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Brown Cafe UPS Forum
UPS Partners
2023 Teamster Contract Negotiation - Partner Edition
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<blockquote data-quote="DELACROIX" data-source="post: 5395351" data-attributes="member: 49065"><p>At one time defined pension plans were used as an incentive to keep the long term employees...Times have indeed changed.</p><p></p><p>For those not familiar with ERISA laws, ALL your service or vested years are protected. So if a company or corporation decides to end the pension plan the participant is guaranteed the benefits promised. The management plan has been <strong>well funded</strong> since l961, all those service years are protected till the participants retire or reach age 65.</p><p></p><p>The going trend is for companies to get out of their defined pension plans and make their employees go into a 401K, whether they are matched is up to the Company. Probably has to due with the increased costs associated with maintaining those plans.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5395351, member: 49065"] At one time defined pension plans were used as an incentive to keep the long term employees...Times have indeed changed. For those not familiar with ERISA laws, ALL your service or vested years are protected. So if a company or corporation decides to end the pension plan the participant is guaranteed the benefits promised. The management plan has been [B]well funded[/B] since l961, all those service years are protected till the participants retire or reach age 65. The going trend is for companies to get out of their defined pension plans and make their employees go into a 401K, whether they are matched is up to the Company. Probably has to due with the increased costs associated with maintaining those plans. [/QUOTE]
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2023 Teamster Contract Negotiation - Partner Edition
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