Old International
Now driving a Sterling
What do you do when the fund is only made up of 20% UPS employees, and UPS is paying 80% of the funds contributions. The strike of 97' was over this very reason, and we believed the union and walked. 18 months later(or so) Central states drastrically cut the pension plan because it was running out of money. You had all the teamsters drawing a pension, but their company was out of business, thus not making any contributions to the fund. This was just more drag on the companies that are still in the fund.
If I remember, and this is only a ball park figure, Central states was underfunded by 32 billion at the time UPS made the 6.1 b "last contribution" to the fund. This move, along with the single employer pension plan, was the best move UPS could have made for the long term pension. I think it was a good move, with Yellow hanging on by a thread, and having gotten out of the making payments to the plan, Central states is in serious trouble.
I went from having to retire at age 67, with 49, yes that right, 49 years of service. Now I am looking at 35 to 37 years, and leaving at 55 to 57. Well worth anything I have to give up to keep the current plan.
If I remember, and this is only a ball park figure, Central states was underfunded by 32 billion at the time UPS made the 6.1 b "last contribution" to the fund. This move, along with the single employer pension plan, was the best move UPS could have made for the long term pension. I think it was a good move, with Yellow hanging on by a thread, and having gotten out of the making payments to the plan, Central states is in serious trouble.
I went from having to retire at age 67, with 49, yes that right, 49 years of service. Now I am looking at 35 to 37 years, and leaving at 55 to 57. Well worth anything I have to give up to keep the current plan.
