FedEx Freight | The Union Debate Thread

[Redracer3136]

Goldman Sachs was running the central states pension fund when it lost $8 billion that they got from UPS. I think maybe they should put a truck driver in charge. might of made safer bets with that money.

Had nothing to do with Goldman Sachs, rather truck drivers, via the IBT, trying to tell companies how to run their businesses that ran so many out of business which created to many orphans in the system!! No investment company, including drivers, could gain a big enough return to cover all of the orphans!!
The whole Goldman Sachs excuse is just a lie told to the members of the union by the IBT in order to cover their own asses!!

http://m.startribune.com/schafer-why-the-central-states-pension-fund-is-doomed-to-fail/381592571/

 

[Redracer3136]

As long as it's not Red. He fails to see the problem with our fund being severely underfunded and conveniently forgets if fed ex claims its underfunded they can take it back.

Again, if you're relying solely on our pension to retire, you've got bigger problems than just our pension!!

 

[Redracer3136]

Its funny how you jump all over cspf but when someone has a valid point about our pension being underfunded by over 5 billion you just bulk and ignore it.

Not jumping on anything, just pointing out since you guys think you know so much, what in the hell are you doing driving a truck??

 

[SAC75]

Had nothing to do with Goldman Sachs, rather truck drivers, via the IBT, trying to tell companies how to run their businesses that ran so many out of business which created to many orphans in the system!! No investment company, including drivers, could gain a big enough return to cover all of the orphans!!
The whole Goldman Sachs excuse is just a lie told to the members of the union by the IBT in order to cover their own asses!!

You're just a truck driver. How would you know. I'm just going by your logic with that one.

 

[Redracer3136]

You're just a truck driver. How would you know. I'm just going by your logic with that one.

http://m.startribune.com/schafer-why-the-central-states-pension-fund-is-doomed-to-fail/381592571/

 

[SAC75]

Had nothing to do with Goldman Sachs, rather truck drivers, via the IBT, trying to tell companies how to run their businesses that ran so many out of business which created to many orphans in the system!! No investment company, including drivers, could gain a big enough return to cover all of the orphans!!
The whole Goldman Sachs excuse is just a lie told to the members of the union by the IBT in order to cover their own asses!!

http://m.startribune.com/schafer-why-the-central-states-pension-fund-is-doomed-to-fail/381592571/

Your article fails to mention how they " Goldman Sachs" lost $8 billion dollars. And how the government oversight committee on Central states failed to take action when it was needed. Still doesn't change the fact that FedEx is 5 billion underfunded on their own pension plan. Single employer by the way so they have no excuse.

 

[Crazy Trucker]

Again, if you're relying solely on our pension to retire, you've got bigger problems than just our pension!!

lmao good one. So its alright that ours is underfunded and may not even exist when many retire? Lets talk about ours not someone else's that has nothing to do with any employee that works here. I know thats all you got in this argument but its not a valid point when you look at our own pension.

 

[Redracer3136]

Your article fails to mention how they " Goldman Sachs" lost $8 billion dollars. And how the government oversight committee on Central states failed to take action when it was needed. Still doesn't change the fact that FedEx is 5 billion underfunded on their own pension plan. Single employer by the way so they have no excuse.

Correct, the article clearly states...

"Distributions from the fund have exceeded contributions since 1984, and the ratio of retirees to active participants crossed the threshold of one-to-one in the mid-1990s.

Investment income masked the problem for a while, but after the 2000 dot-com bust, benefits started being paid out of principal, not investment income."

The fund was doomed long before 2008 and Goldman Sachs!!

 

[Redracer3136]

lmao good one. So its alright that ours is underfunded and may not even exist when many retire? Lets talk about ours not someone else's that has nothing to do with any employee that works here. I know thats all you got in this argument but its not a valid point when you look at our own pension.

Again, how do you know it won't exist?? Now you can see the future??

 

[Crazy Trucker]

Again, how do you know it won't exist?? Now you can see the future??

Well lets see here its already over 5 billion in the hole and is only 8 years old. The only difference in ours and cspf is they will get a portion of theirs, but when they take ours we wont get anything.

 

[SAC75]

Correct, the article clearly states...

"Distributions from the fund have exceeded contributions since 1984, and the ratio of retirees to active participants crossed the threshold of one-to-one in the mid-1990s.

Investment income masked the problem for a while, but after the 2000 dot-com bust, benefits started being paid out of principal, not investment income."

The fund was doomed long before 2008 and Goldman Sachs!!

And like I said. The government oversight committee should have stepped in a long time ago. The government forced central states to raise the pay out because we were over funded. It doesn't matter everybody knows central states is underfunded. Doesn't change the fact that FedEx is 5 billion underfunded and you're going after central states about miss management?

 

[R.C..]

Yes, indeed that name has been taken.

 

[SAC75]

I think we can all agree on one thing. Unless your retirement is put into your own name and under your control its not really very safe.

 

[Redracer3136]

And like I said. The government oversight committee should have stepped in a long time ago. The government forced central states to raise the pay out because we were over funded. It doesn't matter everybody knows central states is underfunded. Doesn't change the fact that FedEx is 5 billion underfunded and you're going after central states about miss management?

Yes, everyone knows the CSPF is underfunded, the debate is why...and as I pointed, it had nothing to do with Goldman Sachs and 2008, it was doomed to fail way back in the mid 80's and crossed the threshold in the early 90's.
Quit believing the lie told by Ken Hall, it's just another lie!!

 

[Redracer3136]

I think we can all agree on one thing. Unless your retirement is put into your own name and under your control its not really very safe.

Agreed...which is why those who are smarter have taken their retirement into their own hands and don't rely on others to provide it for them.

 

[Redracer3136]

Well lets see here its already over 5 billion in the hole and is only 8 years old. The only difference in ours and cspf is they will get a portion of theirs, but when they take ours we wont get anything.

Yet, when we listen to the audio of the shareholders meeting, around the 59 min mark the Chairman says "to the best of his knowledge, our pension plan is extremely well funded". As a driver, I know there are many variables involved when looking at the numbers so I'll take the word from a man that's built a multi-billion dollar company over the truck drivers that work for that man.

 

[SAC75]

Yes, everyone knows the CSPF is underfunded, the debate is why...and as I pointed, it had nothing to do with Goldman Sachs and 2008, it was doomed to fail way back in the mid 80's and crossed the threshold in the early 90's.
Quit believing the lie told by Ken Hall, it's just another lie!!

Who says I listen to Ken Hall? i've never voted for the Hoffa team, not once. But acting like the government didn't have anything to do with this is a joke also. They had the power to change pension law and to rite the ship a long time ago. Instead they forced central state to pay out more money, almost double back in the late 90s early 2000's claiming a pension fund cannot be over 100% funded while ignoring, like what your talking about, the huge gap of working contributors to people collecting. The Goldman Sachs thing didn't help us with anything either so quit acting like that didn't have anything to do with it. Central states is, according to what I last seen the government say, under funded by $17 to $18 billion. If they wouldn't have lost $8 billion in the stock market we would be less than 10 billion underfunded considering compound interest and all.

 

[troubleman84]

Fine, if you choose to work until you're 65 AND you contribute to your 401K, I guarantee you'll draw atleast what a UPSF employee will draw, if not more.
You have no proof that our pension won't exists, just more doom and gloom.

 

[SAC75]

Here is my reference to the numbers I was throwing out in my last post Red.

As reported by In These Times, chronic financial problems with the Central States Pension Fund are threatening to force cuts in the pension payments to hundreds of thousands of retirees. Rep. Kaptur summed up the problem by estimating the plan has about $16.8 billion in assets but long-term pension benefit obligations of $35 billion. Without benefit cuts, or an infusion of new money, the plan ultimately faces insolvency.

 

[pops11359]

Ok we've had this conversation several times but I'm bored so why not? How long have you payed into that pension to get that $200 a month? You do understand that it's part of a larger package and not intended to be to be your sole retirement package right? Look I'm not now and have never said it was a terrific deal and Fedex can certainly do better but there's a clear double standard at work here and that's annoys me. Fedex likes to pretend it's a great deal which you guys like to call BS on, the same applies to you guys acting like you've got nothing both are exaggerations.

Please show me where I said that I was relying solely on the pension for my retirement. I do believe that I have done ok on my own, I took the initiative to look after myself years ago. I'm not counting on getting any help from this "wonderful" pension that Mr smith has set up for us, why it's just the greatest thing since sliced bread. I was just pointing out what my last statement said, and no I don't believe I will receive anything from this plan because I don't think it will be in existence when I do retire. I'm basically debt free now, just a few more years to pay off my house and it will be payed off early.
As far as how long have I payed into this plan, well as you you know I haven't personally paid anything into this plan since it started, well I guess you could say that I lost the 2.5%that was added into 401 even if you didn't participate in the 401, but then again that wasn't my money either so it's a moot point.
So pension started in 2008, amount I have contributed, $0.00, amount I expect to receive when I retire, $0.00. No I can't tell the future, this is just my opinion.