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UPS, Teamsters to Restructure New England Pension Plan
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<blockquote data-quote="btg1972" data-source="post: 1016178" data-attributes="member: 41595"><p>most people don't realize that that are pensions are actually paid for by ups but put into a "pool" This pool includes several if not dozens of companies who use these funds as well as there own that they contribute. UPS is by far the largest contributor to this "pool". For example let's say Yellow freight pays into this pool, well they use the funds in this pool to pay for the pensions of their own people. Let's say yellow freight goes out of business next year. (not unheard of today). Well if that happens ups contributed funds still have to help pay for the pensions of employees who have retired from a businees that no longer exists, while that business no longer has to because it doesn't exist. This proposal is for ups to break away from that pool,( not sure if totally or partially ) to ensure that the money they put in goes to us and not to other pensions from other companies. i agree. However, Our NE contract is up next year and it would not surprise me if they use this in negotiations to say "look at what we have done we are protecting your future more so maybe you don't need such a big raise". Stay tuned.</p></blockquote><p></p>
[QUOTE="btg1972, post: 1016178, member: 41595"] most people don't realize that that are pensions are actually paid for by ups but put into a "pool" This pool includes several if not dozens of companies who use these funds as well as there own that they contribute. UPS is by far the largest contributor to this "pool". For example let's say Yellow freight pays into this pool, well they use the funds in this pool to pay for the pensions of their own people. Let's say yellow freight goes out of business next year. (not unheard of today). Well if that happens ups contributed funds still have to help pay for the pensions of employees who have retired from a businees that no longer exists, while that business no longer has to because it doesn't exist. This proposal is for ups to break away from that pool,( not sure if totally or partially ) to ensure that the money they put in goes to us and not to other pensions from other companies. i agree. However, Our NE contract is up next year and it would not surprise me if they use this in negotiations to say "look at what we have done we are protecting your future more so maybe you don't need such a big raise". Stay tuned. [/QUOTE]
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