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NMA...we were robbed
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<blockquote data-quote="JonFrum" data-source="post: 385528"><p>Dannyboy & Tieguy,</p><p></p><p>I'm not a mindreader. I don't know what features of ERISA you are in doubt/denial about. ERISA is the Mother of All Pension Laws. It dates back to 1974, with major additions in 1980 an 2006. It contains dozens of guarantees covering numerous situations. I provided you with an indexed site (which is more understandable than some others.) Use it as a Table of Contents to look up whatever you are interested in. </p><p></p><p>There are guarantees for Single-employer plans and Multi-employer plans. Guarantees that apply to companies that stay in the funds, and those that withdraw. There are PBGC guarantees and so on. I can't link to them all individually without knowing what you're driving at.</p><p></p><p>Didn't you guys notice that UPS was required by law to pay $6.1 billion in Withdrawal Liability to Central States on Dec. 26, 2007? </p><p></p><p>Haven't you noticed that Maitenance of Benefits notices have been sent out by some funds, indicating that employers must agree to higher and higher contribution rates or their employees will be thrown out of the fund?</p><p></p><p>Haven't you heard that some underfunded plans are required to improve their funding ratios by drawing up Funding Improvement Plans that require higher contribution rates from employers? </p><p></p><p>Didn't you hear that UPS might be required to pay an excise tax if Central States' funding level dropped even further in 2007?</p><p></p><p>Didn't you notice the new language in the UPS National Master that allows the pension funds to take 35-cents a year out of our raises, if necessary, and more if really necessary; and if UPS is required to make additional contributions, above and beyond those contractually agreed upon, that the contract will be reopened so that cuts can be made to offset UPS' added expenses? </p><p></p><p>These and other actions are all the result of ERISA guarantees.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 385528"] Dannyboy & Tieguy, I'm not a mindreader. I don't know what features of ERISA you are in doubt/denial about. ERISA is the Mother of All Pension Laws. It dates back to 1974, with major additions in 1980 an 2006. It contains dozens of guarantees covering numerous situations. I provided you with an indexed site (which is more understandable than some others.) Use it as a Table of Contents to look up whatever you are interested in. There are guarantees for Single-employer plans and Multi-employer plans. Guarantees that apply to companies that stay in the funds, and those that withdraw. There are PBGC guarantees and so on. I can't link to them all individually without knowing what you're driving at. Didn't you guys notice that UPS was required by law to pay $6.1 billion in Withdrawal Liability to Central States on Dec. 26, 2007? Haven't you noticed that Maitenance of Benefits notices have been sent out by some funds, indicating that employers must agree to higher and higher contribution rates or their employees will be thrown out of the fund? Haven't you heard that some underfunded plans are required to improve their funding ratios by drawing up Funding Improvement Plans that require higher contribution rates from employers? Didn't you hear that UPS might be required to pay an excise tax if Central States' funding level dropped even further in 2007? Didn't you notice the new language in the UPS National Master that allows the pension funds to take 35-cents a year out of our raises, if necessary, and more if really necessary; and if UPS is required to make additional contributions, above and beyond those contractually agreed upon, that the contract will be reopened so that cuts can be made to offset UPS' added expenses? These and other actions are all the result of ERISA guarantees. [/QUOTE]
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