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UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 152799"><p>The National Coordinating Committee for Multiemployer Plans (NCCMP) has lots of information at its website . . .</p><p>Welcome to NCCMP :: Mulitemployer Plans and Pension Funding Reform</p><p>and links to other useful articles. Just be aware that this is an alliance of Union and Management, and both sides, jointly, have an interest in avoiding any blame for pension plan underfunding.</p><p>- - - - -</p><p>Here's a seminar being conducted by Ford & Harrison of Peachtree Street, Atlanta, Ga., for employers in Teamsters pension funds. Not a good sign. . . .</p><p></p><p>"The Critical Condition of Teamster Multi-Employer Pension Plans"</p><p>1/17/2007 9:30 am - 4:00 pm</p><p>Crowne Plaza O'Hare</p><p>5440 North River Road</p><p>Rosemont, IL 60018</p><p>and</p><p>1/24/2007 9:30 am - 4:00 pm</p><p>Radisson Plaza-Warwick Hotel Philadelphia</p><p>1701 Locust Street</p><p>Philadelphia, PA 19103</p><p>404-888-3987, Herve H. Aitken, David C. Hagaman, Kevin M. Williams</p><p></p><p>The Teamsters Multi-Employer Pension Plans are at risk due to significant under-funding projected to top $20 billion in 2007.</p><p>How does this impact your company?</p><p>Are you prepared to handle a potential major financial fallout?</p><p>Learn how to start taking control today to minimize your company's financial liability and risk at Ford & Harrison's unique seminar in Chicago for employers participating in the Teamsters Multi-Employer Pension Plans. </p><p>Every employer needs to be prepared. Join us to learn how.</p><p>The registration fee is $295 for the first person and $195 for each additional attendee from the same company.</p><p><a href="http://www.fordharrison.com/files/Chicago" target="_blank">http://www.fordharrison.com/files/Chicago</a> Pension Plans Invitation 1.17.07.pdf</p><p>- - - - -</p><p>The new pension plan law forces plans to adopt higher accounting standards, and that's a very good thing. But it also means many plans are experiencing a double blow: First they lost a lot of our money as a result of their foolish investment policies, and second, the government is raising the bar that determines if a plan is financially sound or not. High standards are long overdue, but they come at a bad time for trustees who have been operating underfunded plans all along, and who just threw away hundreds of millions, even billions more, in the market. What everyone now needs to determine is, how long will it take to recover from the losses, realizing that we can never get back the money that was lost. </p><p></p><p>Even when the funds inform us of funding problems, it's often several years too late and the notices are cleverly worded to soft-pedal the bad news. When I read the 2-page Summary Annual Report my fund sends me, I never get the impression that the fund is, in fact, in crisis. The notices are designed to conceal as much as they reveal, and to only reveal what the law requires. Funds have considerable leeway in deciding which accounting methods to use. When one method or assumption leads to a funding deficiency, they simply change assumptions or methods and presto, the deficiency goes away, or at least is put off for another year. This deceptive, though legal, accounting tactic allows problems to build up, just as repeated ammortizing of expenses does. Eventually, the piper must be paid. Some funds have problems, not in the current year, but in future years. Actuaries calculate the funding status of each fund thru 2014 and maybe even beyond. If a fund will have a funding deficiency, or a potential deficiency, in any one of those future years, the trustees must take action now to head it off. Either benefits will be cut or contributions raised, or a combination of both. This happens even in funds that appear healthy currently.</p><p></p><p>It may take many years to dig ourselves out of this hole. To make matters worse, few people are interested in joining a troubled multi-employer plan, either as a worker or an employer. Employers are eliminating or scaling-back existing plans. Unions can't sell people or employers on the benefits of joining their pension plans. So now we have the further problem that the funds are seen as destined to slowly pass out of existence, one by one. I don't see the Teamsters fixing any of this. It will be interesting to see what happens when the next big unexpected crisis hits the plans.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 152799"] The National Coordinating Committee for Multiemployer Plans (NCCMP) has lots of information at its website . . . Welcome to NCCMP :: Mulitemployer Plans and Pension Funding Reform and links to other useful articles. Just be aware that this is an alliance of Union and Management, and both sides, jointly, have an interest in avoiding any blame for pension plan underfunding. - - - - - Here's a seminar being conducted by Ford & Harrison of Peachtree Street, Atlanta, Ga., for employers in Teamsters pension funds. Not a good sign. . . . "The Critical Condition of Teamster Multi-Employer Pension Plans" 1/17/2007 9:30 am - 4:00 pm Crowne Plaza O'Hare 5440 North River Road Rosemont, IL 60018 and 1/24/2007 9:30 am - 4:00 pm Radisson Plaza-Warwick Hotel Philadelphia 1701 Locust Street Philadelphia, PA 19103 404-888-3987, Herve H. Aitken, David C. Hagaman, Kevin M. Williams The Teamsters Multi-Employer Pension Plans are at risk due to significant under-funding projected to top $20 billion in 2007. How does this impact your company? Are you prepared to handle a potential major financial fallout? Learn how to start taking control today to minimize your company's financial liability and risk at Ford & Harrison's unique seminar in Chicago for employers participating in the Teamsters Multi-Employer Pension Plans. Every employer needs to be prepared. Join us to learn how. The registration fee is $295 for the first person and $195 for each additional attendee from the same company. [url]http://www.fordharrison.com/files/Chicago[/url] Pension Plans Invitation 1.17.07.pdf - - - - - The new pension plan law forces plans to adopt higher accounting standards, and that's a very good thing. But it also means many plans are experiencing a double blow: First they lost a lot of our money as a result of their foolish investment policies, and second, the government is raising the bar that determines if a plan is financially sound or not. High standards are long overdue, but they come at a bad time for trustees who have been operating underfunded plans all along, and who just threw away hundreds of millions, even billions more, in the market. What everyone now needs to determine is, how long will it take to recover from the losses, realizing that we can never get back the money that was lost. Even when the funds inform us of funding problems, it's often several years too late and the notices are cleverly worded to soft-pedal the bad news. When I read the 2-page Summary Annual Report my fund sends me, I never get the impression that the fund is, in fact, in crisis. The notices are designed to conceal as much as they reveal, and to only reveal what the law requires. Funds have considerable leeway in deciding which accounting methods to use. When one method or assumption leads to a funding deficiency, they simply change assumptions or methods and presto, the deficiency goes away, or at least is put off for another year. This deceptive, though legal, accounting tactic allows problems to build up, just as repeated ammortizing of expenses does. Eventually, the piper must be paid. Some funds have problems, not in the current year, but in future years. Actuaries calculate the funding status of each fund thru 2014 and maybe even beyond. If a fund will have a funding deficiency, or a potential deficiency, in any one of those future years, the trustees must take action now to head it off. Either benefits will be cut or contributions raised, or a combination of both. This happens even in funds that appear healthy currently. It may take many years to dig ourselves out of this hole. To make matters worse, few people are interested in joining a troubled multi-employer plan, either as a worker or an employer. Employers are eliminating or scaling-back existing plans. Unions can't sell people or employers on the benefits of joining their pension plans. So now we have the further problem that the funds are seen as destined to slowly pass out of existence, one by one. I don't see the Teamsters fixing any of this. It will be interesting to see what happens when the next big unexpected crisis hits the plans. [/QUOTE]
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