Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
What happened in the 2008 contract??
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="JonFrum" data-source="post: 652404" data-attributes="member: 18044"><p>You can define <u>Insolvency</u> any way you want in every day conversion, but the PBGC defines it in relation to multi-employer pension funds specifically as the point where the fund does not have the available funds to pay monthly benefits. Meaning after the fund has raised contribution rates, after it has repeatedly cut future benefits, after it has cut current benefits, after it has paid out its entire assets, after it has cut benefits down to the PBGC guaranteed level, <u>then</u> the PBGC will loan the fund the necessary funds to pay current retirees from the multi-employer insurance fund (not to be confused with the other PBGC insurance fund that covers single-employer funds.) Notice the fund's entire assets stand between it and Insolvency. As does a lot a benefit cutting. That's why I said to the other poster that multi-employer funds generally do not go bankrupt. They keep on chugging, although at a lower and lower level.</p><p></p><p>Remember too, that a pension funds liabilities are not all due currently. They come due slowly over future years as people retire one by one. $19.3 billion will last a while.</p><p></p><p>The PBGC insurance fund that insures your single-employer pension is in big trouble. The multi-employer fund, that <u>loans</u> money, not so bad. But I've made the point before that the PBGC is itself in trouble. As is almost every financial thing in the Country and the World.</p><p></p><p>". . . many of the smaller firms aren't required to bear the "sharing" burden. . . ." You just made that up, didn't you?</p><p></p><p>You can read about the exciting world of the PBGC and multi-employer pension funds here . . .</p><p><a href="https://web.archive.org/web/20090324095016/http://www.pbgc.gov/practitioners/index.html" target="_blank">https://web.archive.org/web/20090324095016/http://www.pbgc.gov/practitioners/index.html</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 652404, member: 18044"] You can define [U]Insolvency[/U] any way you want in every day conversion, but the PBGC defines it in relation to multi-employer pension funds specifically as the point where the fund does not have the available funds to pay monthly benefits. Meaning after the fund has raised contribution rates, after it has repeatedly cut future benefits, after it has cut current benefits, after it has paid out its entire assets, after it has cut benefits down to the PBGC guaranteed level, [U]then[/U] the PBGC will loan the fund the necessary funds to pay current retirees from the multi-employer insurance fund (not to be confused with the other PBGC insurance fund that covers single-employer funds.) Notice the fund's entire assets stand between it and Insolvency. As does a lot a benefit cutting. That's why I said to the other poster that multi-employer funds generally do not go bankrupt. They keep on chugging, although at a lower and lower level. Remember too, that a pension funds liabilities are not all due currently. They come due slowly over future years as people retire one by one. $19.3 billion will last a while. The PBGC insurance fund that insures your single-employer pension is in big trouble. The multi-employer fund, that [U]loans[/U] money, not so bad. But I've made the point before that the PBGC is itself in trouble. As is almost every financial thing in the Country and the World. ". . . many of the smaller firms aren't required to bear the "sharing" burden. . . ." You just made that up, didn't you? You can read about the exciting world of the PBGC and multi-employer pension funds here . . . [url]https://web.archive.org/web/20090324095016/http://www.pbgc.gov/practitioners/index.html[/url] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
What happened in the 2008 contract??
Top