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

[Mugarolla]

The problem I see with your word problem is you are using the most recent amount per month in your calculations. I think you would have to use the actual monthly benefit amounts from each statement, from the start, and average them to come up with your scenario. By doing this though it only makes the payout to actual contribution received that much higher though. However it greatly reduces your 1.7 million figure.

True. Give or take this amount or that amount, whether you started 20 years ago or today, there is enough in contributions and estimated returns to pay a $9000/mo pension plus plan expenses.

In my example, there was still $1.2M left after paying $100,000/yr for 30 years. So reduce the $1.7M to $1.2M.

Still plenty of money.

 

[rod]

I'm kind of a crow eater on this myself with some of the figures shown here but I still don't understand how a pension ends up paying better than what they make as a normal income. $9,000 a month pension is still $108,000 a year (Mn. Math). With most mechanics not being allowed overtime I seriously doubt any of them are pulling in $108,000 in regular wages. Something still doesn't add up.

 

[Bubblehead]

I'm kind of a crow eater on this myself with some of the figures shown here but I still don't understand how a pension ends up paying better than what they make as a normal income. $9,000 a month pension is still $108,000 a year (Mn. Math). With most mechanics not being allowed overtime I seriously doubt any of them are pulling in $108,000 in regular wages. Something still doesn't add up.

The "Ponzi Scheme" must still be intact?

 

[Mugarolla]

I'm kind of a crow eater on this myself with some of the figures shown here but I still don't understand how a pension ends up paying better than what they make as a normal income. $9,000 a month pension is still $108,000 a year (Mn. Math). With most mechanics not being allowed overtime I seriously doubt any of them are pulling in $108,000 in regular wages. Something still doesn't add up.

I found it hard to believe that the IAM mechanics make $20K more being retired than working, but what else is the IAMNPF (International Association of Machinists National Pension Fund) going to do with the money?

The companies are putting in x amount of dollars into the fund which yields x amount of dollars per month for a pension. The money is there.

The only other 2 options are:

1. Tell the companies to reduce their payments per employee because they don't need that much money.

2. Pay a pension based on yearly salary and keep all the rest of the money in the fund.

Option 1 is not going to happen and option 2 may seem like a good idea, rainy day fund, but the fund is over 100% funded right now.

So the best, and only option, is to give it to the retirees.

Kind of makes my 30 and out pension at $3200/mo look like pocket change. Yet UPS paid almost the same amount of money on my behalf to the CSPF that they paid on the mechanics behalf to the IAMNPF. Where is my $9000/mo. Thanks Central States.

 

[10 point]

I found it hard to believe that the IAM mechanics make $20K more being retired than working, but what else is the IAMNPF (International Association of Machinists National Pension Fund) going to do with the money?

The companies are putting in x amount of dollars into the fund which yields x amount of dollars per month for a pension. The money is there.

The only other 2 options are:

1. Tell the companies to reduce their payments per employee because they don't need that much money.

2. Pay a pension based on yearly salary and keep all the rest of the money in the fund.

Option 1 is not going to happen and option 2 may seem like a good idea, rainy day fund, but the fund is over 100% funded right now.

So the best, and only option, is to give it to the retirees.

Kind of makes my 30 and out pension at $3200/mo look like pocket change. Yet UPS paid almost the same amount of money on my behalf to the CSPF that they paid on the mechanics behalf to the IAMNPF. Where is my $9000/mo. Thanks Central States.

I might not be as computer savvy but I remember this post.
Look familiar BUG?
I'm not gullible and I'm not apologizing either.
Except for posters like Mugarolla, Inthegame, and Bubblehead this forum would be arrogant speculation.
That's why I trust people that I know are proven truthful and respectful to others.
That narrows the field on here quickly.

 

[By The Book]

View attachment 81457

I might not be as computer savvy but I remember this post.
Look familiar BUG?
I'm not gullible and I'm not apologizing either.
Except for posters like Mugarolla, Inthegame, and Bubblehead this forum would be arrogant speculation.
That's why I trust people that I know are proven truthful and respectful to others.
That narrows the field on here quickly.

Oh there you go listing the haves and have nots

 

[BigUnionGuy]

I might not be as computer savvy but I remember this post.
Look familiar BUG?

Of course.

Socks and Trucks!

Except for posters like Mugarolla, Inthegame, and Bubblehead this forum would be arrogant speculation.

Well.... speculation is part of any anonymous Forum.

When you can "back it up" with facts, it makes for a more positive experience.

If it makes you feel any better, I like your choices. They (continually) add insight.

That's why I trust people that I know are proven truthful and respectful to others.

You trust people (screen names) you have never met before ?

Bless your kind heart.



-Bug-

 

[Bubblehead]

You trust people (screen names) you have never met before ?

 

[BigUnionGuy]

Kind of makes my 30 and out pension at $3200/mo look like pocket change.

Hold on.... cowboy.

Do you work for UPS ? Or, did you just start ?

Where is my $9000/mo. Thanks Central States.

I get it.

Typical attitude from UPS people.

Screw every other Teamster.... "just give me mine".


Pfft.



-Bug-

 

[10 point]

You trust people (screen names) you have never met before ?

Bless your kind heart.



-Bug-

Some posters i have conversed with, some i know by sight and they know me by sight also, and one is a personal friend who I not only know face to face but I am also proud to call him my friend.

Well.... speculation is part of any anonymous Forum.

When you can "back it up" with facts, it makes for a more positive experience.

I didn't have time to back anything I posted up with "facts" before I was belittled as gullible and "all my posts" started making sense to you .... parallel to alleged unfounded gullibility.

If you remember, I said I talked with the mechanic Fri night and posted what he said the next morning. Mugarolla posted a comprehensive group of documents backing up what our mechanic said. I never asked for an apology from you for the derogatory remarks(s) you posted but after watching the thread unfold I finally came to the realization that posting on here is a huge waste of (my) time.

Mugarolla is neither a cowboy nor "typical". "UPS people" (segregated by you like we aren't some of the hardest working union members) fight for our rights and benefits. The extra $1000.00/mo pension bump was precipitated from the UPS strike almost 20 years ago and whether the increase was right or wrong, "UPS people" bit the bullet and struck in solidarity not knowing what the future held. I work with some aggressive union members. I think they're special.

I have never heard any UPSer say screw freight nor have I seen any UPSers cross any other union's strike line. There's bad apples everywhere but they're a minority where I work.

Thanks for the kind words.
You have a good night.

 

[10 point]

Does this post display a "screw everyone else", give me mine, attitude from a UPSer?

Posted September of 2015.

I believe us UPSers care about other trades in the IBT.

 

[Mugarolla]

I get it.

Typical attitude from UPS people.

Screw every other Teamster.... "just give me mine".


Pfft.



-Bug-

I didn't say screw every other Teamster. You inferred that is what I meant. I said that if the IAMNPF could have that kind of pension, why couldn't Central States.

Apparently, the IAMNPF knew how to invest money.

And in case you did not know it, the IAMNPF is a multi-employer pension fund, just like Central States.

 

[By The Book]

Hold on.... cowboy.

Do you work for UPS ? Or, did you just start ?





I get it.

Typical attitude from UPS people.

Screw every other Teamster.... "just give me mine".


Pfft.



-Bug-

I think he meant, why can't we manage our funds so they are in great shape, like the pension fund that he mentioned. It almost sounds as if you think UPS members are spoiled little brats. Some comments you just don't say.

 

[Inthegame]

I didn't say screw every other Teamster. You inferred that is what I meant. I said that if the IAMNPF could have that kind of pension, why couldn't Central States.

Apparently, the IAMNPF knew how to invest money.

And in case you did not know it, the IAMNPF is a multi-employer pension fund, just like Central States.

A lot depends on the terms of the SPD. Is there disability coverage? What are the spousal benefits? Can participants divert earnings to increase benefits?
Years ago I looked into this disparity and was told by long in the tooth IAM mechanics that their plan (prior to the '97 strike and the service pension offerings) had a healthy reducer prior to age 65, whereas most Teamster plans paid out unreduced at age 60. That 5 years cost mucho bucko's.

 

[Mugarolla]

A lot depends on the terms of the SPD. Is there disability coverage? What are the spousal benefits? Can participants divert earnings to increase benefits?
Years ago I looked into this disparity and was told by long in the tooth IAM mechanics that their plan (prior to the '97 strike and the service pension offerings) had a healthy reducer prior to age 65, whereas most Teamster plans paid out unreduced at age 60. That 5 years cost mucho bucko's.

They had 3 plans I believe. All were merged into 1.

They have about the same as Central States, spousal benefits, disability benefits, etc.

Their normal retirement age is also 65. I believe there is a reduction for every year before 62, with the exception that they do have a 30 and out.

In so many ways it is similar to most multi-employer pensions, with the exception that it pays 3 times what most other pensions pay with about the same contribution rate and is still funded over 100%

 

[Mugarolla]

I think he meant, why can't we manage our funds so they are in great shape, like the pension fund that he mentioned. It almost sounds as if you think UPS members are spoiled little brats. Some comments you just don't say.

You got it, I don't know why Bug didn't?

Actually I do. Just as you said, he thinks all UPSers are spoiled brats.

If the IAMNPF can give a $9000/mo pension with a $10/hr contribution rate, why couldn't Central States?

And before you get your panties in a wad Bug, I mean all Central States Teamsters, not just UPS Teamsters.

 

[upschuck]

You got it, I don't know why Bug didn't?

Actually I do. Just as you said, he thinks all UPSers are spoiled brats.

If the IAMNPF can give a $9000/mo pension with a $10/hr contribution rate, why couldn't Central States?

And before you get your panties in a wad Bug, I mean all Central States Teamsters, not just UPS Teamsters.

Maybe because they didn't give full credit for partial to no contributions? Just a guess

 

[hellfire]

I think he meant, why can't we manage our funds so they are in great shape, like the pension fund that he mentioned. It almost sounds as if you think UPS members are spoiled little brats. Some comments you just don't say.

He has made it very clear many times , he has no respect for us lazy ungrateful UPS members

 

[Mugarolla]

Maybe because they didn't give full credit for partial to no contributions? Just a guess

If they did this, who did they think was going to pay for it? UPS?

He has made it very clear many times , he has no respect for us lazy ungrateful UPS members

He is one of the non-UPSers that think that UPS should pay for everybody.

If UPS makes Billions, we should have a better wage, better benefits and a better pension than, say, YRC who either loses money or barely even makes a profit. A concept that constantly knaws at Bug's craw.

I am grateful to the Union for negotiating our benefits and wages, but I have little respect for union officials that think we don't deserve it.

UPS makes Billions in profit. We should expect a very good wage and benefits without feeling "guilty."

 

[upschuck]

If they did this, who did they think was going to pay for it? UPS?

Retirees, in a few years, just like CSPF is now