Pension Cuts Blocked

[brett636]

I noticed this too in the news. Good news for current retirees who seemed to be taking the brunt of the cuts. I am not in this particular fund, but hopefully the remaining life can be extended if a different plan is put into place. Cutting people's already fixed incomes in half just wasn't a good idea.

 

[Kounter Klockwize]

How can the union not balance there books. IM pro union and company. 30 Years and all of your pension money down the drain. take advantage of the 401k and UPS stock. Just saying.

 

[UpstateNYUPSer(Ret)]

Gee,what ever happened to all that TARP money ( since half of it was only used), couldn't they just use that?, I mean we already are paying for phones for Deadbeats, why not?

Not paying for phones for everyone-----just the deadbeats.

Central States is a private pension fund.

 

[MendozaJ]

You can't fix a broken system with a broken plan which, in the end, still leaves you broke. Central States' assertion that they will see 7.5% investment gains is Madoff-like in its brashness. They don't know what they're doing; just going through the motions hoping for a bailout.

 

[rod]

What do you think is a fair solution?

Tough question. What I would think would be fair to those of us who retired before 2009 and what everyone else thinks would be fair would be two different solutions. I guess for a starters if the current plan does still have 10 years of life left in it lets give it five more years and see how many old timers they are still dealing with then. No ones getting any younger.

 

[oldngray]

Tough question. What I would think would be fair to those of us who retired before 2009 and what everyone else thinks would be fair would be two different solutions. I guess for a starters if the current plan does still have 10 years of life left in it lets give it five more years and see how many old timers they are still dealing with then. No ones getting any younger.

Exactly. People still working have more options. Not like those who have already retired. In my opinion people who have already retired should be grandfathered in to what they were promised or at the most small reductions. Any bigger cuts should apply to future retirees who still have time to make adjustments. Maybe a tiered scale of reductions.

 

[undies]

If people working now have to work a few more years, so be it.

 

[IVE GOTTA PACKAGE 4U]

If people working now have to work a few more years, so be it.

How many years can you do this job? 25,30,35,40?

 

[542thruNthru]

So pretty much what I'm hearing is you feel entitled to everything and the others that have paid into it just as much are spoiled for wanting the same.

You millennials and your entitlement, jeez!

 

[hellfire]

without big ups there is no pension,, this next contract is gonna sting, anyone on union payrole should start drawing up a resume

 

[Lead Belly]

If people working now have to work a few more years, so be it.

I'm planning on working somewhere till age 65. I'm a realist. Do I like it? No but I'm a realist.

 

[10 point]

65 gets there before you know it.

There's not a happy ending for every group affected in CS. We've been dancing on the Titanic for about 20 yrs now.

With all this time to make sure the application to the DOL was good to go (and how much $ dumped into the "solution" and it's research to make it met the criteria so as to be approved) how could these issues not have been rectified before submittal?!

 

[TooTechie]

Why was it blocked?

Only because the cuts wouldn't have fixed the plan going forward and the language in the proposed notification was hard to understand.

 

[Catatonic]

Isn't a rod 5 or 6 yards?

In rod's case, it's more like 2 inches.

 

[Catatonic]

Central States is a private pension fund.

So was General Motors.
I guess Central Sates is NOT too big to fail.

 

[Inthegame]

With all this time to make sure the application to the DOL was good to go (and how much $ dumped into the "solution" and it's research to make it met the criteria so as to be approved) how could these issues not have been rectified before submittal?!

Because someone didn't look at the calendar. The happenings in June and November are the real cause of this ill advised delay. The resubmitted plan will have deeper cuts.

 

[Wally]

Because someone didn't look at the calendar. The happenings in June and November are the real cause of this ill advised delay. The resubmitted plan will have deeper cuts.

Besides cuts, was the retirement age moved later?

 

[Inthegame]

Besides cuts, was the retirement age moved later?

Yes, depending on years of contributory service.

 

[Boulevard859710]

I'd love to see you drive an old high step non power steering POS 800 for about 10 years then come back and tell me what a badass you are

Done it. It sure sucked turning around on a cold stop.

 

[Johney]

Central States was bought out by UPS, so why would all the young employees care what happens 10-15 years from now as their pension will be more than able to pay out due to UPS and UPS alone handling it? Am I missing something here? A lot of us now are in CS/Teamster pension due to our yos , but what happens when the next generation is only in the UPS pension fund and some of us are still around? Are these younger people gonna give a crap about us retirees when they dangle a bigger carrot in front of them?