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UPS Retirement Topics
Is Central States pension fund ready to go under?
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<blockquote data-quote="Bill" data-source="post: 183873" data-attributes="member: 5483"><p>If UPS contributes $214 a week into the pension fund for each of us, why are we receiving only $90 credit per week? Where does the rest of our money go? If this is not subsidizing the Teamsters, then maybe you can explain it without writing a book. </p><p>Also, you mentioned that if the IBT pension fund went bankrupt, we would receive $1072 a month or $4125 if we were a single employee pension plan under the APWA. Under the tutelege of the Teamsters, the pension plan is destined to fail as it is currently only 47.2% funded according to the latest annual report from Central States. The fund has 18.7 billion dollars in assets, but 39.6 billion dollars in liabilities. There is a shortage of 21 billion dollars. This should be alarming to everyone, and maybe open your eyes finally. Maybe this is the reason the Teamsters won't let you retire. They get to keep our money longer. You can find this information on Schedule B (form 5500). If the APWA ran the pension plan, they would have to pay more for insurance as a single pension plan, but more than enough money would be available to do so, as UPS contributions would not go toward other employees in other companies. Even if the APWA failed, we would get $4125 per month, which is still superior to the pension the Teamsters want to give us. It is a win-win situation.</p></blockquote><p></p>
[QUOTE="Bill, post: 183873, member: 5483"] If UPS contributes $214 a week into the pension fund for each of us, why are we receiving only $90 credit per week? Where does the rest of our money go? If this is not subsidizing the Teamsters, then maybe you can explain it without writing a book. Also, you mentioned that if the IBT pension fund went bankrupt, we would receive $1072 a month or $4125 if we were a single employee pension plan under the APWA. Under the tutelege of the Teamsters, the pension plan is destined to fail as it is currently only 47.2% funded according to the latest annual report from Central States. The fund has 18.7 billion dollars in assets, but 39.6 billion dollars in liabilities. There is a shortage of 21 billion dollars. This should be alarming to everyone, and maybe open your eyes finally. Maybe this is the reason the Teamsters won't let you retire. They get to keep our money longer. You can find this information on Schedule B (form 5500). If the APWA ran the pension plan, they would have to pay more for insurance as a single pension plan, but more than enough money would be available to do so, as UPS contributions would not go toward other employees in other companies. Even if the APWA failed, we would get $4125 per month, which is still superior to the pension the Teamsters want to give us. It is a win-win situation. [/QUOTE]
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Is Central States pension fund ready to go under?
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