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<blockquote data-quote="OZZ" data-source="post: 253025"><p>UPS and the union didn't negotiate the 6 Billion figure. That figure is determined by law on a formula based on how underfunded the current plan is and how large UPS's liability is in the current plan. If UPS wanted to withdraw from a fully funded plan, the withdrawl would cost them virtually nothing. UPS wants to withdraw from the plan. They are not bailing out or buying out the plan. It will probally save them a great deal of money in the long run. The reason the union agreeded to so many give backs is because the 6 billion will keep it 70% funded in the short term so the FEDS have to stay away from it. Handling tens of billions has its perks. So the union leadership got what they wanted and UPS will make out great also. The workers accept massive givebacks, and all our accrued pension money up till this point stays in a CS pension fund that looks healthier short term but is severely weakened longterm. My 25 plus years in CS wont net me much of a pension check 15 years from now if CS goes belly up without UPS's future contributions! Long time UPSers wake up! we are being sold out by both sides! They are not rolling your earned pension money into the new plan. We will have our pensions go down the drain along with all the other CS participants. We will likely see only a portion of our CS pension!</p></blockquote><p></p>
[QUOTE="OZZ, post: 253025"] UPS and the union didn't negotiate the 6 Billion figure. That figure is determined by law on a formula based on how underfunded the current plan is and how large UPS's liability is in the current plan. If UPS wanted to withdraw from a fully funded plan, the withdrawl would cost them virtually nothing. UPS wants to withdraw from the plan. They are not bailing out or buying out the plan. It will probally save them a great deal of money in the long run. The reason the union agreeded to so many give backs is because the 6 billion will keep it 70% funded in the short term so the FEDS have to stay away from it. Handling tens of billions has its perks. So the union leadership got what they wanted and UPS will make out great also. The workers accept massive givebacks, and all our accrued pension money up till this point stays in a CS pension fund that looks healthier short term but is severely weakened longterm. My 25 plus years in CS wont net me much of a pension check 15 years from now if CS goes belly up without UPS's future contributions! Long time UPSers wake up! we are being sold out by both sides! They are not rolling your earned pension money into the new plan. We will have our pensions go down the drain along with all the other CS participants. We will likely see only a portion of our CS pension! [/QUOTE]
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