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UPS Union Issues
Central States Pension Fund cuts
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<blockquote data-quote="Catatonic" data-source="post: 1900683" data-attributes="member: 7966"><p><strong>Here's why UPS won't pay</strong></p><p></p><p>The Central States Pension Fund used to administer pension benefits to a group of unionized UPS drivers,but the company left the fund in 2008 as a way to save money and provide retirees with better benefits. It set up its own pension fund, but only took current workers with it. Any UPS drivers who had already retired would still be covered solely by the Central States fund.</p><p></p><p>"We do not have a contractual obligation to cover supplemental benefits for those UPS employees that had retired and were in the Central States fund prior to 2008," a UPS spokesman told CNN Money.</p><p></p><p>UPS paid $6.1 billion in order to exit the fund. That should have covered the pension costs for UPS workers in the Central States fund that retired beforehand, including Dopp.</p><p></p><p></p><p>"UPS regrets that economic challenges and other conditions have resulted in Central States administrators choosing to propose a difficult restructuring that will potentially adversely impact thousands of retired UPS employees," the spokesman said.</p><p></p><p>But the company has already made "substantial" payments to fund its former workers' retirements, he added.</p></blockquote><p></p>
[QUOTE="Catatonic, post: 1900683, member: 7966"] [B]Here's why UPS won't pay[/B] The Central States Pension Fund used to administer pension benefits to a group of unionized UPS drivers,but the company left the fund in 2008 as a way to save money and provide retirees with better benefits. It set up its own pension fund, but only took current workers with it. Any UPS drivers who had already retired would still be covered solely by the Central States fund. "We do not have a contractual obligation to cover supplemental benefits for those UPS employees that had retired and were in the Central States fund prior to 2008," a UPS spokesman told CNN Money. UPS paid $6.1 billion in order to exit the fund. That should have covered the pension costs for UPS workers in the Central States fund that retired beforehand, including Dopp. "UPS regrets that economic challenges and other conditions have resulted in Central States administrators choosing to propose a difficult restructuring that will potentially adversely impact thousands of retired UPS employees," the spokesman said. But the company has already made "substantial" payments to fund its former workers' retirements, he added. [/QUOTE]
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