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UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 151625"><p>What follows is a message originally posted on TeamsterNet by "BillyMills" titled "Local 177 Pension Possible Cuts Ahead, Pension Cuts Posssible."</p><p>Local 177 Pension Possible Cuts Ahead - TeamsterNet Forums</p><p>Apparently Local 177 members recently received a notice that their pension fund was only 55% funded, and that Health & Wellfare raises may be redirected to shore up the pension fund, like in Central States. Does anyone on BrownCafe have any further details? </p><p>Free Erisa Dot Com lists two pension funds for Local 177. They can be accessed by searching the Form 5500 database at</p><p>Welcome to freeErisa.com!</p><p>for Company Name Contains: 177</p><p>and selecting New Jersey from the list of States.</p><p>I assume the fund in question is called the LOCAL 177 UNION PENSION PLAN, with Form 5500s available for 2004, 2003, 2002, and 2001.</p><p>And the other plan is called PARCEL DELIVERY SERVICE EMPLOYEE PENSION PLAN, with Form 5500s available for 2004, 2002, and 2001. The latter fund appears to be in better financial shape, but oddly, only has nine Active Participants! Wazupwitdat?</p><p></p><p>QUOTE:</p><p>"Well now that whoever bothered to read the mail from Local 177 (Because not everyone reads his or her mail) have had time to digest what is going on with the Pension. Let us all try to be there on the 7th and be prepared to ask questions and get satisfactory answers.</p><p></p><p>The funding notice was for the year ending 2005. Primary fault was placed on the Stock Market performance from 2000-2001. The years 2002-2005 also playing a role. So nary a peep was heard from our Local 177 Executive Board Union Trustee’s until the government required form was mailed out regarding the under funding.</p><p></p><p>What the our Local 177 Executive Board Union Trustee’s did to alleviate this situatiuion during the prior 6 years is not specifically specified in the letter received. While they may anticipate swings in the market, a more proactive approach would be better suited for our members.</p><p></p><p>Whether they have the capability to do that or if UPS Trustees are in some way culpable in this matter it once again was not explained (as far as allowing it to progress to this point in the Pension Plans life cycle).</p><p></p><p>As far as taking money out of the Health Plan to put into the Pension Plan (specifically 25 cents) there was no mention of what effect this would have on the Pension Plan.</p><p></p><p>As of this time and based on the records at hand regarding 2005 being 55% funded results, the New Pension Protection Act of 2006 would consider our Pension as Critical Status.</p><p></p><p>Which as of this writing cannot only affect our future benefits but also indeed in some cases cut accrued benefits. ( in other words benefits already being paid out)</p><p></p><p>Nevertheless, let us not get ahead of ourselves; the 7th should be a rather informative day."</p></blockquote><p></p>
[QUOTE="JonFrum, post: 151625"] What follows is a message originally posted on TeamsterNet by "BillyMills" titled "Local 177 Pension Possible Cuts Ahead, Pension Cuts Posssible." Local 177 Pension Possible Cuts Ahead - TeamsterNet Forums Apparently Local 177 members recently received a notice that their pension fund was only 55% funded, and that Health & Wellfare raises may be redirected to shore up the pension fund, like in Central States. Does anyone on BrownCafe have any further details? Free Erisa Dot Com lists two pension funds for Local 177. They can be accessed by searching the Form 5500 database at Welcome to freeErisa.com! for Company Name Contains: 177 and selecting New Jersey from the list of States. I assume the fund in question is called the LOCAL 177 UNION PENSION PLAN, with Form 5500s available for 2004, 2003, 2002, and 2001. And the other plan is called PARCEL DELIVERY SERVICE EMPLOYEE PENSION PLAN, with Form 5500s available for 2004, 2002, and 2001. The latter fund appears to be in better financial shape, but oddly, only has nine Active Participants! Wazupwitdat? QUOTE: "Well now that whoever bothered to read the mail from Local 177 (Because not everyone reads his or her mail) have had time to digest what is going on with the Pension. Let us all try to be there on the 7th and be prepared to ask questions and get satisfactory answers. The funding notice was for the year ending 2005. Primary fault was placed on the Stock Market performance from 2000-2001. The years 2002-2005 also playing a role. So nary a peep was heard from our Local 177 Executive Board Union Trustee’s until the government required form was mailed out regarding the under funding. What the our Local 177 Executive Board Union Trustee’s did to alleviate this situatiuion during the prior 6 years is not specifically specified in the letter received. While they may anticipate swings in the market, a more proactive approach would be better suited for our members. Whether they have the capability to do that or if UPS Trustees are in some way culpable in this matter it once again was not explained (as far as allowing it to progress to this point in the Pension Plans life cycle). As far as taking money out of the Health Plan to put into the Pension Plan (specifically 25 cents) there was no mention of what effect this would have on the Pension Plan. As of this time and based on the records at hand regarding 2005 being 55% funded results, the New Pension Protection Act of 2006 would consider our Pension as Critical Status. Which as of this writing cannot only affect our future benefits but also indeed in some cases cut accrued benefits. ( in other words benefits already being paid out) Nevertheless, let us not get ahead of ourselves; the 7th should be a rather informative day." [/QUOTE]
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