B
BigBrownBlues
Guest
I am going to speculate about what might happen if this contract is approved:
* UPS pulls out, pays 6.1 billion, 4 billion gets paid to Central States(CS) after taxes
* CS is then 70% funded and avoids ERISA intervention for 2008
* UPSers in CS keep their years and money in CS(only new funds to new fund)
* UPSers look forward to 2 pension checks at retirement 1 CS, 1 new fund
* By 2009 CS is less than 70% funded because UPS isn't contributing any more
* ERISA regulation begins
* Financial situation in CS is bad and will only get worse
* ERISA slashes beneifit levels for new and existing retirees to keep it afloat
*UPS has no obligation to make up for cuts to CS checks for UPSers
**UPS has anticipated this, its in the new contract!
*UPSers who are retiring get only part of thier CS pension but all of new pension
* Yellow ABF etc. pull out of CS to cut losses and fund goes belly up
*UPSers recieve only a fraction of thier CS pension under bankruptcy laws
UPS basicaly says I told you so. And at least you have your 5 or so years of the new pension to get you through your golden years;it's not our fault CS went under. LETS BE CLEAR;2 PENSION CHECKS,NO OBLIGATION FOR UPS FOR CS PORTION, EVEN FOR UPSERS!!!!
* UPS pulls out, pays 6.1 billion, 4 billion gets paid to Central States(CS) after taxes
* CS is then 70% funded and avoids ERISA intervention for 2008
* UPSers in CS keep their years and money in CS(only new funds to new fund)
* UPSers look forward to 2 pension checks at retirement 1 CS, 1 new fund
* By 2009 CS is less than 70% funded because UPS isn't contributing any more
* ERISA regulation begins
* Financial situation in CS is bad and will only get worse
* ERISA slashes beneifit levels for new and existing retirees to keep it afloat
*UPS has no obligation to make up for cuts to CS checks for UPSers
**UPS has anticipated this, its in the new contract!
*UPSers who are retiring get only part of thier CS pension but all of new pension
* Yellow ABF etc. pull out of CS to cut losses and fund goes belly up
*UPSers recieve only a fraction of thier CS pension under bankruptcy laws
UPS basicaly says I told you so. And at least you have your 5 or so years of the new pension to get you through your golden years;it's not our fault CS went under. LETS BE CLEAR;2 PENSION CHECKS,NO OBLIGATION FOR UPS FOR CS PORTION, EVEN FOR UPSERS!!!!