What's new

Yellow | Central States Reps In Kansas City Local 41 on 10-13?!

Freightmaster1

Freightmaster1

TB Legend
Credits
607
I just heard a rumor that field reps from the Central States Pension Fund will be at a meeting at Kansas City Local 41 on Saturday, 10-13-07! Can anybody out there verify this? If this is true I urge ALL Central States participants in Local 41 to attend this meeting and ask the Central States reps the hard questions that we so far have not been able to get answered! UPS members in Central States need to have a lot more info to make informed decisions about their retirement security.

Freight members are especially concerned about the stability of the fund after the exit of over 40,000 participants, at $258.00 a week in contributions, leave the fund! This should be an interesting meeting, one no one will want to miss!

Can anyone verify this rumor?

SOLIDARITY!
FIGHT THE POWER!:USA:
 
Before getting too concerned, keep in mind that UPS will be putting 6.1 BILLION into the fund just to get out. Thats almost 12 years of contributions at the 10,320,000 a week rate with the UPS guys getting nothing because they will be covered by the new fund. Thats quite a shot in the arm for Central States.

I honestly have no idea how this will effect Central States but thats a lot of money.
 
Of course we could go down the road and not change a thing, and then the pension pay outs will be cut at the beginning of next year. So sayeth the federal government. It kills me the amount of people who think the sky is falling by any kind of change. Believe it or not, but sometimes change is actually for the best.
 
Looks like the newspaper reports that said "cuts" to the pension payouts at the beginning of next year were wrong. According to CS, that's not exactly the case.
 
CFer said:
Before getting too concerned, keep in mind that UPS will be putting 6.1 BILLION into the fund just to get out. Thats almost 12 years of contributions at the 10,320,000 a week rate with the UPS guys getting nothing because they will be covered by the new fund. Thats quite a shot in the arm for Central States.

I honestly have no idea how this will effect Central States but thats a lot of money.
Click to expand...

Not to mention if ABF pulls out and have to pay a pretty good chunk also.
 
nuckinfutz said:
I dont think ABF is going to pull out. If they do they wont have the money to give a replacement for what they bought out of.
Click to expand...

Not to mention that Bob D. started out saying that writing the check would be the easy part of getting out and now he wants to write lots of checks spread out over 20 years to pay out $650,000,000.00. Guess he spoke before he found out they would have to borrow all that money to pay their way out. Just facts is all he wants to talk about. Yeah right.
 
hillbilly frog said:
Not to mention that Bob D. started out saying that writing the check would be the easy part of getting out and now he wants to write lots of checks spread out over 20 years to pay out $650,000,000.00. Guess he spoke before he found out they would have to borrow all that money to pay their way out. Just facts is all he wants to talk about. Yeah right.
Click to expand...

You're right. Except he is out, of his freakin mind. :hysterical: These swamp holly orange guys prolly want their thread back....see ya back at anything but family
 
mikey said:
what did you guys find out about cspf at the union meeting?
Click to expand...


--------------------------------------------------------------------------------

Here is what i understand, CSPF right now is $21.4 Billion & about 60 to 62 percent funded, come 08 the New pension Protection Act comes in. Under the New Pension Protection Act, CSPF would be in what they call the RED ZONE, I think the RED ZONE includes up to 65 percent funded. (Any body Retired "BEFORE"2008 WILL NOT BE PART OF THE PENSION PROTECTION ACT) If the fund is in the RED ZONE there has to be a plan to get out of the RED ZONE & into the YELLOW ZONE (ABOVE 65 Percent) This plan "COULD" INCLUDE BENEFIT MODIFACATION / CUTS for present employees & any body Retired from 2008 on. Now if the UPS deal goes, the 6.1 Billion into CSPF would bring the fund to about 70 to 75 percent funded. So as long as CSPF stays in the yellow zone (Above 65 percent) no real problem, BUT, if the plan were to fall to 65 percent or below then the Pention Protection Act comes alive & the plan to get the fund back above 65 percent kicks in. BENEFIT Modification could surface, in other words BENEFIT CUTS! On a good NOTE, the CSPF investments are performing "WELL" obove average, Hope this helps. (NOW THE ABOVE IS ONLY MY UNDERSTANDING OF THIS) Mustache Retired Roadway:smilie_132:
 
Good point Flattop, I had also heard earlier this week that even with the 6.1 billion dollars that UPS will be putting into the fund in order to get it's employees out ,that the fund will still be underfunded to the tune of approximately 30% That doesn't instill much hope for the future of the fund.
 
You must log in or register to reply here.
Top