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UPS Union Issues
Central states-what happens when???
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<blockquote data-quote="brownIEman" data-source="post: 1474008" data-attributes="member: 14596"><p>Which is good, that is where that money was supposed to go. But the idea of the 6+ billion was to have a trust fund that would cover your father and all the thousands of other retirees in the plan at their assigned benefit level in perpetuity. </p><p></p><p>Now what is coming out is that the plan does not have enough money to do that and will go insolvent. So, either A - The plan was mismanaged or for other reasons is not getting enough return on its investments to cover what it owes retirees, or B - the calculations used to determine how much is needed in the fund to cover its liabilities (ie, the calculations used to come up with the 6+ billion figure) were wrong, or C - some combination of the two. </p><p></p><p>But UPS saying they will make up any shortfall caused to their retirees benefits due to A, B, or C is the same as giving the administrators a blank check just after they handed them one for $6 billion. That was really stupid on UPS' part.</p></blockquote><p></p>
[QUOTE="brownIEman, post: 1474008, member: 14596"] Which is good, that is where that money was supposed to go. But the idea of the 6+ billion was to have a trust fund that would cover your father and all the thousands of other retirees in the plan at their assigned benefit level in perpetuity. Now what is coming out is that the plan does not have enough money to do that and will go insolvent. So, either A - The plan was mismanaged or for other reasons is not getting enough return on its investments to cover what it owes retirees, or B - the calculations used to determine how much is needed in the fund to cover its liabilities (ie, the calculations used to come up with the 6+ billion figure) were wrong, or C - some combination of the two. But UPS saying they will make up any shortfall caused to their retirees benefits due to A, B, or C is the same as giving the administrators a blank check just after they handed them one for $6 billion. That was really stupid on UPS' part. [/QUOTE]
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