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Central States Pension Fund. Are we ok?
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<blockquote data-quote="PiedmontSteward" data-source="post: 1712430" data-attributes="member: 42270"><p>The Kline-Miller amendment basically puts UPS employees "last in line" to get their pension payouts cut from Central States, which will inflict greater pain on the orphaned CS beneficiaries. </p><p></p><p>This will save UPS a ton of cash in reducing the amount they'll have to pay to retirees with years in CS to make up the difference. This language in the CBA is ironclad but will definitely be on the table for negotiations.. </p><p></p><p>Long story short: UPS employees and retirees will be fine as long as that language in the CBA remains intact. However, UPS was able to lobby Congress to let them <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /> other CS retirees to save them money they could more than afford and reduce a liability they <strong>agreed to</strong> with the IBT in 2008 when they were finally allowed to pull out of the pension plan.</p></blockquote><p></p>
[QUOTE="PiedmontSteward, post: 1712430, member: 42270"] The Kline-Miller amendment basically puts UPS employees "last in line" to get their pension payouts cut from Central States, which will inflict greater pain on the orphaned CS beneficiaries. This will save UPS a ton of cash in reducing the amount they'll have to pay to retirees with years in CS to make up the difference. This language in the CBA is ironclad but will definitely be on the table for negotiations.. Long story short: UPS employees and retirees will be fine as long as that language in the CBA remains intact. However, UPS was able to lobby Congress to let them :censored: other CS retirees to save them money they could more than afford and reduce a liability they [B]agreed to[/B] with the IBT in 2008 when they were finally allowed to pull out of the pension plan. [/QUOTE]
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Central States Pension Fund. Are we ok?
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