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UPS Union Issues
Central states-what happens when???
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<blockquote data-quote="ski or die" data-source="post: 1469937" data-attributes="member: 52818"><p>I haven't read anything as of yet about a carve out for UPS retirees. What I have seen discusses the multi-employer pensions which still exist with some Locals within UPS. Local 710 for one. But the bill seems to be only targeting multi-employer plans in the red. One article discussed Central States which has 400,000 employees. It said this plan would be insolvent in 10 to 15 years. It said this is the example of the plans the bill is for. It said if enough of these plans that are near insolvency were to fail, the would bankrupt the PGBC because of the number of retirees involved. The PGBC would not have enough money to pay all of the retirees. The bill was not directed at funds that are in the green. That being said, the article also said it would be up to the trustees of the plan to decide if they need to reduce payments for their local to remain solvent. But, at that point, it has to voted on by the current employees and retirees. Also, it said retirees that are disabled or over 75 would not be affected. Also, I believe if you are retired under Central States, and under 65, I think the contract says UPS would make up the difference to keep you at the correct pension until you turn 65, then you would only receive what Central States pays.</p></blockquote><p></p>
[QUOTE="ski or die, post: 1469937, member: 52818"] I haven't read anything as of yet about a carve out for UPS retirees. What I have seen discusses the multi-employer pensions which still exist with some Locals within UPS. Local 710 for one. But the bill seems to be only targeting multi-employer plans in the red. One article discussed Central States which has 400,000 employees. It said this plan would be insolvent in 10 to 15 years. It said this is the example of the plans the bill is for. It said if enough of these plans that are near insolvency were to fail, the would bankrupt the PGBC because of the number of retirees involved. The PGBC would not have enough money to pay all of the retirees. The bill was not directed at funds that are in the green. That being said, the article also said it would be up to the trustees of the plan to decide if they need to reduce payments for their local to remain solvent. But, at that point, it has to voted on by the current employees and retirees. Also, it said retirees that are disabled or over 75 would not be affected. Also, I believe if you are retired under Central States, and under 65, I think the contract says UPS would make up the difference to keep you at the correct pension until you turn 65, then you would only receive what Central States pays. [/QUOTE]
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