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Brown Cafe UPS Forum
UPS Retirement Topics
Pension in Jeopardy
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<blockquote data-quote="retiredone" data-source="post: 85115" data-attributes="member: 1576"><p>I agree that it is unfortunate that the Thrift Plan was discontinued. However, let's put that in perspective. The Thrift Plan was around for many years and was spectacularly sucessful for those that invested. I think much of the investment went into UPS stock and the company contributed an extra portion. If the company contributions to the Central States Fund had been treated in a similar manner by the Trustees, there would be no problem today with that fund. The Thrift Plan was established under rules that allowed it's discontinuance, so UPS was playing by the agreed rules when the plan was discontinued. The problem faced today by Central States is that UPS is performing as promised in the contract, but the Central States Fund is unable to keep their promises because of past misbehaviour by the trustees. It still strikes me as amazing that the rank and file would put trust in the very people who screwed them in the past, while complaining about the organization that kept it's promises. If I make a mistake, I try to learn from it and adjust accordingly.</p></blockquote><p></p>
[QUOTE="retiredone, post: 85115, member: 1576"] I agree that it is unfortunate that the Thrift Plan was discontinued. However, let's put that in perspective. The Thrift Plan was around for many years and was spectacularly sucessful for those that invested. I think much of the investment went into UPS stock and the company contributed an extra portion. If the company contributions to the Central States Fund had been treated in a similar manner by the Trustees, there would be no problem today with that fund. The Thrift Plan was established under rules that allowed it's discontinuance, so UPS was playing by the agreed rules when the plan was discontinued. The problem faced today by Central States is that UPS is performing as promised in the contract, but the Central States Fund is unable to keep their promises because of past misbehaviour by the trustees. It still strikes me as amazing that the rank and file would put trust in the very people who screwed them in the past, while complaining about the organization that kept it's promises. If I make a mistake, I try to learn from it and adjust accordingly. [/QUOTE]
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