By The Book
Well-Known Member
I get what your saying....how can a retiree make more a month and not be subject to the same cuts as a current retiree. The payouts all come out of the same plan.
Retirement...contract talks
- Thread starter gman042
- Start date
oldngray
nowhere special
More recent retirees receive more from their pensions than some of the older retirees. It is a defined benefit plan where the amount you get when you retire won't increase with later contracts. Its also not supposed to decrease which is what is now happening.
The pensions were definitely bumped up a bit in the last contract and those raises are NOT retroactive.
By The Book
Well-Known Member
Yes, the recent retirees will receive more per month than some of the past retirees. The part about it not suppose to decrease, I don't think we have any control over. Somethings gotta give, if you can't sustain the payouts going forward you have to adjust somewhere. Which leads me to my point....a lot of the recent and future retirees have had the accrual rate cut in half which, even though the per hour contributions are higher the payouts may not be more than the past retirees payouts. The cuts seem to come from the recent and future retirees, and maybe the past retirees should absorb some of the pain as well. Me personally, I hope not so my pension will stay at what it will be with no reductions.
twoweeled
Well-Known Member
I'm not sure I'm understanding what many are saying here, so I'm guessing a bit.
The recent retirees are receiving more because the standard of living has increased compared to someone who retired 20 years ago. It's a no-brainer that there should have been COLA included in our retirement plans, but lucky for our representatives, we have many brothers who are quick to say; we're lucky to have any retirement plan at all. We let our leaders off easy. We've paid a lot in dues, I assure you our leaders are in no danger of losing their pensions. We pay millions in dues and have received mediocre representation. We complain about our leaders, and we make excuses for our leaders. Then we complain again because our contract is marginal at best, then we re-elect the same people who did to you in the first place. Then we complain some more because the people who we repeatedly put into office, continue to do the same thing they did before. Sorry, I'm off on a tangent.
As far as where the cuts are. I would assume they are across the board. recent retirees should not be absorbing the majority. Makes no sense, if that's true. The cuts should actually be made in future retirees, if any difference is made. People who already retired, have no chance to prepare for the change. people still working, can do the math and adjust. It's wrong to tell people; this is the amount you will get for the rest of your life if you retire now. Then change the amount after they retire!!! But that will not happen. Union leaders will not cut the retirees pension, while they are active. The active employee STILL VOTES!! The retiree doesn't!! Fortunately for Union leaders, many of us are too stupid to realize we're just cutting our own throats later on! DUH!!
UpstateNYUPSer(Ret)
Well-Known Member
Our current retirees actually receive less per month than those who retired 10-15 years ago.
twoweeled
Well-Known Member
OUCH! When you say less. Do you mean less after the upcoming cuts? Or before they retired, the projected retirement rate was less than 10-15 years ago?
UpstateNYUPSer(Ret)
Well-Known Member
Retirees who started working in the 70's are bringing home more than $7K/month while more recent retirees are closer to $6K/month.
twoweeled
Well-Known Member
Wow, I wasn't aware of that. In my area, we're fairly well paid. We didn't even make $7000 a month 1970, WORKING!! What area of the US is that? Truck drivers? I'm totally surprised.
UpstateNYUPSer(Ret)
Well-Known Member
I would think that my user name would be your first clue.
twoweeled
Well-Known Member
Yes, it should have been. So then you guys must be making about $250,000 a year working now in 2016?
UpstateNYUPSer(Ret)
Well-Known Member
I have yet to break $80K.
My projected pension, before the rumored 20% cuts, is $5,400/month.
twoweeled
Well-Known Member
I have to be honest here. I have not followed this closely. I was not aware NY was going to experience those cuts. I thought I just read, those cuts were denied by secretary ? I may have heard this relating to something else. I had heard previously, the cuts were taking place in July but that had been denied in the last few days. Is any of that accurate?
UpstateNYUPSer(Ret)
Well-Known Member
We are not in Central States but are experiencing many of the same problems. We are currently 48.9% funded. The rumor is 20% cuts for actives, 35% for UPS retirees and 50% for orphans.
Billy Ray
God, help us all.....
You had to know that 5K per month couldn't hold up.
Especially , when your raises were being were being diverted to support a sinking ship.
Sorry Dave, really.
By The Book
Well-Known Member
The cuts are a start but it sounds like the accrual rate will need to be lowered and a loan taken out to put money into the plan to bring up the funding percentage. It won't be paid off anytime soon, and will be coupled with very conservative investing. I don't think with that 20% cut its safe to say you'll get around $4,400.00 a month. With that figure I think they are still over promising.
Orion inc.
I like turtles
No actually he's living on a beach in the Caribbean and he was in great health. Last I heard from him, he had all his family down there for a reunion.
Work hard and smart now. Live well and play later.
Orion inc.
I like turtles
And that is why your pension is broke. That's unrealistic to think that can be maintained
Most union officials pensions are in the plans their members are in. Where are these millions being collected from you?I'm glad your BA said that. Wasn't it the responsibility of the union to do this math? Isn't that part of why they collect millions from us? I wonder how secure the Union officer's pension is? It's a no brainer, the security of their (Union Officials) pensions, should match the security of any/every member. Any member's pension goes south, so does the pension of every Union Official. Just so there's an incentive to secure everyone's pension.
Gee, I wonder if we can get that passed?
The Milkman
Well-Known Member
You can't buy time...Retire at 72, by then I would of had 17 years of retirement under my belt.. What good is the $$$ when by then you will need to hire someone to put your shoes on and dress you
UpstateNYUPSer(Ret)
Well-Known Member
The accrual rate has been cut from 2.6 to 1.3
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