Have not heard anything about our pensions and the effects financially at all.
We all should be worried about the rising costs of Health coverage, especially retirees'...Sure they will raise most of everybody's pension benefit....but will it be cancelled out by co-pays and deductibles increases or reduced coverage.
Truth be known..Both sides do not want any early retirement improvements. It is to their best interest to make everybody work pass age 65, just think about the cost involved in the retiree's early retirement health and welfare coverage..the bail-out passage of the Central States Pension Plan provided UPS an out of covering any reduction for our current and future retirees, it has always been in their game plan to make their Union employees who have vest time under the Central to work past age 60 or best yet age 65...
Currently the employers are contributing around 500 a week for every full time (active) Union Employee, that is why most of us never had issues with our coverages. I believe that when you retire before age 65 these employers do not pay into your health and welfare coverage...that retiree health coverage is inferior to the one when you are active...read the fine print..
The Central and Southern Supplement will be the big battle, those service benefits under the UPS Pension Plan for Part Timers and the IBT/UPS Pension Plan for full timers have pretty much been locked into place since 2007 while others like the West have been growing to the point of paying out almost 300 dollars a service year.
www.reuters.com
