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Brown Cafe UPS Forum
UPS Retirement Topics
YRCW bankruptcy impact on UPS employee pensions
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<blockquote data-quote="Upsdriver88" data-source="post: 656661" data-attributes="member: 26725"><p>Y'all need to read the contract again. Article 34 Section 1 paragraph (I), subsection (6) on page 85 of the UPS Master Agreement...: The UPS/IBT Plan will recognize full-time service in the CS (Central States) Plan for determining eligibility for the benefits in this section and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. <strong>If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset. </strong>I had a lawyer friend of mine read that part and she indicated the even though we were told UPS would pay everything if something happened to Central States during the life of this contract, that part made it sound like they would not. If that is the case, <strong>WHY THE HELL DID WE SELL OUR PENSION TO UPS? WHY DID THE UNION TELL US IT WAS A GREAT DEAL? AND WHY DID UPS NOT OPPOSE UPS FREIGHT BEING UNIONIZED? COULD IT BE THAT THE 6.1 BILLION UPS PAID CENTRAL STATES AND THE IBT JUST SOLD US DOWN THE RIVER SO THE UNION COULD FINALLY ORGANIZE OVERNIGHT/UPS FREIGHT. SOMETHING STINKS IN THIS CONTRACT AND IT MAKES ME WONDER WHAT IS GOING HAPPEN WHEN CENTRAL STATES FINALLY GOES UNDER (PROBABLY NEXT YEAR IF YRC GOES BANKRURPT). BETTER SAVE MORE IN YOUR 401K'S!</strong></p></blockquote><p></p>
[QUOTE="Upsdriver88, post: 656661, member: 26725"] Y'all need to read the contract again. Article 34 Section 1 paragraph (I), subsection (6) on page 85 of the UPS Master Agreement...: The UPS/IBT Plan will recognize full-time service in the CS (Central States) Plan for determining eligibility for the benefits in this section and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. [B]If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset. [/B]I had a lawyer friend of mine read that part and she indicated the even though we were told UPS would pay everything if something happened to Central States during the life of this contract, that part made it sound like they would not. If that is the case, [B]WHY THE HELL DID WE SELL OUR PENSION TO UPS? WHY DID THE UNION TELL US IT WAS A GREAT DEAL? AND WHY DID UPS NOT OPPOSE UPS FREIGHT BEING UNIONIZED? COULD IT BE THAT THE 6.1 BILLION UPS PAID CENTRAL STATES AND THE IBT JUST SOLD US DOWN THE RIVER SO THE UNION COULD FINALLY ORGANIZE OVERNIGHT/UPS FREIGHT. SOMETHING STINKS IN THIS CONTRACT AND IT MAKES ME WONDER WHAT IS GOING HAPPEN WHEN CENTRAL STATES FINALLY GOES UNDER (PROBABLY NEXT YEAR IF YRC GOES BANKRURPT). BETTER SAVE MORE IN YOUR 401K'S![/B] [/QUOTE]
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