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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: 733035" data-attributes="member: 18044"><p>Believe it or not, for decades the assets of the Central States Pension Fund have been managed by reputable investment firms under the watchful eye of a Judge by Court Decree.</p><p></p><p>When UPS pulled out of Central States, it left the fund, and its retirees, (including orphened UPSers,) worse off.</p><p></p><p>All pension funds use investment managers drawn from the same pool of big-name firms. When you switch from Central States to the new plan for Central State Full-timers, you are probably just switching from one branch of Goldman Sachs to another, or from one interchangeable Wall Street firm to another down The Street.</p><p></p><p>You are also switching from a fund run by a board of trustees that is half Teamster officials, to one that is, well, half Teamster officials.</p><p></p><p>And now every detail of the new plan is up for renegotiation with each new labor contract, greatly complicating an already complicated situation.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 733035, member: 18044"] Believe it or not, for decades the assets of the Central States Pension Fund have been managed by reputable investment firms under the watchful eye of a Judge by Court Decree. When UPS pulled out of Central States, it left the fund, and its retirees, (including orphened UPSers,) worse off. All pension funds use investment managers drawn from the same pool of big-name firms. When you switch from Central States to the new plan for Central State Full-timers, you are probably just switching from one branch of Goldman Sachs to another, or from one interchangeable Wall Street firm to another down The Street. You are also switching from a fund run by a board of trustees that is half Teamster officials, to one that is, well, half Teamster officials. And now every detail of the new plan is up for renegotiation with each new labor contract, greatly complicating an already complicated situation. [/QUOTE]
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