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<blockquote data-quote="beentheredonethat" data-source="post: 96729" data-attributes="member: 4886"><p>OK, A couple of quick items. </p><p>You are right that the Pension fund is mutually overseen by a group of trustees with 1/2 coming from Teamsters and 1/2 coming from employers. You are also right that UPS has one delegate to the board. However, we only recently got the one delegate. So it's not as if UPS had all along been steering the fund into financial ruin. We got a delegate seat when we saw how bad things were getting and realized we needed to be represented. When you think of it, UPS has more then 1/6 of the active Central State Teamsters, yet it now only has one seat on the board. UPS is still underrepresented. Secondly as far as being a totally seperate entity, how do you figure? Teamsters negotiate a contract for employer to contribute to Pension fund. Money is then routed from employer to Pension fund, then the pension fund (hopefully) will pay the Teamster retirees when they retire. How many other totally seperate entities recieve money that the teamster negotiate in the contract from employers? I realize there is not a direct connection, but it is an entity that was created in part by the Teamsters. Quoting straight from the teamster.org web site. </p><p>"Each of the various Teamster funds was set up independently and is governed by its own set of union and management trustees and has its own investment board. Each fund sets its own contribution levels, member eligibility requirements and types and levels of benefit coverage — <em>all</em> determined by the respective collective bargaining agreements and the membership composition of that fund. " If the fund is a totally seperate entity then why on the teamster.org web site would they be talking about how the various "Teamster" funds was set up independently? </p><p> </p><p>Keep in mind UPS has many independent entities, UPS of NY, UPS of Delaware, There is a master UPS company that controls all these entities, but technically they are seperate entities. But come on, it's a fund the teamsters set up with the employers. It's not totally seperate. </p><p> </p><p>Been there</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 96729, member: 4886"] OK, A couple of quick items. You are right that the Pension fund is mutually overseen by a group of trustees with 1/2 coming from Teamsters and 1/2 coming from employers. You are also right that UPS has one delegate to the board. However, we only recently got the one delegate. So it's not as if UPS had all along been steering the fund into financial ruin. We got a delegate seat when we saw how bad things were getting and realized we needed to be represented. When you think of it, UPS has more then 1/6 of the active Central State Teamsters, yet it now only has one seat on the board. UPS is still underrepresented. Secondly as far as being a totally seperate entity, how do you figure? Teamsters negotiate a contract for employer to contribute to Pension fund. Money is then routed from employer to Pension fund, then the pension fund (hopefully) will pay the Teamster retirees when they retire. How many other totally seperate entities recieve money that the teamster negotiate in the contract from employers? I realize there is not a direct connection, but it is an entity that was created in part by the Teamsters. Quoting straight from the teamster.org web site. "Each of the various Teamster funds was set up independently and is governed by its own set of union and management trustees and has its own investment board. Each fund sets its own contribution levels, member eligibility requirements and types and levels of benefit coverage — [I]all[/I] determined by the respective collective bargaining agreements and the membership composition of that fund. " If the fund is a totally seperate entity then why on the teamster.org web site would they be talking about how the various "Teamster" funds was set up independently? Keep in mind UPS has many independent entities, UPS of NY, UPS of Delaware, There is a master UPS company that controls all these entities, but technically they are seperate entities. But come on, it's a fund the teamsters set up with the employers. It's not totally seperate. Been there [/QUOTE]
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