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UPS Union Issues
ABF and Yellow's Intent to Leave IBT multiemployer plans
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<blockquote data-quote="barking dog" data-source="post: 204966" data-attributes="member: 10253"><p>As explained to me the process of setting up a retirement account is that of the pension fund taking money out of the fund to purchase an annunity that yields annual interest earnings in the amount of the retirees pension entitlement. What that means is that retirees money should be OK because the money is temporarily out of the fund and invested in annunities until the retiree and spouse die. Then the pension fund takes the annunity money back into the fund and starts all over again. So current retirees should be protected as far as pension payments go. </p><p> </p><p>The issue that begs to be explained is that of retirees health & welfare insurance. That insurance is a negotiated item in current contracts and in order to continue to provide it in the future, increases are needed along the way. So by letting UPS out of the central states the IBT is opening the door for other major employers to get out too and thereby dooming the health & welfare insurance of the plan.</p><p> </p><p>The problem with employers being allowed out of the central states fund is that the contributions will no longer be received in to offset the growing number of retirees from that fund. Simply put the central states fund will go belly up without the continued contributions.</p><p> </p><p>If the UPS'ers approve this in the contract vote then you can be assured that the IBT will not be able to stop Yellow and ABF from doing the same thing in their next round of contract negotiations.</p><p> </p><p>I urge every UPS'ers to take the time to investigate the full impact of this proposed UPS take over of their pensions. Call your local union and demand that a pension representative be present at the contgract ratification meetings to explain the entire issue in detail. It is just far to important of an issue to just blindly vote yes on the contract because they offered a cash signing bonus or some other form of trick to get the vote done quickly. Once it is done it is a done deal with no going back.</p><p> </p><p>Investigate; get answers; vote and most importantly vote smart.</p></blockquote><p></p>
[QUOTE="barking dog, post: 204966, member: 10253"] As explained to me the process of setting up a retirement account is that of the pension fund taking money out of the fund to purchase an annunity that yields annual interest earnings in the amount of the retirees pension entitlement. What that means is that retirees money should be OK because the money is temporarily out of the fund and invested in annunities until the retiree and spouse die. Then the pension fund takes the annunity money back into the fund and starts all over again. So current retirees should be protected as far as pension payments go. The issue that begs to be explained is that of retirees health & welfare insurance. That insurance is a negotiated item in current contracts and in order to continue to provide it in the future, increases are needed along the way. So by letting UPS out of the central states the IBT is opening the door for other major employers to get out too and thereby dooming the health & welfare insurance of the plan. The problem with employers being allowed out of the central states fund is that the contributions will no longer be received in to offset the growing number of retirees from that fund. Simply put the central states fund will go belly up without the continued contributions. If the UPS'ers approve this in the contract vote then you can be assured that the IBT will not be able to stop Yellow and ABF from doing the same thing in their next round of contract negotiations. I urge every UPS'ers to take the time to investigate the full impact of this proposed UPS take over of their pensions. Call your local union and demand that a pension representative be present at the contgract ratification meetings to explain the entire issue in detail. It is just far to important of an issue to just blindly vote yes on the contract because they offered a cash signing bonus or some other form of trick to get the vote done quickly. Once it is done it is a done deal with no going back. Investigate; get answers; vote and most importantly vote smart. [/QUOTE]
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