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Brown Cafe UPS Forum
UPS Retirement Topics
Dreaded Pension Funding Level Letter
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<blockquote data-quote="JonFrum" data-source="post: 727287" data-attributes="member: 18044"><p>The plans are mostly composed of Teamster bargaining unit employees, with a few select others included, like the employees and trustees of the pension funds themselves. The NY Local 804 plan also has some UPS' Machinists Union (IAM) employees in it, and one of it's trustees is a Machinists Union official.</p><p> </p><p>Trustees are legally bound to act in the best interest of plan participants and beneficiaries (no, really, I'm not kidding) so they would probably be in violation of their "fiduciary duty" if a better-funded fund agreed to merge with a poorly-funded fund. One way or another, if the funding levels are too different, the participants of the better-funded fund will loose out in the deal.</p><p> </p><p>UPS can't take over the funds. The most UPS can do is withdraw from the funds (with members' approval), as UPS did from Central States, and try to do things better from that point foreward in a new fund.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 727287, member: 18044"] The plans are mostly composed of Teamster bargaining unit employees, with a few select others included, like the employees and trustees of the pension funds themselves. The NY Local 804 plan also has some UPS' Machinists Union (IAM) employees in it, and one of it's trustees is a Machinists Union official. Trustees are legally bound to act in the best interest of plan participants and beneficiaries (no, really, I'm not kidding) so they would probably be in violation of their "fiduciary duty" if a better-funded fund agreed to merge with a poorly-funded fund. One way or another, if the funding levels are too different, the participants of the better-funded fund will loose out in the deal. UPS can't take over the funds. The most UPS can do is withdraw from the funds (with members' approval), as UPS did from Central States, and try to do things better from that point foreward in a new fund. [/QUOTE]
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Dreaded Pension Funding Level Letter
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