Teamsters Pension Fund to cut Benefits 50%+ as Fund Could Bankrupt Govt. PBGC

[UpstateNYUPSer(Ret)]

$9.85?

It's right around there.

 

[reginald95]

Can someone clarify something for me? I thought this whole pension fiasco is about other company teamster that went under. I thought all UPS teamsters are ok. Sounds like that just a bad luck that those other companies went under while UPS remains strong.

 

[rod]

Can someone clarify something for me? I thought this whole pension fiasco is about other company teamster that went under. I thought all UPS teamsters are ok. Sounds like that just a bad luck that those other companies went under while UPS remains strong.

The bottom line is from what I understand is---if you are a 70 year old ex UPS'er OR retired after Dec.31, 2007 you are not affected. Those that retired before 2008 are screwed. (Waiting for your asinine response Upstate).

 

[Brownslave688]

It's an hourly contribution based on the first 40 hours per week.

Depends on where you work.


Here they pay our full month if we work 1 day.

 

[UpstateNYUPSer(Ret)]

The bottom line is from what I understand is---if you are a 70 year old ex UPS'er OR retired after Dec.31, 2007 you are not affected. Those that retired before 2008 are screwed. (Waiting for your asinine response Upstate).

12/31/07 is before 2008. Just sayin'.

 

[The Blackadder]

Don't worry there is always social security to fall back on. What could go wrong with that?

 

[Brownslave688]

Don't worry there is always social security to fall back on. What could go wrong with that?

And all of my friends mock me because I have 6 figures wrapped up in retirement accounts.

 

[Mugarolla]

Can someone clarify something for me? I thought this whole pension fiasco is about other company teamster that went under. I thought all UPS teamsters are ok. Sounds like that just a bad luck that those other companies went under while UPS remains strong.

The CSPF wants to cut all retirees benefits, even those from UPS.

Those that retired before 2008 may see a 50% cut.

Those that retired 2008 and later may see a 40% cut.

The only difference is that UPS has contractually agreed to make up any cuts to 2008 and later retirees.

They will still see the cut from the CSPF, but it will be made up for by UPS.

The pre 2008 retirees will not see UPS make up any cuts.

 

[hellfire]

The CSPF wants to cut all retirees benefits, even those from UPS.

They can write that on their bankruptcy request when they piss off upsers enough

 

[The Blackadder]

And all of my friends mock me because I have 6 figures wrapped up in retirement accounts.

Me and the wife put away as much as we can. No way we are counting on SS and a teamster pension.

 

[Ms.PacMan]

The CSPF wants to cut all retirees benefits, even those from UPS.

Those that retired before 2008 may see a 50% cut.

Those that retired 2008 and later may see a 40% cut.

The only difference is that UPS has contractually agreed to make up any cuts to 2008 and later retirees.

They will still see the cut from the CSPF, but it will be made up for by UPS.

The pre 2008 retirees will not see UPS make up any cuts.

Those that worked after 2008 with 20yrs (retired or not) in CS got a 40% cut. Those of us with less than 20yrs total in CS got letters with a 70% cut (that we have to sweat out hoping UPS will make up the difference in every contract going forward until we can retire)!

 

[brownmonster]

It's an hourly contribution based on the first 40 hours per week.

Not here. One punch, paid for the week.

 

[Insaneasylum]

The CSPF wants to cut all retirees benefits, even those from UPS.

Those that retired before 2008 may see a 50% cut.

Those that retired 2008 and later may see a 40% cut.

The only difference is that UPS has contractually agreed to make up any cuts to 2008 and later retirees.

They will still see the cut from the CSPF, but it will be made up for by UPS.

The pre 2008 retirees will not see UPS make up any cuts.

The problem with that is the contract can change. Everyone always thinks of there self come contract time. Just like the old timers keeped passing longer and longer progression for top wage so you could keep getting .70-1$ raises a year. Now your going to have to hope the new guys don't vote in a new contract with out that language of ups making up the difference. But why should they when you didn't think they should be paid as much.

 

[PT Car Washer]

The problem with that is the contract can change. Everyone always thinks of there self come contract time. Just like the old timers keeped passing longer and longer progression for top wage so you could keep getting .70-1$ raises a year. Now your going to have to hope the new guys don't vote in a new contract with out that language of ups making up the difference. But why should they when you didn't think they should be paid as much.

And don't forget about the PT who have seen a $2/hr starting raise in the last 35 years but a four year progression. Of course PT do not vote, unless UPS offered a $500 signing bonus would encourage their vote.

 

[Mugarolla]

The problem with that is the contract can change. Everyone always thinks of there self come contract time. Just like the old timers keeped passing longer and longer progression for top wage so you could keep getting .70-1$ raises a year. Now your going to have to hope the new guys don't vote in a new contract with out that language of ups making up the difference. But why should they when you didn't think they should be paid as much.

Yes it can, but that clause is also in the UPS/IBT pension.

Part of the agreement for the buyout.

So they have to change the contract and the pension requirements.

It may be hard to do both, but not impossible.