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Brown Cafe UPS Forum
UPS Union Issues
Not one valid reason to stay with the Teamsters
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<blockquote data-quote="Cezanne" data-source="post: 155463" data-attributes="member: 5104"><p>From my understanding the social security offset was elminated from the UPS Retirement Plan for management in "92". Tieguy can correct me on that one if I am wrong, but I do have a SPD for that plan on file. With limited knowledge to the legal details with the new pension reform act but from my understanding the funding ratio has to be at a certain level within the next seven years. Meaning that the companies in these multi-pension funds will have to pay more than what is typically negotiated to get them up to snuff. Still remember when this underfunding crisis came to light, Hoffa went to the companies in question and asked for increases to cover the shortages in funding. They basically told him to take a hike that they were not going to go beyond the negotiated contributions, will it could appear that somebody did an end around and will get their wishes afterall, with the help of a federal mandate. </p><p> </p><p>That is going to leave the companies involved to cut into their remaining profits to make good on the promised benefits. It is out of their hands now, it is a matter of creative accounting to provide their obiligations to their long term employees. Just from reading some of the new pension reform act, the pentalities for failing to do so will hurt more than paying the bill. </p><p> </p><p>Another consideration with the Central States funding, is that most of the participants in that plan where orginally vested in the UPS Pension Plan for part-timers. What that means legally with any default would be interesting.<img src="/community/styles/default/xenforo/smilies/group1/thumbup1.gif" class="smilie" loading="lazy" alt=":thumbup1:" title="Thumbup1 :thumbup1:" data-shortname=":thumbup1:" /></p></blockquote><p></p>
[QUOTE="Cezanne, post: 155463, member: 5104"] From my understanding the social security offset was elminated from the UPS Retirement Plan for management in "92". Tieguy can correct me on that one if I am wrong, but I do have a SPD for that plan on file. With limited knowledge to the legal details with the new pension reform act but from my understanding the funding ratio has to be at a certain level within the next seven years. Meaning that the companies in these multi-pension funds will have to pay more than what is typically negotiated to get them up to snuff. Still remember when this underfunding crisis came to light, Hoffa went to the companies in question and asked for increases to cover the shortages in funding. They basically told him to take a hike that they were not going to go beyond the negotiated contributions, will it could appear that somebody did an end around and will get their wishes afterall, with the help of a federal mandate. That is going to leave the companies involved to cut into their remaining profits to make good on the promised benefits. It is out of their hands now, it is a matter of creative accounting to provide their obiligations to their long term employees. Just from reading some of the new pension reform act, the pentalities for failing to do so will hurt more than paying the bill. Another consideration with the Central States funding, is that most of the participants in that plan where orginally vested in the UPS Pension Plan for part-timers. What that means legally with any default would be interesting.:thumbup1: [/QUOTE]
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