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UPS Union Issues
What happened in the 2008 contract??
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<blockquote data-quote="JonFrum" data-source="post: 651071" data-attributes="member: 18044"><p>No.</p><p> </p><p>UPS owed Central States its Withdrawal Liability Payment all along, the bill just didn't come due until UPS actually withdrew. It was the actual withdrawal of UPS that hurt, as UPS was by far the largest contributor to the fund.</p><p> </p><p>Originally, the earliest UPS could have withdrawn was after the then-existing Contract expired on July 31, 2008. But UPS wanted to withdraw prior to Dec. 31, 2007 so they could pay less Withdrawal Liability to Central States. Hoffa moved heaven and earth to make UPS happy by canceling the final seven-plus months of the Contract, and thus allowed UPS to withdraw early. UPS thus had to pay (only) $6.1 billion, which they did on Dec 26, 2007.</p><p> </p><p>Incidently, the $6.1 billion didn't buy any UPSers any new pension credits or restore any previously cut early retirement options. Imagine the benefit enhancements UPS could have bought their employees in the Central States Fund if they had made the $6.1 billion contribution as part of their regular monthly contributions on behalf of each member based on hours worked, instead of as a Withdrawal Payment.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 651071, member: 18044"] No. UPS owed Central States its Withdrawal Liability Payment all along, the bill just didn't come due until UPS actually withdrew. It was the actual withdrawal of UPS that hurt, as UPS was by far the largest contributor to the fund. Originally, the earliest UPS could have withdrawn was after the then-existing Contract expired on July 31, 2008. But UPS wanted to withdraw prior to Dec. 31, 2007 so they could pay less Withdrawal Liability to Central States. Hoffa moved heaven and earth to make UPS happy by canceling the final seven-plus months of the Contract, and thus allowed UPS to withdraw early. UPS thus had to pay (only) $6.1 billion, which they did on Dec 26, 2007. Incidently, the $6.1 billion didn't buy any UPSers any new pension credits or restore any previously cut early retirement options. Imagine the benefit enhancements UPS could have bought their employees in the Central States Fund if they had made the $6.1 billion contribution as part of their regular monthly contributions on behalf of each member based on hours worked, instead of as a Withdrawal Payment. [/QUOTE]
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What happened in the 2008 contract??
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