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UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 230680"><p>I've said repeatedly that SOME subsidies do take place. In any collective arrangement, there will be subsidies going on. This is true throughout our economy. The strong will be subsidizing the weak, the survivors subsidize the bankrupt, the wealthy subsidize the poor. But the subsidy is nowhere near 60%. Because Central States is less funded than other plans, and because they have a special problem with their retirees constituting a larger percentage of the population than most plans, the subsidy is larger than in a typical pension plan. But still not anywhere near 60%. If UPS had a different set of policies, a lot more UPSers would have qualified to retire, or retire at a higher benefit level. But, alas, UPS chose to forfeit a significant portion of its contributions to the Fund. Who's fault is that? </p><p></p><p>I've also made the point that our pension plans are, to a degree, "partitioned" already. Although the contributions from all the various employers are thrown into a central pot, and the various retirees draw their pension checks from that common pot, nevertheless, they draw benefits according to formulas that apply to all. The more their employer put in, the more they get out. The longer they worked, the more they receive. Etc. Detailed records are kept of how much each retiree is entitled to. It's kind of like a bank where evryone's money goes into the same vault, but you still have individual accounts. Everyone in the pension plan receives a yearly personal statement in the mail telling them of the status of their individual account.</p><p></p><p>In a fully funded plan like the Western Conference, the subsidies are less and the "partitioning" is more effective. But everyone always wants to talk about Central States, because Central States' troubles suit their adgenda. There's no mileage in saying the largest Teamsters fund is 100% funded, and there is no Withdrawal Liability owed by any of its Contributing Employers.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 230680"] I've said repeatedly that SOME subsidies do take place. In any collective arrangement, there will be subsidies going on. This is true throughout our economy. The strong will be subsidizing the weak, the survivors subsidize the bankrupt, the wealthy subsidize the poor. But the subsidy is nowhere near 60%. Because Central States is less funded than other plans, and because they have a special problem with their retirees constituting a larger percentage of the population than most plans, the subsidy is larger than in a typical pension plan. But still not anywhere near 60%. If UPS had a different set of policies, a lot more UPSers would have qualified to retire, or retire at a higher benefit level. But, alas, UPS chose to forfeit a significant portion of its contributions to the Fund. Who's fault is that? I've also made the point that our pension plans are, to a degree, "partitioned" already. Although the contributions from all the various employers are thrown into a central pot, and the various retirees draw their pension checks from that common pot, nevertheless, they draw benefits according to formulas that apply to all. The more their employer put in, the more they get out. The longer they worked, the more they receive. Etc. Detailed records are kept of how much each retiree is entitled to. It's kind of like a bank where evryone's money goes into the same vault, but you still have individual accounts. Everyone in the pension plan receives a yearly personal statement in the mail telling them of the status of their individual account. In a fully funded plan like the Western Conference, the subsidies are less and the "partitioning" is more effective. But everyone always wants to talk about Central States, because Central States' troubles suit their adgenda. There's no mileage in saying the largest Teamsters fund is 100% funded, and there is no Withdrawal Liability owed by any of its Contributing Employers. [/QUOTE]
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