Teamsters face 31 percent pension cut

[UpstateNYUPSer(Ret)]

The proposed cuts have been delayed until October 1st of this year.

 

[twoweeled]

Premiums for retirees here just increased almost 300%, from $150/mo to $440/mo.

Of course. Retirees can't do anything about it. Easiest target. Active employees should remember the obvious. Active employees will face the same crap someday sooner than you think.

 

[retired2000]

Yes ups money is used to pay other teamsters pension

 

[oldngray]

Yes ups money is used to pay other teamsters pension

Teamsters let other trucking companies skip out of paying what they were obligated.

 

[jpjm65]

Amid this anger, Local 294 is starting to look to Congress for some help.

This "help" is in the form of a $1B loan with a 1% interest rate and 10 year grace period before repayment must begin. It is the hope that the $1B infusion will keep benefits at their current levels and that the fund will rebound over the next 10 years to the point where it can sustain benefits and make their loan payments.

This sounds like something I read about in The Creature from Jeckyll Island by G Edward Griffin.

 

[UpstateNYUPSer(Ret)]

Latest update:

https://www.nystpensionfund.org/media/1153/20170505mpra-application-update.pdf

 

[UpstateNYUPSer(Ret)]

Well.....it's "official":

The proposed cuts have been lowered to 18% for actives and 29% for retirees and will be effective Oct. 1st of this year. The rehab plan application has been accepted by the Treasury and voting will begin sometime next month. The treasury will monitor the voting process and has the right to ignore the results of the vote and impose the cuts, which is most likely what is going to happen.

 

[UpstateNYUPSer(Ret)]

Here is the latest update:

https://www.nystpensionfund.org/media/1154/20170512mpra-application-update.pdf

 

[oldngray]

Well.....it's "official":

The proposed cuts have been lowered to 18% for actives and 29% for retirees and will be effective Oct. 1st of this year. The rehab plan application has been accepted by the Treasury and voting will begin sometime next month. The treasury will monitor the voting process and has the right to ignore the results of the vote and impose the cuts, which is most likely what is going to happen.

Will UPS cover the reductions for UPS retirees like the Central States agreement?

 

[UpstateNYUPSer(Ret)]

Will UPS cover the reductions for UPS retirees like the Central States agreement?

Nope.

 

[retired2000]

Not in this proposal this still has to be approved

 

[UpstateNYUPSer(Ret)]

Not in this proposal this still has to be approved

It will be approved regardless of how the members vote.

 

[UpstateNYUPSer(Ret)]

Here are two more updates:

https://www.nystpensionfund.org/media/1155/20170518mpra-update-notice.pdf

https://www.nystpensionfund.org/media/1157/20170524nys-protect-our-pensions-summary.pdf

 

[UpstateNYUPSer(Ret)]

Two more updates:

https://www.nystpensionfund.org/media/1162/20170526ibt-plan-actuarial-review-summary-letter.pdf

https://www.nystpensionfund.org/media/1160/20170531tonko-letter-to-john-bulgaro.pdf

 

[UpstateNYUPSer(Ret)]

I read Mr. Bulgaro's 2 page letter. It's amazing to me how politicians can say so much without saying anything at all.

 

[What'dyabringmetoday???]

Well.....it's "official":

The proposed cuts have been lowered to 18% for actives and 29% for retirees and will be effective Oct. 1st of this year. The rehab plan application has been accepted by the Treasury and voting will begin sometime next month. The treasury will monitor the voting process and has the right to ignore the results of the vote and impose the cuts, which is most likely what is going to happen.

Please stop posting misinformation.

 

[UpstateNYUPSer(Ret)]

Please stop posting misinformation.

Correct me if I am wrong.

 

[What'dyabringmetoday???]

Correct me if I am wrong.

So you are saying 45 days have passed? Forgive me if I missed something.