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UPS Union Issues
Central States going broke---
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<blockquote data-quote="DELACROIX" data-source="post: 4812933" data-attributes="member: 49065"><p>After the pension plan applies and is accepted the PBGC provides the monetary responsibility of it’s (current) retirees. The employers’ contributions continue providing much needed funding with the hope of investment growth.</p><p></p><p>I believe that for example that the Central States retirees will be getting a retirement check from the federal government not their original pension fund equal to their current benefit.</p><p></p><p>It is a forgivable loan..meaning they do not have to pay it back. Basically the Feds are taking over these underfunded plans and will run them as they please, the behind the door agreements have already been done, you are talking about 56 billion just in the Central. </p><p></p><p>It is not just the Union that has to answer to the Feds now, the corporations and companies that are contributing or have contributed will be under the direct supervision from Washington in regards to the running of these pension trusts.</p><p></p><p>The elimination of the Management plan in 2023 was an early indicator of the chess pieces being moved, still in the middle of the game..</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4812933, member: 49065"] After the pension plan applies and is accepted the PBGC provides the monetary responsibility of it’s (current) retirees. The employers’ contributions continue providing much needed funding with the hope of investment growth. I believe that for example that the Central States retirees will be getting a retirement check from the federal government not their original pension fund equal to their current benefit. It is a forgivable loan..meaning they do not have to pay it back. Basically the Feds are taking over these underfunded plans and will run them as they please, the behind the door agreements have already been done, you are talking about 56 billion just in the Central. It is not just the Union that has to answer to the Feds now, the corporations and companies that are contributing or have contributed will be under the direct supervision from Washington in regards to the running of these pension trusts. The elimination of the Management plan in 2023 was an early indicator of the chess pieces being moved, still in the middle of the game.. [/QUOTE]
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