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Brown Cafe UPS Forum
UPS Union Issues
Attention Teamsters in the central region.
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<blockquote data-quote="JonFrum" data-source="post: 1000483" data-attributes="member: 18044"><p>The $6.1 billion payment UPS made to Central States on 12-26-2007 was not earmarked for the orphaned UPSers. It was a Withdrawal Liability payment that was owed and paid to the Fund in general. It didn't buy any UPSer, orphaned or otherwise, any additional pension credit.</p><p></p><p>UPS owed the money from year's past. It was like paying back taxes. It's a good thing to pay off your debt before leaving, but nothing to brag about.</p><p>- - - -</p><p>Orphans of companies that went belly-up are not "left with nothing." They have the years of contributions made by their companies before bankruptcy, as well as any amounts the Fund collects when the companies are liquidated.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 1000483, member: 18044"] The $6.1 billion payment UPS made to Central States on 12-26-2007 was not earmarked for the orphaned UPSers. It was a Withdrawal Liability payment that was owed and paid to the Fund in general. It didn't buy any UPSer, orphaned or otherwise, any additional pension credit. UPS owed the money from year's past. It was like paying back taxes. It's a good thing to pay off your debt before leaving, but nothing to brag about. - - - - Orphans of companies that went belly-up are not "left with nothing." They have the years of contributions made by their companies before bankruptcy, as well as any amounts the Fund collects when the companies are liquidated. [/QUOTE]
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