What's a pension?
IF someone has to explain that to you when you have 8670 post. You got bigger problem to worry about than what a pension is...
What's a pension?
As a driver in New England, this is great news and eases one of the great fears we faced. I heard this rumor in June by one of my stewards and find the timing very funny. You would think UPS would use this as a condition in labor negotiations instead of just handing all that money out.
By all accounts, the Teamsters negotiating team will probably have to give UPS what it wants in our new deal !!!
UPS was going to be on the hook either way...
...but this way UPSers are protected. Do you think if the fund were to become insolvent that UPS would bail out the entire fund?
Sounds very similar to what happened with Central States.
....are you talking about when 6 billion dollars slid across the table and the Teamsters became even more impotent than they were before?
It is exactly what UPS did for Central States. Moved the UPS employees out of the multiemployer plan, thus reducing the risk to the failure of the pension to UPS employees. Central States is holding on by a thread, and if YRC defaults on it's catchup plan with Central States, it will go under.
Multi employer pension funds are backed by the government. Single employer funds are not. It also affects our social security benefits. So if it's consider a single employer fund now, that would suck but it's better than nothing. I can't wait to see the details.
Did the members vote or was this a decision made by the Union?
No I'm talking about when UPS got out of Central States so they would no longer be liable for the pension obligations. The problem with multi-employer plans is as more and more employers have gone out of business the employers that are still in business end up paying retirees that did not work for them. Since these retirees are still collecting pensions the remaining companies have larger liabilities or the funds become "underfunded" or both.
One thing is for certain- he is worried about one person...I believe it would be wise and wait to see the details of their plan. Plus it has to voted on and passed by the membership. Be careful what you hope for
One thing is for certain- he is worried about one person...
We are having a meeting tonight to go over the changes in the pension. My BA has briefed me on it and it does truly seem like a win / win situation for UPS and Teamsters.
You wouldn't understand the point if it was made. No, I won't be paying your bills, but I hope you will be able to. Again, I know you won't understand what I mean.This appears on the surface to be a win/win for the New England Teamsters and UPS. I do hope that our pension fund is next on their list.
....and as far as your comment, you're damn right I am worried only for myself. Will you be paying my bills when I retire?
You wouldn't understand the point if it was made. No, I won't be paying your bills, but I hope you will be able to. Again, I know you won't understand what I mean.