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UPS Union Issues
What happened in the 2008 contract??
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<blockquote data-quote="PobreCarlos" data-source="post: 652063" data-attributes="member: 16651"><p>Jon;</p><p></p><p>Last I heard, solvency was dependent upon the ratio of assets to liabilities...and simply having "$19.3 billiion in assets" idoesn't mean that there's ANYTHING "standing between Central States and Insolvency" if the funds liabilities exceed that amount.</p><p></p><p>As for the PBGC "loaning" the funds temporarily, it occurs to me that first the PBGC would, itself, have to have the funds available to make such a loan....something which is far from a given.</p><p></p><p>As for the crisis passing....well, regardless of the number of employers left in the fund, I don't believe there are any large enough, either singularly or in combination, to make up the funds deficit (bearing in mind, as well, that many of the smaller firms aren't required to bear the "sharing" burden). And, as far as one can tell, that situation is probably only going to get worse; i.e. - seen a lot of firms that the Teamsters organized into CSPF lately? Most companies that COULD otherwise be organized see the resulting liability as a death sentence, and simply wouldn't enter into it under any circumstances. And the more firms they see driven into bankruptcy by virtue of their CSPF liabilty (what's the story about that small town lumberyard in the upper Midwest again?), the more that situation is going to be reinforced.</p><p></p><p>Fact is the Teamsters "screwed the pooch" in terms of Central States. "Yes", UPS kept 'em hanging in their for quite a period of time, but they're left to their own devices now. Oh, I'm sure they're will be all sorts of weeping and gnashing of teeth....and constant Teamster whining for more government welfare. But, absent such welfare, I can't see the prospects for the fund being good.</p></blockquote><p></p>
[QUOTE="PobreCarlos, post: 652063, member: 16651"] Jon; Last I heard, solvency was dependent upon the ratio of assets to liabilities...and simply having "$19.3 billiion in assets" idoesn't mean that there's ANYTHING "standing between Central States and Insolvency" if the funds liabilities exceed that amount. As for the PBGC "loaning" the funds temporarily, it occurs to me that first the PBGC would, itself, have to have the funds available to make such a loan....something which is far from a given. As for the crisis passing....well, regardless of the number of employers left in the fund, I don't believe there are any large enough, either singularly or in combination, to make up the funds deficit (bearing in mind, as well, that many of the smaller firms aren't required to bear the "sharing" burden). And, as far as one can tell, that situation is probably only going to get worse; i.e. - seen a lot of firms that the Teamsters organized into CSPF lately? Most companies that COULD otherwise be organized see the resulting liability as a death sentence, and simply wouldn't enter into it under any circumstances. And the more firms they see driven into bankruptcy by virtue of their CSPF liabilty (what's the story about that small town lumberyard in the upper Midwest again?), the more that situation is going to be reinforced. Fact is the Teamsters "screwed the pooch" in terms of Central States. "Yes", UPS kept 'em hanging in their for quite a period of time, but they're left to their own devices now. Oh, I'm sure they're will be all sorts of weeping and gnashing of teeth....and constant Teamster whining for more government welfare. But, absent such welfare, I can't see the prospects for the fund being good. [/QUOTE]
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