Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions

[IVE GOTTA PACKAGE 4U]

Why do you think anyone would be getting more money if UPS withdrew in '97? Do you believe UPS would suddenly feel generous? That hasn't been their history.
The withdrawal liability issue is a serious impediment to all existing participating employers, however UPS has stressed the "earnings" of many other employers, including larger freight carriers now in competition with non-participating UPS Freight. In this case, they have made their own bed.
The CSPF has had ROI's in the top 20% of pension funds over the last 20 years. The issues of that plan have little to do with the "pension handlers" and everything to do with dwindling participating employers, and the market fall of 2008.

Can't find anyone facing 25% of what they are getting now. The proposed CSPF cuts were limited to 10% above the PBGC guarantee of 30%. And that's been rejected.

UPS knows how to make money ,the Teamsters don't. Trust me ,they want us gone .

 

[Inthegame]

UPS knows how to make money ,the Teamsters don't. Trust me ,they want us gone .

OK, but the Teamsters aren't in existence to make money. UPS is and UPS doesn't make money running pension plans.
BTW, They told me they never want you gone.

 

[IVE GOTTA PACKAGE 4U]

OK, but the Teamsters aren't in existence to make money. UPS is and UPS doesn't make money running pension plans.
BTW, They told me they never want you gone.

Who do you trust with your money?

 

[Turdferguson]

Who do you trust with your money?

Certainly not my wife

 

[IVE GOTTA PACKAGE 4U]

Certainly not my wife

Aww ...poor baby.






















Good Good

 

[Bubblehead]

More people would be getting more money when retired, UPS shouldn't have to pay for other company's poor earnigs, or ineptitude of the pension handlers. Ask the many people who are now facing 25% of what they are getting now, I bet they'd love to have UPS backing up the liability of that shortfall. I guess we fundamentally disagree on this, but that is ok.

"More people" meaning more UPSer's, or more Teamsters across the board?
That was my point.

I have long contended that allowing UPS especially to withdraw, as well as other companies, was the death blow for Central States.
While my co-workers and myself MAY now come away whole, many other Teamsters will ultimately pay a greater price in the end than they would have.
It just doesn't set well with me.

 

[upschuck]

Why do you think anyone would be getting more money if UPS withdrew in '97? Do you believe UPS would suddenly feel generous? That hasn't been their history.

Because they would be on the hook for 10 more years of retirees that CSPF could not pay on, thus getting the full pension amount instead of 30-50% of pension amount.

The withdrawal liability issue is a serious impediment to all existing participating employers, however UPS has stressed the "earnings" of many other employers, including larger freight carriers now in competition with non-participating UPS Freight. In this case, they have made their own bed.

How about the one that paid little to nothing and got full credit? Who thought that was a good idea?

The CSPF has had ROI's in the top 20% of pension funds over the last 20 years. The issues of that plan have little to do with the "pension handlers" and everything to do with dwindling participating employers, and the market fall of 2008.

Another reason the infusion would have worked a lot better in 97, so it could have grown in the top 20% longer, giving the fund a lot more time to increase the infusement of monies to grow, rather than right before the fall. Besides, CSPF has been around a lot longer than 20 years.

Can't find anyone facing 25% of what they are getting now. The proposed CSPF cuts were limited to 10% above the PBGC guarantee of 30%. And that's been rejected.

My bad, someone mention 25% was the PBGC guarantee for multi employer. Single employer is much higher guaranteed, from what I've heard.

 

[upschuck]

"More people" meaning more UPSer's, or more Teamsters across the board?
That was my point.

I have long contended that allowing UPS especially to withdraw, as well as other companies, was the death blow for Central States.
While my co-workers and myself MAY now come away whole, many other Teamsters will ultimately pay a greater price in the end than they would have.
It just doesn't set well with me.

I would say more Teamsters, but UPS'ers for sure, but that is just conjecture on my part, because we would never know for sure. I say this because, those withdrawal monies would have had a lot of time to grow in what inthegame says they were in the top 20% in Pension fund performance, and UPS would have to make whole on the UPS'ers in the 10 additional years that they would have withdrawn earlier.

I believe the death blow was allowing full contribution credits, for less than full contributions, that is what made this PF unsustainable.

Does anyone know how many years of contributions 6.1 billion dollars is?

 

[Catatonic]

I would say more Teamsters, but UPS'ers for sure, but that is just conjecture on my part, because we would never know for sure. I say this because, those withdrawal monies would have had a lot of time to grow in what inthegame says they were in the top 20% in Pension fund performance, and UPS would have to make whole on the UPS'ers in the 10 additional years that they would have withdrawn earlier.

I believe the death blow was allowing full contribution credits, for less than full contributions, that is what made this PF unsustainable.

Does anyone know how many years of contributions 6.1 billion dollars is?

A bajillion!

 

[upschuck]

A bajillion!

That is a lot of years.

 

[BigUnionGuy]

I value all Teamsters; past, present and future, active or retired, not just UPSer's and myself.

I have long contended that allowing UPS especially to withdraw, as well as other companies, was the death blow for Central States.
While my co-workers and myself MAY now come away whole, many other Teamsters will ultimately pay a greater price in the end than they would have.

David vs. Goliath

That's all I'm saying.

(and we know, who the "Goliath" in the room is)



-Bug-

 

[Lead Belly]

OK, but the Teamsters aren't in existence to make money. UPS is and UPS doesn't make money running pension plans.
BTW, They told me they never want you gone.

Don't tell him that!!

 

[Lead Belly]

I would say more Teamsters, but UPS'ers for sure, but that is just conjecture on my part, because we would never know for sure. I say this because, those withdrawal monies would have had a lot of time to grow in what inthegame says they were in the top 20% in Pension fund performance, and UPS would have to make whole on the UPS'ers in the 10 additional years that they would have withdrawn earlier.

I believe the death blow was allowing full contribution credits, for less than full contributions, that is what made this PF unsustainable.

Does anyone know how many years of contributions 6.1 billion dollars is?

Enter Ron Carey the guy who rigged the system to fail.

 

[BigUnionGuy]

Enter Ron Carey the guy who rigged the system to fail.

RC knew his shortcomings.

The only reason he didn't go to jail.... was "plausible deniability".

We are still living with his "legacy".


In case you missed it:

Write up


A 2.72% raise over 4 years.

Kind of average.... but a win, nonetheless.


The most interesting part is;

"It will withdraw proposed cuts to pensions as well as reductions in accident and disability benefits. The company, however, won cost savings through changes in healthcare plans and limits on post-retirement health benefits."


Where have we heard that before ?

So maybe.... just maybe.... it's not just the Teamsters and UPS.



-Bug-

 

[Lead Belly]

RC knew his shortcomings.

The only reason he didn't go to jail.... was "plausible deniability".

We are still living with his "legacy".


In case you missed it:

Write up


A 2.72% raise over 4 years.

Kind of average.... but a win, nonetheless.


The most interesting part is;

"It will withdraw proposed cuts to pensions as well as reductions in accident and disability benefits. The company, however, won cost savings through changes in healthcare plans and limits on post-retirement health benefits."


Where have we heard that before ?

So maybe.... just maybe.... it's not just the Teamsters and UPS.



-Bug-

These s on here will never be happy till ups is out of business.

 

[BigUnionGuy]

These s on here will never be happy till ups is out of business.

But....

UPS is making record profits. And, we do all the work.

 

[BigUnionGuy]

Should have added a big

 

[BigUnionGuy]

Should have added a big

Post edited by some monkey butt

 

[Lead Belly]

But....

UPS is making record profits. And, we do all the work.

Yea Fed Ex ground rates aren't lower and there isn't a big monster around the corner called Amazon either. Oh yes there isn't a poop ton of Fedex sleeper teams to compete with that cost around 25 dollars and hour in wages and benefits either. I know I know

 

[10 point]

Just trying to keep both sides happy tonight.