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Your Pension Thoughts
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<blockquote data-quote="JonFrum" data-source="post: 816903" data-attributes="member: 18044"><p>After they stop accepting further contributions, both single-employer pension plans and multi-employer pension plans will continue to pay monthly retiree benefit checks so long as the money lasts. The PBGC will then pay retirees, at reduced amounts, until <u>its</u> money runs out.</p><p> </p><p>Teamster-sponsored multi-employer funds are free-standing entities and are not dependent on collective bargaining at UPS. The UPS contract only determines if UPSers will continue to be participants, and at what hourly rate of contribution. The funds exist, with or without UPS participation.</p><p> </p><p>On the other hand, the two UPS-run single-employer plans are totally dependent on collective bargaining and on the continued viability and willingness of UPS. The new UPS/IBT full-time employee plan for Central Staters, and the UPS Pension Plan for part-time Central Staters, are due to "expire" every time the Contract expires. They have to be renegotiated in their entirety. If UPS went bankrupt, or broke the union, or the members decertified the union, or the Contract was allowed to expire and a long strike or lockout took place, the funds would eventually shut down and the PBGC would take over.</p><p> </p><p>UPSers in the Central States region have put all their pension eggs in one basket, and the basket only lasts about five years at a stretch.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 816903, member: 18044"] After they stop accepting further contributions, both single-employer pension plans and multi-employer pension plans will continue to pay monthly retiree benefit checks so long as the money lasts. The PBGC will then pay retirees, at reduced amounts, until [U]its[/U] money runs out. Teamster-sponsored multi-employer funds are free-standing entities and are not dependent on collective bargaining at UPS. The UPS contract only determines if UPSers will continue to be participants, and at what hourly rate of contribution. The funds exist, with or without UPS participation. On the other hand, the two UPS-run single-employer plans are totally dependent on collective bargaining and on the continued viability and willingness of UPS. The new UPS/IBT full-time employee plan for Central Staters, and the UPS Pension Plan for part-time Central Staters, are due to "expire" every time the Contract expires. They have to be renegotiated in their entirety. If UPS went bankrupt, or broke the union, or the members decertified the union, or the Contract was allowed to expire and a long strike or lockout took place, the funds would eventually shut down and the PBGC would take over. UPSers in the Central States region have put all their pension eggs in one basket, and the basket only lasts about five years at a stretch. [/QUOTE]
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