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UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 215741"><p><strong>Central States: 63% Funded, And Rising; Not 47% And Falling Toward Zero</strong></p><p></p><p></p><p></p><p>Engineer 79,</p><p>Just like a supertanker, it initially takes a while to turn around a huge pension fund, especially since the benefit cuts, and hourly contribution increases, must, by law, be concentrated among the active employees only. Retirees, and those vested-but-inactive, are off limits. Even with active employees, it's only their future accruals that can be affected, not their already vested pension benefits.</p><p></p><p>"Central States Fund Expands to $21 Billion</p><p></p><p>April 2, 2007: The Central States Pension Fund ended 2006 with a $1.4 billion gain in assets, reaching $20.7 billion—up from just $15 billion a few years ago. The fund projects that by the end of 2007, assets will be up to $21.2 billion, with expected investment returns. With better returns, the Fund projects that they will surpass $22 billion. </p><p></p><p>These figures are in the fund’s Financial and Analytical Reports obtained by TDU in February 2007.</p><p></p><p>This big gain in assets at Central States shows the impact of benefit accrual cuts imposed on members, and diversion of money from health and welfare to the pension fund for the third year in a row. </p><p></p><p>In addition, 2006 was a good year for investors, with the Fund’s investments earning 14.5 percent. . . ."</p><p>Full article: <a href="http://www.tdu.org/node/972" target="_blank">http://www.tdu.org/node/972</a></p><p> </p><p>In a Q & A, TDU said:</p><p></p><p>"Q: Isn't the Central States Fund too messed up to be saved? </p><p></p><p>A: The Central States Fund is currently under-funded (it’s 63% funded), but that situation is rapidly improving. Last year the Fund assets jumped up to nearly $21 billion, and the fund continues to grow this year. This is because money negotiated for health and welfare has been diverted to the pension fund for three straight years, pouring hundreds of millions extra into the fund each year. Also the stock market has done well in recent years.</p><p></p><p>We can't afford to give up on Central States. Remember, if UPS pulls out of Central States, UPS Teamsters will still depend on the fund for a large part of our pension. It would not be smart to weaken the fund by supporting a pullout when we will depend on the fund later on to support our retirement. . . ."</p><p>Full article: <a href="http://www.makeupsdeliver.org/page.php?18" target="_blank">http://www.makeupsdeliver.org/page.php?18</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 215741"] [b]Central States: 63% Funded, And Rising; Not 47% And Falling Toward Zero[/b] Engineer 79, Just like a supertanker, it initially takes a while to turn around a huge pension fund, especially since the benefit cuts, and hourly contribution increases, must, by law, be concentrated among the active employees only. Retirees, and those vested-but-inactive, are off limits. Even with active employees, it's only their future accruals that can be affected, not their already vested pension benefits. "Central States Fund Expands to $21 Billion April 2, 2007: The Central States Pension Fund ended 2006 with a $1.4 billion gain in assets, reaching $20.7 billion—up from just $15 billion a few years ago. The fund projects that by the end of 2007, assets will be up to $21.2 billion, with expected investment returns. With better returns, the Fund projects that they will surpass $22 billion. These figures are in the fund’s Financial and Analytical Reports obtained by TDU in February 2007. This big gain in assets at Central States shows the impact of benefit accrual cuts imposed on members, and diversion of money from health and welfare to the pension fund for the third year in a row. In addition, 2006 was a good year for investors, with the Fund’s investments earning 14.5 percent. . . ." Full article: [url]http://www.tdu.org/node/972[/url] In a Q & A, TDU said: "Q: Isn't the Central States Fund too messed up to be saved? A: The Central States Fund is currently under-funded (it’s 63% funded), but that situation is rapidly improving. Last year the Fund assets jumped up to nearly $21 billion, and the fund continues to grow this year. This is because money negotiated for health and welfare has been diverted to the pension fund for three straight years, pouring hundreds of millions extra into the fund each year. Also the stock market has done well in recent years. We can't afford to give up on Central States. Remember, if UPS pulls out of Central States, UPS Teamsters will still depend on the fund for a large part of our pension. It would not be smart to weaken the fund by supporting a pullout when we will depend on the fund later on to support our retirement. . . ." Full article: [url]http://www.makeupsdeliver.org/page.php?18[/url] [/QUOTE]
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