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Brown Cafe UPS Forum
UPS Retirement Topics
New England Teamsters Pension Fund: More Bad News
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<blockquote data-quote="brownIEman" data-source="post: 380115" data-attributes="member: 14596"><p>UPS' first and foremost concern in '97 was definately not the UPS Teamster hourly employees well being. The foremost concern was financial. However, the well being of UPS/Teamster hourlies WAS a concern. UPS proposed a plan that would be less expensive in the long run for the company, and at the same time, create a stronger pension for UPS teamsters. It is the non UPS teamsters that would have gotten the shaft, since many of them worked for companies that no longer exist and are not paying into the pension. UPS did offer a chunk of cash to exit the plan, but not nearly enough to keep them close to sound after the way they had been either mis-handled or just plain underfunded, your choice.</p></blockquote><p></p>
[QUOTE="brownIEman, post: 380115, member: 14596"] UPS' first and foremost concern in '97 was definately not the UPS Teamster hourly employees well being. The foremost concern was financial. However, the well being of UPS/Teamster hourlies WAS a concern. UPS proposed a plan that would be less expensive in the long run for the company, and at the same time, create a stronger pension for UPS teamsters. It is the non UPS teamsters that would have gotten the shaft, since many of them worked for companies that no longer exist and are not paying into the pension. UPS did offer a chunk of cash to exit the plan, but not nearly enough to keep them close to sound after the way they had been either mis-handled or just plain underfunded, your choice. [/QUOTE]
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