doing it---- and out of that 5% maybe 1 % are actually putting away enough. I don't know what you are investing in but in all reality NOTHING is fool proof. The market, real estate, precious metals, antiques----you can lose big time on any of them. Its all a crap shoot.
 
Brownslave688

Brownslave688

You want a toe? I can get you a toe.
rod said:
Isn't everything in Illinois a disaster? I agree with some of what you say but the two biggest reasons the CS pension plan is going down the toilet is the big economy bust of 2008 and all the right to work BS that has been enacted. Don't feel sorry for me. I can get along fine with a cut in the pension (I won't say it won't hurt but its not the end of the world). I'm just glad I retired early when I did and have been able to enjoy 14+ years of retirement--so far. I have a few retired UPS friends I do worry about though. They are going to be hurting. You say you could do better on your own which I don't doubt. Out of all the talk on BC about putting enough away for the future I would wager that only about 5 out of a 100 posters that brag about doing it are actually doing it---- and out of that 5% maybe 1 % are actually putting away enough. I don't know what you are investing in but in all reality NOTHING is fool proof. The market, real estate, precious metals, antiques----you can lose big time on any of them. Its all a crap shoot.
Click to expand...
Yes and like I tell everyone if the market tanks to the point that I have nothing left well there won't be pensions or SS or anything else either.

Money will be the least of our problems. I'm
 
Catatonic

Catatonic

Nine Lives
rod said:
Isn't everything in Illinois a disaster? I agree with some of what you say but the two biggest reasons the CS pension plan is going down the toilet is the big economy bust of 2008 and all the right to work BS that has been enacted. Don't feel sorry for me. I can get along fine with a cut in the pension (I won't say it won't hurt but its not the end of the world). I'm just glad I retired early when I did and have been able to enjoy 14+ years of retirement--so far. I have a few retired UPS friends I do worry about though. They are going to be hurting. You say you could do better on your own which I don't doubt. Out of all the talk on BC about putting enough away for the future I would wager that only about 5 out of a 100 posters that brag about doing it are actually doing it---- and out of that 5% maybe 1 % are actually putting away enough. I don't know what you are investing in but in all reality NOTHING is fool proof. The market, real estate, precious metals, antiques----you can lose big time on any of them. Its all a crap shoot.
Click to expand...
How does RTW come into play?
Dues are not used to fund pensions or healthcare.
UPS pays for every employee the same in RTW states as in others.
 
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Z

ZQXC

Guest
Rod, would you also agree that people retiring long before a traditional retirement age put a huge burden on the fund?
 
Last edited by a moderator:
I

Inthegame

Well-Known Member
ZQXC said:
Rod, would you also agree that people retiring long before a traditional retirement age put a huge burden on the fund?
Click to expand...
Ding ding ding, we have a winner. Aside from deregulation, that is the single most difficult stress put on pension plans. The Service pension model (years of service and out) attached to plans that weren't designed to pay out before normal retirement age (65) has more to do with the issues today than most understand.
 
rod

rod

Retired 23 years
ZQXC said:
Rod, would you also agree that people retiring long before a traditional retirement age put a huge burden on the fund?
Click to expand...

I wouldn't argue with that---I was 53 and wouldn't have worked one day longer at UPS than I had to. I've had some form of steady job -starting with being a paperboy and working at a mink ranch--- ever since I was in 5th grade -- even now I piss around doing a little work for my local township.
 
L

Lead Belly

BANNED
brownmonster said:
That's what UPS offered if we switched. They didn't have much choice.
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For the upsers it was the right thing to do. For the whole industry across the board as far as freight it was irresponsible. Those companies were hemorrhaging money and getting ready to go out of business. They were never going to keep contributing to that fund. In my honest opinion Ron Carey has some blame.
 
Brownslave688

Brownslave688

You want a toe? I can get you a toe.
rod said:
Its hard to "organize" when few people want to belong to a Union anymore. Apparently most everyone is totally satisfied with things the way they are and assume they will stay that way forever.
Click to expand...
Not really. Just now instead of joining together and fighting themselves they expect the government to do It for them.
 
rod

rod

Retired 23 years
Brownslave688 said:
Not really. Just now instead of joining together and fighting themselves they expect the government to do It for them.
Click to expand...

That's what happens when you have a generation or two that had most everything given to them---including great pay and benefits that they themselves didn't have to fight for.
 

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