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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="my2cents" data-source="post: 53025"><p>To further illustrate the multi-employer plan problem, a couple more excerpts from Mr. McDevitt's Congressional testimony:</p><p></p><p>from page 50: "...from UPS's perspective, we track 21 plans, and less than half of them would meet the 75 percent level currently."</p><p></p><p>from page 57: "Now I might add, there's another plan out there, so it's not just to the Central States plan. We have a New England pension plan as well. And the fact of the matter is, the New England pension plan is in as bad as, if not worse, shape than the Central States plan. And we can throw around these percentage funding, what it is, what it isn't, whether it's including all vested benefits, whether it's taking into consideration the people who have termed in there, which means they've accrued some sort of a benefit but they have not begun to draw on it yet, when we look at that, that plan currently is right at 61 percent funded." <em>2001 funding figure. Emphasis mine.</em></p><p></p><p>(Message edited by my2cents on April 29, 2005)</p></blockquote><p></p>
[QUOTE="my2cents, post: 53025"] To further illustrate the multi-employer plan problem, a couple more excerpts from Mr. McDevitt's Congressional testimony: from page 50: "...from UPS's perspective, we track 21 plans, and less than half of them would meet the 75 percent level currently." from page 57: "Now I might add, there's another plan out there, so it's not just to the Central States plan. We have a New England pension plan as well. And the fact of the matter is, the New England pension plan is in as bad as, if not worse, shape than the Central States plan. And we can throw around these percentage funding, what it is, what it isn't, whether it's including all vested benefits, whether it's taking into consideration the people who have termed in there, which means they've accrued some sort of a benefit but they have not begun to draw on it yet, when we look at that, that plan currently is right at 61 percent funded." [I]2001 funding figure. Emphasis mine.[/I] (Message edited by my2cents on April 29, 2005) [/QUOTE]
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