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Brown Cafe UPS Forum
UPS Union Issues
UPSers are DOOMED
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<blockquote data-quote="JonFrum" data-source="post: 270696"><p>The Teamsters will never touch the $6.1 billion. Just as they never touched any of the previous UPS contributions. UPS will deliver the money to the Central States Pension Fund, which is a seperate legal entity from the Teamsters. (Seperate even from the Central States H&W Fund.) The $6.1 billion is a debt UPS legally owes and must pay if it is going to withdraw from further participation in the Pension Fund.</p><p></p><p>For years, UPS and some Central States UPSers, have been claiming that 60% of UPS contributions, intended for UPSers, were being diverted to fund non-UPSer's retirement. Now, with the payment of the $6.1 billion, there's no longer any debate. UPS has agreed that the money is NOT being contributed on behalf of UPSers. The money is being given to the Fund in general. The money will be used to finance the retirement of all retirees, very few of whom are UPSers. UPS is giving about a decade's worth of annual contributions in one lump sum, to finance all those non-UPSers they have been complaining about all these years. Odd, isn't it?</p></blockquote><p></p>
[QUOTE="JonFrum, post: 270696"] The Teamsters will never touch the $6.1 billion. Just as they never touched any of the previous UPS contributions. UPS will deliver the money to the Central States Pension Fund, which is a seperate legal entity from the Teamsters. (Seperate even from the Central States H&W Fund.) The $6.1 billion is a debt UPS legally owes and must pay if it is going to withdraw from further participation in the Pension Fund. For years, UPS and some Central States UPSers, have been claiming that 60% of UPS contributions, intended for UPSers, were being diverted to fund non-UPSer's retirement. Now, with the payment of the $6.1 billion, there's no longer any debate. UPS has agreed that the money is NOT being contributed on behalf of UPSers. The money is being given to the Fund in general. The money will be used to finance the retirement of all retirees, very few of whom are UPSers. UPS is giving about a decade's worth of annual contributions in one lump sum, to finance all those non-UPSers they have been complaining about all these years. Odd, isn't it? [/QUOTE]
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