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Brown Cafe UPS Forum
UPS Retirement Topics
Pensions...We all saw this coming.
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<blockquote data-quote="WhatsUP" data-source="post: 1469969" data-attributes="member: 12139"><p>The new provision effectively places UPS retirees last in line for benefit cuts among all "orphans" getting their benefits from Central States. Pension experts say that arrangement materially reduces the likelihood that the UPS retirees will suffer more than minimal cuts, if any cuts at all. In turn, that reduces the liability of UPS.</p><p></p><p>The Teamsters on Tuesday said this provision could save UPS $2 billion, calling it an "outrageous government bailout of one of the most profitable companies in America." The union noted, accurately, that it would likely result in deeper benefit cuts for non-UPS retirees--who would effectively be paying for UPS's break with their own retirement stipends.</p></blockquote><p></p>
[QUOTE="WhatsUP, post: 1469969, member: 12139"] The new provision effectively places UPS retirees last in line for benefit cuts among all "orphans" getting their benefits from Central States. Pension experts say that arrangement materially reduces the likelihood that the UPS retirees will suffer more than minimal cuts, if any cuts at all. In turn, that reduces the liability of UPS. The Teamsters on Tuesday said this provision could save UPS $2 billion, calling it an "outrageous government bailout of one of the most profitable companies in America." The union noted, accurately, that it would likely result in deeper benefit cuts for non-UPS retirees--who would effectively be paying for UPS's break with their own retirement stipends. [/QUOTE]
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