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Brown Cafe UPS Forum
UPS Union Issues
Central States going broke---
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<blockquote data-quote="DELACROIX" data-source="post: 4745098" data-attributes="member: 49065"><p>There are two categories of pension plans, one is called <strong>“a monetary benefit pension plan”</strong> the other is called <strong>“ a defined benefit plan”. </strong></p><p><strong>Peer 80 in the western is monetary benefit </strong>..It is getting contractual weekly individual funding by their employers.</p><p></p><p>The <strong>IBT/UPS retirement plan </strong>created in 2007 is a <strong>defined benefit plan, </strong>that plan only requires an annual contribution to maintain the negotiated benefit formula. I believe it bypasses article 34 language, if the plans investments do well annually the company does not have to pay additional funding to cover the vesting requirements. A great money saver for the contributing companies.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4745098, member: 49065"] There are two categories of pension plans, one is called [B]“a monetary benefit pension plan”[/B] the other is called [B]“ a defined benefit plan”. Peer 80 in the western is monetary benefit [/B]..It is getting contractual weekly individual funding by their employers. The [B]IBT/UPS retirement plan [/B]created in 2007 is a [B]defined benefit plan, [/B]that plan only requires an annual contribution to maintain the negotiated benefit formula. I believe it bypasses article 34 language, if the plans investments do well annually the company does not have to pay additional funding to cover the vesting requirements. A great money saver for the contributing companies. [/QUOTE]
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