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Brown Cafe UPS Forum
UPS Union Issues
Another example of Central States mismanagement
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<blockquote data-quote="JonFrum" data-source="post: 231472"><p><span style="color: blue">you keep dodging this one my friend. </span></p><p>I've already answered your question, even though it's hard to make sense of it. </p><p></p><p><span style="color: #0000ff">per your numbers CS has restored that 6 billion going from net assets of 15 billion to 21.6 estimated this year.</span></p><p>The Fund lost $6 billion. It is gone. Permanently. The Fund has increased by $6 billion in recent years, but this does not offset the original $6 billion loss. The Fund is still $6 billion behind, more or less.</p><p> </p><p><span style="color: #0000ff">In the interim during those years ups paid their full share into the plan. So did the plan pay ups money to other retirees or did the plan use tommorrows money to pay todays liabilities. I'm curious whether you will ever answer that question directly. </span></p><p>UPS paid its 49% share, and its 63% share and so forth. Each month the Fund had a specific Funding Level. When UPS made its monthly contribution, they were buying the published benefit (pension credit) for their employees, but only puting down 49% or 63% or whatever the percentage was for that month. The remainder will be paid in the form of Withdrawal Liability, assuming UPS does, in fact, withdraw.</p><p></p><p>The Plan had $21 billion in Net Assets to pay today's benefits and tomorrow's. Other Employers paid in billions of dollars over the years on behalf of their employees and that money is available to pay for their retirement.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 231472"] [COLOR=blue]you keep dodging this one my friend. [/COLOR] I've already answered your question, even though it's hard to make sense of it. [COLOR=#0000ff]per your numbers CS has restored that 6 billion going from net assets of 15 billion to 21.6 estimated this year.[/COLOR] The Fund lost $6 billion. It is gone. Permanently. The Fund has increased by $6 billion in recent years, but this does not offset the original $6 billion loss. The Fund is still $6 billion behind, more or less. [COLOR=#0000ff]In the interim during those years ups paid their full share into the plan. So did the plan pay ups money to other retirees or did the plan use tommorrows money to pay todays liabilities. I'm curious whether you will ever answer that question directly. [/COLOR] UPS paid its 49% share, and its 63% share and so forth. Each month the Fund had a specific Funding Level. When UPS made its monthly contribution, they were buying the published benefit (pension credit) for their employees, but only puting down 49% or 63% or whatever the percentage was for that month. The remainder will be paid in the form of Withdrawal Liability, assuming UPS does, in fact, withdraw. The Plan had $21 billion in Net Assets to pay today's benefits and tomorrow's. Other Employers paid in billions of dollars over the years on behalf of their employees and that money is available to pay for their retirement. [/QUOTE]
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Another example of Central States mismanagement
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