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The strike that was
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<blockquote data-quote="satellitedriver" data-source="post: 329146" data-attributes="member: 1664"><p>I said I was going to stay out of this discussion, but, I got a sweet little letter today from the Central States Pension Fund.</p><p>1st paragraph, last line.( And, I direct quote)</p><p>"Enclosed with this letter you will find a notice advising you of the fact that the Pension Fund is in critical status (the so-called "red zone").(end of direct quote)</p><p>2nd page, 3rd paragraph, 2nd sentence. (direct quote)</p><p>"The law permits pension plans to reduce, or even eliminate, benefits called "adjustable benefits" as part of a rehabilitation plan." (end of direct quote)</p><p></p><p>The cool part of this little love note is this direct quote.</p><p></p><p>3rd paragraph, 3rd sentence, first page.</p><p>"Also, if your last Contributing Employer as of January1, 2008 was UPS, your pre-age 65 benefits (that is, your adjustable benefits) were transferred to the new UPS-IBT pension plan, and will be paid by that plan." (end of direct quote)</p><p>Basically, UPS saved Upser's CS pension and is meeting the promises made by the teamsters.</p><p>UPS, as mandated by law (per this CS document) only had to pay a surcharge of 5% in the first critical year, yet they provided 6 billion $ to protect Upser's pensions.</p><p>CS is in deep trouble. The letter states the fund will be in deficiency for the 2012 plan year.</p><p>This problem for UPSer's in CS could have been avoided in '97.</p><p>Good thing you are not under the CS plan, local804.</p></blockquote><p></p>
[QUOTE="satellitedriver, post: 329146, member: 1664"] I said I was going to stay out of this discussion, but, I got a sweet little letter today from the Central States Pension Fund. 1st paragraph, last line.( And, I direct quote) "Enclosed with this letter you will find a notice advising you of the fact that the Pension Fund is in critical status (the so-called "red zone").(end of direct quote) 2nd page, 3rd paragraph, 2nd sentence. (direct quote) "The law permits pension plans to reduce, or even eliminate, benefits called "adjustable benefits" as part of a rehabilitation plan." (end of direct quote) The cool part of this little love note is this direct quote. 3rd paragraph, 3rd sentence, first page. "Also, if your last Contributing Employer as of January1, 2008 was UPS, your pre-age 65 benefits (that is, your adjustable benefits) were transferred to the new UPS-IBT pension plan, and will be paid by that plan." (end of direct quote) Basically, UPS saved Upser's CS pension and is meeting the promises made by the teamsters. UPS, as mandated by law (per this CS document) only had to pay a surcharge of 5% in the first critical year, yet they provided 6 billion $ to protect Upser's pensions. CS is in deep trouble. The letter states the fund will be in deficiency for the 2012 plan year. This problem for UPSer's in CS could have been avoided in '97. Good thing you are not under the CS plan, local804. [/QUOTE]
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