Funding the VEBA

[bigphish]

Well since we were lied to and the veba is not fully funded, i purpose a few things that should be done before my next profit sharing check is raped................... 1. Sell black lake now most of us have never been and never will. ..............2. Sell all local union halls ,these buildings sit empty all day, the company provides a place for the union to do their business. how much money is spent on upkeep and utilities at all these buildings some of which are only a mile or two apart. hold union meetings at a rented V.F.W. , elks or a moose hall i'm sure it would be cheaper...............3. Sell the regional buildings to, its a joke how much of are dues are wasted with all these buildings just so people have a place to hide from us........................4 The iuaw just voted themselves a raise, we didn't get one why should they. I say give it back and put in the veba just like we did with the last raise we were supposed to get.............................are there separate vebas for each company or do all retirees benefit from the same one. If it is one how can 10% be fair when each company earns a different amount of profits or none at all............................. iuaw is like the government, way to big and out of touch with the people who pay their wages.................... one man one vote the bullshit has to stop.

[MTP'er]

While were at it why don't we take the strike fund and put that towards the VEBA also. It's not getting used plus there already dipping into it for there lobbying efforts. Hey why not also take the "V" cap fund and rename for the VEBA and take that money also.

[bigphish]

i was going to add the strike fund but i forgot, thanks for adding that. how short is the veba ? how much do they need to get it funded at the level they lied about ? is it a never ending money grab ?

[Trufflebuns]

Two little words:

 

Perp Walk

 

(Cannot wait for news at eleven)

[trailfndr]

Each company has its own VEBA. Fords was funded at only 57%, which was what the IUAW agreed to in the contract modifications a few years ago, so the company is now off the hook for any further funding. Once again, the Forethought and insight that our leadership has shown, puts us all on shaky ground with a distinct possibility that the VEBA won't be there when WE retire. SO now we have this Grand Idea that 10% of future profits will go to the VEBA...they have put it into the contract language, and yet we still don't know if its even LEGAL to do so or not If its not, then the IUAW will surely re-open the contract to find a way to take it from US, the ones paying for their "Superior" leadership skills.

 

The Company is laughing all the way to the BANK!!

[bigphish]

Thanks Trailfndr, but 57% of what. How much more money is needed to get it funded correctly. I do not trust anyone at the solidarity house, especially when it comes to money. They have lied to us way to many times to be trusted. As i stated earlier they put us in this mess and now they want us to bail them out. they are not held accountable because they are not voted in. Something has to change. The company isn't the only one laughing at us, so are all the appointed pricks in the solidarity house.

[trailfndr]

Thanks Trailfndr, but 57% of what. How much more money is needed to get it funded correctly. I do not trust anyone at the solidarity house, especially when it comes to money. They have lied to us way to many times to be trusted. As i stated earlier they put us in this mess and now they want us to bail them out. they are not held accountable because they are not voted in. Something has to change. The company isn't the only one laughing at us, so are all the appointed pricks in the solidarity house.

 

 

Brother, you are preaching to the choir. Cause I agree 150% with you. Its a damned shame that the people pulled up to Solidarity House are the very ones that the people want OUT of office in the plants cause they have proven to be totally useless.

 

One member, One Vote for ALL offices

[longball]

If any of us felt Ford was going to give the Union enough money to fund retirement health care for everyone retired and working for their entire lives without future funding, hasn't been listening to what is going on in the escalating costs of health care....Ford wanted off this unending spiral ...and the union wanted the control of the money and the power...this should never have happened, but Ford couldn't justify spending so much money for benefits. I know it sucks but what are we going to do? We all know the rank and file would not strike for retirees, right? Ford said they had enough of these costs that they had no control over....So the union stepped up and now they are the bad guy . I doubt the union could provide the same bennies the company, did for just the current retirees, let alone the future retirees. So the funding must be our responsibility. If you are working and don't want retiree health care for yourself and your family, you should be able to opt out.

[pick6]

i was going to add the strike fund but i forgot, thanks for adding that. how short is the veba ? how much do they need to get it funded at the level they lied about ? is it a never ending money grab ?

You, my friend and i will never really know whats in it ,go on line and read the..."Early Retiree Reinsurance Plan",,single biggest benefactor was veba to tune of 200+ million,,{part of obamacare}

Edited November 7, 2011 by pick6

[bigphish]

With all the union reps who comment on here, can we get a simple answer. How much money is needed to get the veba funded correctly, or is that to much to ask.

[Pioneer]

With all the union reps who comment on here, can we get a simple answer. How much money is needed to get the veba funded correctly, or is that to much to ask.

 

 

It has to cover the current retirees plus the current 40k working first tier workers when they retire.

 

I don't think anybody can answer how much the fund will need to be "fully funded".

[longball]

We need to realize that medical for retirees is now funded by us....not Ford...now the union has to come up with creative ways to get "compensation" that can have some revenue come off the top for the VEBA. They did that on this contract, and as long as Ford makes money, current employees get a nice profit sharing check and their future medical retirement benefits also get funded....that beats paying for it on a monthly basis....don't you think? If you don't want to pay for your future benefits with a diversion from profit sharing, how do you want to pay for them?

Edited November 8, 2011 by longball

[bigphish]

If you read the beginning of this thread a few ideas were suggested. I am quite sure nobody in the iuaw likes any of them but i do. If we the current 40,000 employees give 10% of are profit sharing, are there any guarantees there will be anything left when we retire. I don't think so, but i'm quite sure the people in the solidarity house aren't to worried with there two pensions and all.

[longball]

You guys crack me up with this 2 pension BS....If after retirement you work for another company that has a retirement program....shouldn't you be covered? Use some common sense.

[trailfndr]

You guys crack me up with this 2 pension BS....If after retirement you work for another company that has a retirement program....shouldn't you be covered? Use some common sense.

 

 

 

Agreed.HOWEVER, Being in the IUAW is getting two pensions for the SAME PERIOD OF TIME...A Full Ford Pension based on combined years worked in plant, AND at IUAW , along with a pension from IUAW...thats WRONG!

 

 

I have no problem with someone retiering, getting their pension, and going back to work and earning a second pension, but WE pay the IUAW pensions that they get after 5 years, while they are still earning time towards their Ford pension

[bigphish]

Hey Longball, glad us guys crack you up. So your saying the iuaw is a corporation, if so, we pay their wages and their retirement that would make us the boss, Only thing is the inmates are running the asylum. I am just making some suggestions and asking some questions. I don't think you like any of them. Why should it just be us, the one's who go to work and bust our asses everyday, why should we keep taking financial hits, while others can vote themselves a raise. If those positions at solidarity house were voted for by the membership nobody there would be re-elected. The iuaw is going to make a ton of money off of the big 3 contracts, maybe they should vote themselves another raise, Everyone knows they earned it. I am still looking for some simple answers to previously asked questions. HOW MUCH MONEY IS NEEDED TO FUND THE VEBA !! Like you Longball, i to am tired of the BS.

[Empire]

Hey Longball, glad us guys crack you up. So your saying the iuaw is a corporation, if so, we pay their wages and their retirement that would make us the boss, Only thing is the inmates are running the asylum. I am just making some suggestions and asking some questions. I don't think you like any of them. Why should it just be us, the one's who go to work and bust our asses everyday, why should we keep taking financial hits, while others can vote themselves a raise. If those positions at solidarity house were voted for by the membership nobody there would be re-elected. The iuaw is going to make a ton of money off of the big 3 contracts, maybe they should vote themselves another raise, Everyone knows they earned it. I am still looking for some simple answers to previously asked questions. HOW MUCH MONEY IS NEEDED TO FUND THE VEBA !! Like you Longball, i to am tired of the BS.

 

Depends on the percentage of medical insurance increases year over year

 

It depends on the increases that insurance companies tell the Republicans to support up to double digit increases year over year

 

So to fund the veba to 100% you would have to ensure that the republicans are not getting greased palms from insurance companies and pass the profit cost on to the veba

[TBodette68]

If any of us felt Ford was going to give the Union enough money to fund retirement health care for everyone retired and working for their entire lives without future funding, hasn't been listening to what is going on in the escalating costs of health care....Ford wanted off this unending spiral ...and the union wanted the control of the money and the power...this should never have happened, but Ford couldn't justify spending so much money for benefits. I know it sucks but what are we going to do? We all know the rank and file would not strike for retirees, right? Ford said they had enough of these costs that they had no control over....So the union stepped up and now they are the bad guy . I doubt the union could provide the same bennies the company, did for just the current retirees, let alone the future retirees. So the funding must be our responsibility. If you are working and don't want retiree health care for yourself and your family, you should be able to opt out.

 

It is up to the Union to make the company fully fund the veba. They won't do their job, instead they will continue to mess with retirees healthcare steal enough from the hourly people still working and funnel any money they can to support Democrats. I would like to know what kind of a health plan the IUAW retirees have? We also need some accountability with the strike fund.

[pick6]

You, my friend and i will never really know whats in it ,go on line and read the..."Early Retiree Reinsurance Plan",,single biggest benefactor was veba to tune of 200+ million,,{part of obamacare}

The top beneficiary: the United Auto Workers retiree medical plan, collecting more than $220 million.

 

 

link to article http://news.yahoo.com/obama-health-care-law-unexpected-beneficiaries-070739167.html;_ylc=X3oDMTNrcWluN3VtBF9TAzc2NjM1MzYEYWN0A21haWxfY2IEY3QDYQRpbnRsA3VzBGxhbmcDZW4tVVMEcGtnA2Y4OWQ5NTBkLTVkYzQtMzQ5YS05ODFkLTdhZDNiNWQ2YjI0MARzZWMDbWl0X3NoYXJlBHNsawNtYWlsBHRlc3QD;_ylv=3

Edited November 9, 2011 by pick6

[bigphish]

Crickets

[Skilled1]

Good news, thanks for reporting the 220,000,000 goes into the veba.

 

These veba accounts are all separate and not any part of the UAW finances, VEBA accounts are a separate entity

 

The Vebas are stronger for this thanks to the good relationship with the President of the United States and the windfall of funding for our Retiree health care

[bigphish]

So i guess the answer is the company funded our veba 57%, but 57% of what ? How much more is needed to get it funded ? answer 43%, but how much money is 43% ? Does anyone have the answer ? This shit is going to turn into a runaway train, 10% of our profit sharing this contract, how much next contract 50%, over half of this workforce will be able to retire in the next 15 years, will there be anything left when we retire. How many retiree's are getting benefits from the veba now ? Are we just paying for them only to get screwed when we retire. I'm just looking for some answers. If this line of questioning offends anyone sorry. I just want the truth, tired of the lies and deception.

[2B Home]

From the 2011 UAW-Ford National Negotiations Media Fact Book, page 16:

 

"The ratio of the number of hourly retirees and surviving spouses receiving benefits to hourly employees on-roll has

changed from 1-to-62 in 1950 (when only 1,800 people were receiving plan benefits with 111,400 employees on-roll), to

a ratio of 3-to-1 at year-end 2010 (with approximately 132,000 people receiving plan benefits and approximately 41,000

employees on roll."

UAW-Ford 2011 National Negotiations Media Fact Book.pdf

[Sweetheart]

If any of us felt Ford was going to give the Union enough money to fund retirement health care for everyone retired and working for their entire lives without future funding, hasn't been listening to what is going on in the escalating costs of health care....Ford wanted off this unending spiral ...and the union wanted the control of the money and the power...this should never have happened, but Ford couldn't justify spending so much money for benefits. I know it sucks but what are we going to do? We all know the rank and file would not strike for retirees, right? Ford said they had enough of these costs that they had no control over....So the union stepped up and now they are the bad guy . I doubt the union could provide the same bennies the company, did for just the current retirees, let alone the future retirees. So the funding must be our responsibility. If you are working and don't want retiree health care for yourself and your family, you should be able to opt out.

I totally agree. People tend to forget about retirees. I believe most young people also forget that if they plan on staying at Ford Motor Company, one day they will wish to retire. After about 20 to 30 years I believe their bodies will be a tad broken, and with any kind of luck they will still have VEBA, If not well, hopefully they have a health retirement plan of some kind. Please lets not forget our retirees.

[Furious1Auto]

Thanks Trailfndr, but 57% of what. How much more money is needed to get it funded correctly. I do not trust anyone at the solidarity house, especially when it comes to money. They have lied to us way to many times to be trusted. As i stated earlier they put us in this mess and now they want us to bail them out. they are not held accountable because they are not voted in. Something has to change. The company isn't the only one laughing at us, so are all the appointed pricks in the solidarity house.

 

 

57% of the sum needed to sustain it for 80 years at it's initial funding commitments of coarse. They reduced retirees benefits, and it's still short 57%. 57% of 80 years = 45.6 years + the threat of a repeal of the health care bill that would have made their nest egg spendable.

 

Told you so Level/Captain!

Edited November 19, 2011 by Furious1Auto