Bubblehead
My Senior Picture
What was the next step, letting UPS withdraw in December of 2007?
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
- Thread starter 728ups
- Start date
Bubblehead
My Senior Picture
Oops
BigUnionGuy
Got the T-Shirt
After Central States made the accrual reduction, the IBT mandated that any future
contract re-negotiations had to include an 8% increase (minimum) in pension contributions.
If.... I remember correctly.
-Bug-
Bottom rung
Well-Known Member
So twenty years wasn't enough time to right the ship? Why wasn't anything done immediately when hoffa got in office after carey?
Lead Belly
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The Horrific New Marriage Between Your Post Office and Amazon Sunday
Here is some of our cheaper competition that's something that will not go away but will increase
Here is some of our cheaper competition that's something that will not go away but will increase
Bottom rung
Well-Known Member
What's this got to do with central states?
I want to know why H didn't fix this when he got into office after carey. He had the power and did nothing. The future is pretty bleak for some retired upsers in a few years...
Lead Belly
BANNED
Look how good th boost office is going to it's a pension plan funded 80 years into the future.
PT Car Washer
Well-Known Member
Just like the Social Security "lockbox", that money has already been spent.
Lead Belly
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Reading that whole story makes me happy I'm a ups teamster.
Bottom rung
Well-Known Member
Again totally irrelevant to the cspf...The usps loses money every quarter. They stay afloat with very low interest government loans. 1.2% interest rate.
Why didn't H and the gang fix the unsustainable benefit plan? They knew it was to fail and did what? Just stood there? ...more likely than you think.
Lead Belly
BANNED
Are you in central states?
5habits100
Well-Known Member
The law wouldn't allow the necessary changes in the fund until it was changed in 2014.
brett636
Well-Known Member
Since I don't care to sift through 12 pages of this thread to find out, is there any other plan in place to save this fund other than letting it go bankrupt? From the news releases it seems that is what the pension trustees are saying. I'd imagine the PBGC will have to take over this fund at some point, but don't they pay only around 25% of promised benefits once the fund goes under? Maybe this puts off the inevitable, but if I am a Central States retiree I would still be very worried right now.
oldngray
nowhere special
As of now there is no other rescue plan. When the government rejected the proposed plan the pension fund said they wouldn't even try to come up with another plan and expect to run out of money in about 10 years.
Lead Belly
BANNED
If it goes to the PBGC the whole fund goes bankrupt. So in essence a whole lot of people are screwed. Your avatar picture of Ronald Reagan is the ultimate insult to unions teamsters and organized labor. The guy was the ultimate POS to out way of life.
I don't understand this all or nothing attitude. The plan has been in trouble for a long time and it's getting worse by the day.
brett636
Well-Known Member
If its any consolation I am considering of replacing the Gipper with a photo of Trump in the near future. I feel the only decent replacement for our last truly great President is a picture of our next one.
brett636
Well-Known Member
I am guessing that the math is just making it impossible to save the fund by that point. Unless their plan is to cut benefits even deeper in the next attempt if there were one. I know going to the PBGC is a crapshoot as well for the fund, but I guess that is the only way forward.
If they would have done something a few years ago,even a few small cuts, Lessing the future liabilities,then asking the government for a low interest loan so they could invest some of the money in the market.
It's a crying shame.
brett636
Well-Known Member
Until 2014 the cuts that were being proposed weren't legal unless you are saying they should have cut future accrued benefits even further. Although its all water under the bridge at this point.
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