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UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 218159"><p><strong>What benefits would *you* have cut to rebalance the Fund?</strong></p><p></p><p></p><p></p><p>The Central States Fund was not fully funded to begin with. Then it lost six billion dollars in the bear market of 2000-2002. The Law says the Fund must meet certain minimum funding levels at all times. If the fund's assets drop, the Trustees must By Law cut the benefits to bring them in line with the available assets. </p><p></p><p>Now let's say you, Mr. Sawdust, are a Trustee, and you have to fulfill your Fiduiciary Duty. What cuts would you have made? Please be specific. Don't avoid the question. And don't propose any "solution" that would violate any law. Remember your cuts have to be concentrated in the area of future benefit accruals only. </p><p></p><p>The Trustees couldn't agree, so Judge Moran imposed cuts. I think the idea was to cut in every area that they legally could, so as to be fair to everyone and spread the misery as evenly as possible. </p><p></p><p>I'm waiting to hear where you would have cut.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 218159"] [b]What benefits would *you* have cut to rebalance the Fund?[/b] The Central States Fund was not fully funded to begin with. Then it lost six billion dollars in the bear market of 2000-2002. The Law says the Fund must meet certain minimum funding levels at all times. If the fund's assets drop, the Trustees must By Law cut the benefits to bring them in line with the available assets. Now let's say you, Mr. Sawdust, are a Trustee, and you have to fulfill your Fiduiciary Duty. What cuts would you have made? Please be specific. Don't avoid the question. And don't propose any "solution" that would violate any law. Remember your cuts have to be concentrated in the area of future benefit accruals only. The Trustees couldn't agree, so Judge Moran imposed cuts. I think the idea was to cut in every area that they legally could, so as to be fair to everyone and spread the misery as evenly as possible. I'm waiting to hear where you would have cut. [/QUOTE]
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Another example of Central States mismanagement
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