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UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 116593"><p>You'll hear it said that UPS does not even have a seat on some of the Boards of Trustees of the various pension plans, either presently, or in past years. This may lead some to believe that if UPS had a seat, UPSers could be favored in some way, or wouldn't be disadvantaged. Actually, by law, trustees can't play favorites. They have a fiduciary duty to adhear to high standards and can be held legally accountable. If they are misbehaving, sue them or charge them. Besides, here in the New England region, our Supplement clearly states in Article 69, Section 1, (b),</p><p></p><p>"The Employer agrees to and has executed a copy of the New England Teamsters and Trucking Industry Pension Fund Agreement and Declaration of Trust dated April 11, 1958 and accepts such agreement and Declaration of Trust, as amended, and ratifies the selection of the Employer Trustees now or hereafter serving as such, and all action heretofore or hereafter taken by them within the scope of their authority under such Agreement and Declaration of Trust." </p><p></p><p>The Health & Welfare Funds are simillarly covered in Article 68, Section 3, </p><p></p><p>"The Employer and the Unions which are signators hereto ratify the designation of the Employer and the employee trustees under such Agreement and ratify all action already taken or to be taken by such Trustees within the scope of their Authority." </p><p></p><p> (See also Article 34 in the National Master, and the entirity of Articles 68 and 69 in the New England Supplement.) </p><p></p><p>UPS signed each Contract down through the years, and a sufficient number of UPS Teamsters voted to approve them as well. </p><p></p><p>I assume other Supplements have similar binding language. In addition to the Trust Agreements there are the Rules & Regulations of the Plans themselves. </p><p></p><p><a href="http://www.nettipf.com" target="_blank">New England Teamsters & Trucking Industry Pension Fund</a> </p><p>- - - -</p><p>You'll also hear of the intention to sue the Pension Funds to either segregate (partition) UPS contributions from the rest of the Funds' monies, or to withdraw all of UPS' past contributions and transfer them to a new, UPS-only fund. Be advised that the New England Pension Improvement Committee (NETPIC) tried this already. I sat through the entire six day case in federal court. NETPIC lost. Judges are very reluctant to intervene in private sector matters, especially ones that have been, and will be determined by negotiations, unless actual wrongdoing is present. Percieved unfairness, even if amply documented, is not enough. It was a tough lesson to learn. </p><p>- - - -</p><p>UPS is entitled by law to obtain, once a year, a precise determination of its Withdrawal Liability from each of the funds it contributes to. The Funds appear to be moving (slowly) in the direction of full (100%) funding as a result of a Memorandum of Understanding and recent pension reform legislation. Can someone post the actual Withdrawal Liabilities of the various funds, or at least their own rough estimates? Withdrawal Liability shrinks to zero as a fund approaches full funding of its promised vested benefits so this may be less of an issue as time goes on.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 116593"] You'll hear it said that UPS does not even have a seat on some of the Boards of Trustees of the various pension plans, either presently, or in past years. This may lead some to believe that if UPS had a seat, UPSers could be favored in some way, or wouldn't be disadvantaged. Actually, by law, trustees can't play favorites. They have a fiduciary duty to adhear to high standards and can be held legally accountable. If they are misbehaving, sue them or charge them. Besides, here in the New England region, our Supplement clearly states in Article 69, Section 1, (b), "The Employer agrees to and has executed a copy of the New England Teamsters and Trucking Industry Pension Fund Agreement and Declaration of Trust dated April 11, 1958 and accepts such agreement and Declaration of Trust, as amended, and ratifies the selection of the Employer Trustees now or hereafter serving as such, and all action heretofore or hereafter taken by them within the scope of their authority under such Agreement and Declaration of Trust." The Health & Welfare Funds are simillarly covered in Article 68, Section 3, "The Employer and the Unions which are signators hereto ratify the designation of the Employer and the employee trustees under such Agreement and ratify all action already taken or to be taken by such Trustees within the scope of their Authority." (See also Article 34 in the National Master, and the entirity of Articles 68 and 69 in the New England Supplement.) UPS signed each Contract down through the years, and a sufficient number of UPS Teamsters voted to approve them as well. I assume other Supplements have similar binding language. In addition to the Trust Agreements there are the Rules & Regulations of the Plans themselves. [url=http://www.nettipf.com]New England Teamsters & Trucking Industry Pension Fund[/url] - - - - You'll also hear of the intention to sue the Pension Funds to either segregate (partition) UPS contributions from the rest of the Funds' monies, or to withdraw all of UPS' past contributions and transfer them to a new, UPS-only fund. Be advised that the New England Pension Improvement Committee (NETPIC) tried this already. I sat through the entire six day case in federal court. NETPIC lost. Judges are very reluctant to intervene in private sector matters, especially ones that have been, and will be determined by negotiations, unless actual wrongdoing is present. Percieved unfairness, even if amply documented, is not enough. It was a tough lesson to learn. - - - - UPS is entitled by law to obtain, once a year, a precise determination of its Withdrawal Liability from each of the funds it contributes to. The Funds appear to be moving (slowly) in the direction of full (100%) funding as a result of a Memorandum of Understanding and recent pension reform legislation. Can someone post the actual Withdrawal Liabilities of the various funds, or at least their own rough estimates? Withdrawal Liability shrinks to zero as a fund approaches full funding of its promised vested benefits so this may be less of an issue as time goes on. [/QUOTE]
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