UpstateNYUPSer(Ret)
Well-Known Member
With vacation and personal time my last work day will be on or about 5/1.
Pension letter
- Thread starter retired2000
- Start date
With vacation and personal time my last work day will be on or about 5/1.
Orion inc.
I like turtles
So when will you quit BC? 7/2 or 5/2?
Ms.PacMan
Well-Known Member
And if UPS buys out your pension in the new contract and requires you to work one day into the next year?
olroadbeech
Happy Verified UPSer
WOW !!! that would be a nightmare.
murphy's law.
murphy's law.
1BROWNWRENCH
Amatuer Malthusian
Murphy was an optimist.
brownmonster
Man of Great Wisdom
Don't want to wait out the new contract?
UpstateNYUPSer(Ret)
Well-Known Member
Step one is to find out what is going on with our pension.
realbrown1
Annoy a liberal today. Hit them with facts.
Sorry about your pension.
But I have always said, eventually they will all fail.
Because they are ponzi schemes.
Worst decision our union leader ever made.
And nothing can save them except maybe 10% plus gain on investments every year forever.
And what are the chances of that?
35years
Gravy route
If there is a lesson to be learned from the Central States buyout it is that you should wait until UPS buys out it's employees.
That being said the new UPS/Teamster pension is listed as 103% funded even though by the accounting standards used up until 2014 it would be considered only 78% funded (Plan assets $4,994,575,825. Plan’s liabilities $6,036,761,451). The feds allowed the accounting change so company pensions would have more time to recover and not be considered in the red zone. UPS took the opportunity to save itself from contributing $444 million to fulfill the minimum contribution. Not good for the pension, but it made stockholders happy...
http://www.browncafe.com/community/threads/ups-ibt-pension-funding.368365/#post-2053113
Foamer Pyle
Well-Known Member
Your right. The liberals that run that state have their hands in all of your pockets, and your wife's' purse.
Boulevard859710
Well-Known Member
They probably needed that 444 million to help purchase ORION. Lol
UpstateNYUPSer(Ret)
Well-Known Member
Turns out the FNN was wrong on this one. UPS has no interest in buying us out of our pension; however, they do have approx. $2B in an unfunded liability which the Union is trying to get them to pay. If the company were to pay the $2B our pension would be more than adequately funded and no reductions or other changes would need to be made.
35years
Gravy route
Why would UPS pay 2 Billion? They run the UPS/Teamster (old Central States) fund which now has over a billion in unfunded liability... by UPS's choice.
All total, UPS pension funds have over 8 Billion in unfunded liability.
With each of the funds UPS will just throw up their hands and say time to cut benefits and raise the age/years of service requirements.
Upstate, from your past postings it sounds as if your pension has very liberal years of service requirements and large monthly benefits. I doubt UPS will just kick in 2 Billion so you guys can keep your Cadillac plan when others get far less. UPS had a vested interest in jumping out of Central States...Too many retired truckers from now defunct firms eating UPS contributions. Unless your fund has the same M.O.; cuts are more likely than buyouts.
I thought I remember seeing that the guys around Washington D.C. get over $6,000 per month. I doubt that pension plan is sustainable.
I believe the West had a Cadillac plan as well, how is that one doing? Anyone know?
rod
Retired 23 years
burrheadd
KING Of GIFS
Great post
Ms.PacMan
Well-Known Member
UPS lost a lawsuit brought by the NY teamster fund for underpaying pension liabilities for benefit hours I think (vacations, military leave, sick leave etc.). That was in 2003, ups appealed and lost again in 2004.
If this is the money and they still haven't paid it, it must be grinding it's way thru more appeals.
35years
Gravy route
UPS has just under 8 Billion in unfunded pension liabilities across all of its defined benefit plans.
"As of Dec. 31, U.S. defined benefit plan assets totaled $28.89 billion, while projected benefit obligations totaled $36.85 billion, for a funding ratio of 78.4%, according to the 10-K."
http://www.pionline.com/article/201...ion-in-us-pension-plan-contributions-for-2016
Since UPS contributes approximately $1.16 Billion yearly, TOTAL to all of its plans, the $8 Billion deficit is concerning to say the least. Additionally the funding gap has been increasing and accelerating!
http://www.browncafe.com/community/...s-pension-plan-contributions-for-2016.368596/
35years
Gravy route
My guess is that with the passage of the pension "reform" in 2014 UPS will not be buying out of any more funds.
http://money.cnn.com/2014/12/12/retirement/pension-cuts/
http://money.cnn.com/2014/12/12/retirement/pension-cuts/
TicToc
New Member
If you are young the newer PAF Management retirement plan would work, because you fund your own thru your 401K, but if you are say 50 years old and they "rewrite" you into the PAF plan you don't have enough years left to fund it, UNLESS you plan on working until your 70.
twoweeled
Well-Known Member
I also receive that letter. I think your correct. Others are just waiting to see what problems arise when the cuts are finalized. Everyone will be better prepared before they attempt to cut pensions. Nobody said much about the Central States getting screwed, but when others start getting their turn, they will want something done! It'll be too late then. That is the problem with not staying together. Nobody said anything when the retirees medical got screwed. Active employees turn is coming up! Active employees will start paying, mark my words. It'll start small, then in comes the big one!! Divide and conquer.
Everyone is just worried about their own. But everyone is getting it.
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