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Brown Cafe UPS Forum
UPS Union Issues
UPS, Teamsters to Restructure New England Pension Plan
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<blockquote data-quote="Sammy" data-source="post: 1016402" data-attributes="member: 43076"><p>The old plan is protected how. The reason UPS is leaving the old plan is because it is in critical condition. September 30, 2011 the old plan was 49% funded. There are almost 50,000 people in the NETTIP fund that are drawing pension benefits or owed pension benefits. Only 26,000 are actively contributing to the old plan. UPS has figured out what they owe to this old plan which is stated in the press release($896,000,000). </p><p>You have to look at the bad side to prepare for the future. I think I may have to increase my 401k savings to respond to the possibility that the old pool may become insolvent in 20 years. The reason this is happening is because the multiemployer pension plan does not work. There are to many members drawing on the assets and not enough putting in to the fund.</p></blockquote><p></p>
[QUOTE="Sammy, post: 1016402, member: 43076"] The old plan is protected how. The reason UPS is leaving the old plan is because it is in critical condition. September 30, 2011 the old plan was 49% funded. There are almost 50,000 people in the NETTIP fund that are drawing pension benefits or owed pension benefits. Only 26,000 are actively contributing to the old plan. UPS has figured out what they owe to this old plan which is stated in the press release($896,000,000). You have to look at the bad side to prepare for the future. I think I may have to increase my 401k savings to respond to the possibility that the old pool may become insolvent in 20 years. The reason this is happening is because the multiemployer pension plan does not work. There are to many members drawing on the assets and not enough putting in to the fund. [/QUOTE]
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UPS, Teamsters to Restructure New England Pension Plan
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