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UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 123786"><p>Moody's has an August 2006 15 page analysis of major multi-employer plans, rates their underfunding status, and its effect on the contributing employers. See Appendix B where many Teamsters plans and others are listed under "Industry:Transportation." (A 315kb Adobe PDF file.) </p><p><a href="http://www.ifebp.org/pdf/moodysmethodology.pdf" target="_blank">http://www.ifebp.org/pdf/moodysmethodology.pdf</a></p><p>- - - - -</p><p>The Western Conference of Teamsters Pension Trust, a fund even larger that Central States, and in much better financial shape because of its decision to avoid the stock market during the downturn, is at The Western Conference of Teamsters Pension Trust</p><p></p><p>An Internet search for "Teamsters Pension Plans" will provide links to the websites of the various plans and to other articles and sites as well. </p><p>- - - - -</p><p>The International Brotherhood of Teamsters pension and health and welfare trusts collectively hold nearly $100 billion in assets. ---from the Teamsters website. </p><p>To read the excuse, I mean viewpoint, of the Teamsters, do a search of International Brotherhood of Teamsters using "perfect storm" as your search term. Or just click on this preloaded search . . .</p><p>Search Results</p><p>I don't deny that one can fall victim to a "perfect storm" through little or no fault of one's own, especially if out at sea. (The real-life Perfect Storm story about the ill-fated fishing boat crew from the port of Gloucester, Ma. is within the jurisdiction of my local 42.) But if you're standing on dry land, like the trustees were, you're suppose to take shelter as soon as you realize things are taking a turn for the worse. You don't just sit out in the open, and let the storm wash over you. </p><p>- - - - -</p><p>The big problem I have with so many who say the pension funds' problems are caused by a lack of new members ("actives"), is that any money contributed by (on behalf of) new members is for their future benefit. It's not available to be used to prop-up the fund as a whole or to pay for current retirees. Social Security works(?) that way, but not pension funds. At least they aren't supose to. Retirees are paid out of funds they and their fellow members contributed years ago. New members contribute now so that money will be available, with interest, later when they retire. The attitude that new blood will reinvigorate a pension plan has a bit of truth in it, but anyone who intends to solve the fund's financial problems with the new money has a bit of larceny in his heart. Similarly, anyone who says a union can fix its financial problems by organizing new members is, in effect, admiting they plan to take that new money, which should be earmarked to provide services to the new members, and instead redirected elsewhere. Taking on new members is a good thing, but it is not a big financial plus. The new money is for the benefit of the new members. The organization is bigger and richer, but so are its obligations and expenses. It's not free money. TANSTAAFL.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 123786"] Moody's has an August 2006 15 page analysis of major multi-employer plans, rates their underfunding status, and its effect on the contributing employers. See Appendix B where many Teamsters plans and others are listed under "Industry:Transportation." (A 315kb Adobe PDF file.) [url]http://www.ifebp.org/pdf/moodysmethodology.pdf[/url] - - - - - The Western Conference of Teamsters Pension Trust, a fund even larger that Central States, and in much better financial shape because of its decision to avoid the stock market during the downturn, is at The Western Conference of Teamsters Pension Trust An Internet search for "Teamsters Pension Plans" will provide links to the websites of the various plans and to other articles and sites as well. - - - - - The International Brotherhood of Teamsters pension and health and welfare trusts collectively hold nearly $100 billion in assets. ---from the Teamsters website. To read the excuse, I mean viewpoint, of the Teamsters, do a search of International Brotherhood of Teamsters using "perfect storm" as your search term. Or just click on this preloaded search . . . Search Results I don't deny that one can fall victim to a "perfect storm" through little or no fault of one's own, especially if out at sea. (The real-life Perfect Storm story about the ill-fated fishing boat crew from the port of Gloucester, Ma. is within the jurisdiction of my local 42.) But if you're standing on dry land, like the trustees were, you're suppose to take shelter as soon as you realize things are taking a turn for the worse. You don't just sit out in the open, and let the storm wash over you. - - - - - The big problem I have with so many who say the pension funds' problems are caused by a lack of new members ("actives"), is that any money contributed by (on behalf of) new members is for their future benefit. It's not available to be used to prop-up the fund as a whole or to pay for current retirees. Social Security works(?) that way, but not pension funds. At least they aren't supose to. Retirees are paid out of funds they and their fellow members contributed years ago. New members contribute now so that money will be available, with interest, later when they retire. The attitude that new blood will reinvigorate a pension plan has a bit of truth in it, but anyone who intends to solve the fund's financial problems with the new money has a bit of larceny in his heart. Similarly, anyone who says a union can fix its financial problems by organizing new members is, in effect, admiting they plan to take that new money, which should be earmarked to provide services to the new members, and instead redirected elsewhere. Taking on new members is a good thing, but it is not a big financial plus. The new money is for the benefit of the new members. The organization is bigger and richer, but so are its obligations and expenses. It's not free money. TANSTAAFL. [/QUOTE]
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