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Brown Cafe UPS Forum
UPS Union Issues
If you are thinking about voting NO…
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<blockquote data-quote="Thebrownblob" data-source="post: 5668998" data-attributes="member: 60485"><p>Really?</p><p></p><p><em>“In 2003, The Trustees quickly took corrective action with a multifaceted approach that included reducing new benefit accruals on all active participants and increasing contribution revenue on all participating employers:</em></p><p></p><p></p><p></p><ul> <li data-xf-list-type="ul"><em>The Trustees cut benefits on the active participants, including eliminating “and-out” early retirement benefits and cutting the accrual rate in half. </em></li> <li data-xf-list-type="ul"><em>The Trustees instituted mandatory contribution rate increases for participating employers even before such increases were mandated by the Pension Protection Act of 2006 for all financially distressed plans.</em></li> <li data-xf-list-type="ul"><em>The Trustees also reallocated contribution rate increases negotiated in large national collective bargaining agreements for health benefits (Central States Health Fund) to the Pension Fund. </em></li> </ul><p></p><p></p><p><em>The reallocation of Health Fund contributions to the Pension Fund was a significant factor in stabilizing the Pension Fund’s finances at that time. The International Brotherhood of Teamsters (IBT), working with the negotiators of all national contracts (UPS, NMF and NMATA contracts), agreed to reallocate the health benefit increases to the Pension Fund. This reallocation contributed close to $1 billion in additional contributions to the Pension Fund.”</em></p></blockquote><p></p>
[QUOTE="Thebrownblob, post: 5668998, member: 60485"] Really? [I]“In 2003, The Trustees quickly took corrective action with a multifaceted approach that included reducing new benefit accruals on all active participants and increasing contribution revenue on all participating employers:[/I] [LIST] [*][I]The Trustees cut benefits on the active participants, including eliminating “and-out” early retirement benefits and cutting the accrual rate in half. [/I] [*][I]The Trustees instituted mandatory contribution rate increases for participating employers even before such increases were mandated by the Pension Protection Act of 2006 for all financially distressed plans.[/I] [*][I]The Trustees also reallocated contribution rate increases negotiated in large national collective bargaining agreements for health benefits (Central States Health Fund) to the Pension Fund. [/I] [/LIST] [I]The reallocation of Health Fund contributions to the Pension Fund was a significant factor in stabilizing the Pension Fund’s finances at that time. The International Brotherhood of Teamsters (IBT), working with the negotiators of all national contracts (UPS, NMF and NMATA contracts), agreed to reallocate the health benefit increases to the Pension Fund. This reallocation contributed close to $1 billion in additional contributions to the Pension Fund.”[/I] [/QUOTE]
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