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Brown Cafe UPS Forum
UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="Bill" data-source="post: 215705" data-attributes="member: 5483"><p><strong>Re: What Are The Teamsters Doing To Fix The Pension Problems?</strong></p><p></p><p></p><p>Each year for the past 3 years, UPS has contributed $26 per employee per week into the pension fund. This year on August 1, 2007 UPS will add another $28 per week per employee into the pension fund. That totald $26+26+26+28=$86 per week additional money that UPS contributes weekly. They put more money in, but we don't see a penny of it. Instead we are forced to take cuts due to the sad state that our Central States pension fund is in. If you read the entire annual report, you will see that the fund had a return of 13.4%, which by any standards is a great return. However, even with this big return, CS still had $3 billion more in liabilities than the previous year. What if the investments can't pull down these huge returns yearly. A smart person like you can surely see that if this happens, CS will incur a huge shortfall. The big question is: Do we continue to keep pouring money into this bottomless pit (Teamsters and CS) that keeps draining our money, or is it about time to change course, as the present one does not work and will never work. I see the only viable solution is to cut our loses and start a new fund for UPS people only. This way we are able to keep 100% of the pension money and not have it abused as the Teamsters have done. There wouldn't be a shortfall of unexplained administration fees in the neighborhood of $31.5 million. This is for the health and welfare fund. If I check the pension fund, I am sure to find a bigger shortfall in administration fees as they rack up $120 million for their services. I am sure the Teamsters have a healthy pension plan.</p></blockquote><p></p>
[QUOTE="Bill, post: 215705, member: 5483"] [b]Re: What Are The Teamsters Doing To Fix The Pension Problems?[/b] Each year for the past 3 years, UPS has contributed $26 per employee per week into the pension fund. This year on August 1, 2007 UPS will add another $28 per week per employee into the pension fund. That totald $26+26+26+28=$86 per week additional money that UPS contributes weekly. They put more money in, but we don't see a penny of it. Instead we are forced to take cuts due to the sad state that our Central States pension fund is in. If you read the entire annual report, you will see that the fund had a return of 13.4%, which by any standards is a great return. However, even with this big return, CS still had $3 billion more in liabilities than the previous year. What if the investments can't pull down these huge returns yearly. A smart person like you can surely see that if this happens, CS will incur a huge shortfall. The big question is: Do we continue to keep pouring money into this bottomless pit (Teamsters and CS) that keeps draining our money, or is it about time to change course, as the present one does not work and will never work. I see the only viable solution is to cut our loses and start a new fund for UPS people only. This way we are able to keep 100% of the pension money and not have it abused as the Teamsters have done. There wouldn't be a shortfall of unexplained administration fees in the neighborhood of $31.5 million. This is for the health and welfare fund. If I check the pension fund, I am sure to find a bigger shortfall in administration fees as they rack up $120 million for their services. I am sure the Teamsters have a healthy pension plan. [/QUOTE]
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Another example of Central States mismanagement
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