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<blockquote data-quote="my2cents" data-source="post: 262623" data-attributes="member: 1287"><p>This is purely speculative thinking on my part, but chances are this extra 8 billion is possibly earmarked as an extra cash infusion, if indeed, Central States hits the wall. Moreover, there are 20 other multi-employer plans and I would surmise about 10 of them or so are below the 75% funding level. Once the Pension Protection Act kicks in on January 1st, 2008, no doubt extra cash will have to be kicked into these underfunded plans over the life of this proposed contract. In regards to the New England Fund, I have no idea how much extra money UPS will have to pay into this Fund to meet the provisions of the law. </p><p></p><p>I don't think these extra billions are something the Teamsters nor UPS wants to publicize. From the IBT's standpoint, it's simply embarrassing and the company doesn't want to scare Wall Street with pension liability numbers. I believe part of the reason Scott Davis was selected to be the next CEO is because of his financial background. Navigating these pension waters over the next several years will be a challenge for the next CEO.</p></blockquote><p></p>
[QUOTE="my2cents, post: 262623, member: 1287"] This is purely speculative thinking on my part, but chances are this extra 8 billion is possibly earmarked as an extra cash infusion, if indeed, Central States hits the wall. Moreover, there are 20 other multi-employer plans and I would surmise about 10 of them or so are below the 75% funding level. Once the Pension Protection Act kicks in on January 1st, 2008, no doubt extra cash will have to be kicked into these underfunded plans over the life of this proposed contract. In regards to the New England Fund, I have no idea how much extra money UPS will have to pay into this Fund to meet the provisions of the law. I don't think these extra billions are something the Teamsters nor UPS wants to publicize. From the IBT's standpoint, it's simply embarrassing and the company doesn't want to scare Wall Street with pension liability numbers. I believe part of the reason Scott Davis was selected to be the next CEO is because of his financial background. Navigating these pension waters over the next several years will be a challenge for the next CEO. [/QUOTE]
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