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UPS Union Issues
Central States going broke---
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<blockquote data-quote="Inthegame" data-source="post: 4829925" data-attributes="member: 37112"><p>Those employers took advantage of tax and bankruptcy laws to escape their obligation. But many are still in business with re-iterations of ownership and name changes. Some even kept their name after stiffing their pension obligation...eg Hostess.</p><p>BTW, guess which political party pushed those laws through? Hint...check out the first law passed under GW in 2001.</p><p></p><p>Wrong. The CSPF was constrained by law to not reduce retiree benefits which would've helped their funding shortfalls. The head administrator Tom Nyhan of CSPF introduced a plan to keep the CSPF solvent in 2010. No action was taken by the Republican controlled Congress. When the opportunity to reduce benefits arose in late 2014, the new more drastic CSPF plan was rejected by the Treasury dept as "insufficient" to avoid their eventual collapse. UPS lobbied heavily against that plan.</p></blockquote><p></p>
[QUOTE="Inthegame, post: 4829925, member: 37112"] Those employers took advantage of tax and bankruptcy laws to escape their obligation. But many are still in business with re-iterations of ownership and name changes. Some even kept their name after stiffing their pension obligation...eg Hostess. BTW, guess which political party pushed those laws through? Hint...check out the first law passed under GW in 2001. Wrong. The CSPF was constrained by law to not reduce retiree benefits which would've helped their funding shortfalls. The head administrator Tom Nyhan of CSPF introduced a plan to keep the CSPF solvent in 2010. No action was taken by the Republican controlled Congress. When the opportunity to reduce benefits arose in late 2014, the new more drastic CSPF plan was rejected by the Treasury dept as "insufficient" to avoid their eventual collapse. UPS lobbied heavily against that plan. [/QUOTE]
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