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UPS Union Issues
What happened in the 2008 contract??
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<blockquote data-quote="JonFrum" data-source="post: 651541" data-attributes="member: 18044"><p>Again, there is $19.3 billiion in assets standing between Central States and Insolvency. (Or $13.2 billion if you don't count the $6.1 billion.)</p><p> </p><p>Again, the PBGC does not take over multi-employer pension funds (unless they actually <u>collapse</u>, and that almost never happens.) Instead, the PBGC lends the <u>temporarily</u> <u>Insolvent</u> fund enough money to make its monthly payments to retirees until the crisis has passed.</p><p> </p><p>There is no chance Central States will restore cut benefits for UPSers as UPSers left the fund on Dec. 26, 2007.</p><p> </p><p>There is no debate about UPS being willing and able to part with $6.1 billion, and additional billions as well. They did it!!! They paid $6.1 billion to Central States in a way that not one penny of restored or additional benefits would be accrued by UPSers. They paid additional billions to their newly created pension fund to provide for early retirement benefits and modest future benefit accruals. Had UPS paid this money to Central States in the form of regular monthly contributions, they could have bought UPSers a boatload of restored and enhanced benefits within Central States. They chose not to.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 651541, member: 18044"] Again, there is $19.3 billiion in assets standing between Central States and Insolvency. (Or $13.2 billion if you don't count the $6.1 billion.) Again, the PBGC does not take over multi-employer pension funds (unless they actually [U]collapse[/U], and that almost never happens.) Instead, the PBGC lends the [U]temporarily[/U] [U]Insolvent[/U] fund enough money to make its monthly payments to retirees until the crisis has passed. There is no chance Central States will restore cut benefits for UPSers as UPSers left the fund on Dec. 26, 2007. There is no debate about UPS being willing and able to part with $6.1 billion, and additional billions as well. They did it!!! They paid $6.1 billion to Central States in a way that not one penny of restored or additional benefits would be accrued by UPSers. They paid additional billions to their newly created pension fund to provide for early retirement benefits and modest future benefit accruals. Had UPS paid this money to Central States in the form of regular monthly contributions, they could have bought UPSers a boatload of restored and enhanced benefits within Central States. They chose not to. [/QUOTE]
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What happened in the 2008 contract??
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