Now, where exactly does it say that?
And don't you consider that $6.1 billion payment to Central States, as well as the $1.7 billion pledged to restore benefits previously cut by Central States, to be a money issue?
l) Jointly Trusteed UPS/IBT Full Time Pension Fund
The following provisions pertain to the UPS/IBT Full-Time Employee Pension Plan (hereinafter
“UPS/IBT Plan”) to be created for employees who under the prior Agreement participated in the
Central States Southeast and Southwest Areas Pension Fund (“CS Plan”) and for future
employees who would have participated in the CS Plan absent this agreement who have one hour
of service in Covered Employment on or after January 1, 2008.
(1) Effective January 1, 2008 the Employer and the Union will establish a new, single employer,
jointly trusteed and administered defined benefit plan within the meaning of 29 U.S.C. Section
302(c)(5) for full-time employees who under the prior agreement would have participated in the
CS Plan. As of December 26, 2007, the Employer will cease to have an obligation to contribute to
the CS Plan and will have no other obligation to provide such employees with future benefit
accruals under the CS Plan.
JonFrum, it's essentially a new plan. The contract specifie that this new joint fund has beginning dates previous to Aug 1st and is entirely seperate from the other articles for this reason. I think we all knew/know that this contract had to have been ratified pre- 2008 with this funds ressurection immediately, that was the whole point to early negotiations! You basically stated the obvious.