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UPS Union Issues
APWA ???
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<blockquote data-quote="nospinzone" data-source="post: 97294" data-attributes="member: 1335"><p>The way that the Taft-Hartley and ERISA laws are written, companies that have employees in a multi-employer pension plan are required to subsidize all pension benefits should the fund itself become unable to do so. And Central States is required to pay benefits based on your contribution history....regardless of whether Teamsters or APWA is the bargaining agent. Hence, if APWA is certified and you retire, CS is required to pay you the full benefits promised. Should the fund become financially drained for any reason, unless Congress passes a new law allowing post-retirement reduction in benefits, UPS and any other solvent corporation contributing to CS will be required to pick up those benefit liabilities to make good on the pension promises. </p><p></p><p>When APWA is certified, they will petition the federal government to force CS to transfer all funds contributed by active UPS employees so as to keep your retirement funds together. This would increase your pension check since youre only being promised a portion of what youve earned into the fund anyhow. You can get more detail of this explanation by contacting Eason or Skillman through the website.</p></blockquote><p></p>
[QUOTE="nospinzone, post: 97294, member: 1335"] The way that the Taft-Hartley and ERISA laws are written, companies that have employees in a multi-employer pension plan are required to subsidize all pension benefits should the fund itself become unable to do so. And Central States is required to pay benefits based on your contribution history....regardless of whether Teamsters or APWA is the bargaining agent. Hence, if APWA is certified and you retire, CS is required to pay you the full benefits promised. Should the fund become financially drained for any reason, unless Congress passes a new law allowing post-retirement reduction in benefits, UPS and any other solvent corporation contributing to CS will be required to pick up those benefit liabilities to make good on the pension promises. When APWA is certified, they will petition the federal government to force CS to transfer all funds contributed by active UPS employees so as to keep your retirement funds together. This would increase your pension check since youre only being promised a portion of what youve earned into the fund anyhow. You can get more detail of this explanation by contacting Eason or Skillman through the website. [/QUOTE]
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