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UPS Union Issues
Central States pension plan will drag every other pension fund down
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<blockquote data-quote="Bill" data-source="post: 189117" data-attributes="member: 5483"><p>The pension in Central States is in total freefall. In 2002, the pension was 59.8% funded. The next year, it dropped to 45.64% funded. In 2004, it was at 50.43%. In 2005, the pension was at 47.2% funded. Cuts had to be made, and money borrowed from the Western conference just to keep it at 47.2% funded. this is why the Western conference was hit with a 30% cut. To make matters worse, part of the money went to employees of other companies not working for UPS. This included an investment of 13.4% annual return. What do you think will happen if Central States has a bad year investing, or if they stopped borrowing money from other pension plans? Naturally, the pension plan will fold. The Teamsters are delaying the inevitable by forcing us to work longer for less money. The Teamsters will be forced to borrow from another conference next year, and that conference will take a pension cut. This will go on every year as the Teamsters struggle to keep the Central States pension solvent. Soon, every pension plan in the country will be hit. This has to stop now, but the only way to do it it to create a separate union (APWA) that will fund only UPS employees. </p><p> </p><p><span style="font-size: 15px">T take</span></p><p><span style="font-size: 15px">E everything </span></p><p><span style="font-size: 15px">A away, </span></p><p><span style="font-size: 15px">M mismanage,</span></p><p><span style="font-size: 15px">S steal</span></p><p><span style="font-size: 15px">T the</span></p><p><span style="font-size: 15px">E employees</span></p><p><span style="font-size: 15px">R retirement</span></p><p><span style="font-size: 15px">S savings</span></p></blockquote><p></p>
[QUOTE="Bill, post: 189117, member: 5483"] The pension in Central States is in total freefall. In 2002, the pension was 59.8% funded. The next year, it dropped to 45.64% funded. In 2004, it was at 50.43%. In 2005, the pension was at 47.2% funded. Cuts had to be made, and money borrowed from the Western conference just to keep it at 47.2% funded. this is why the Western conference was hit with a 30% cut. To make matters worse, part of the money went to employees of other companies not working for UPS. This included an investment of 13.4% annual return. What do you think will happen if Central States has a bad year investing, or if they stopped borrowing money from other pension plans? Naturally, the pension plan will fold. The Teamsters are delaying the inevitable by forcing us to work longer for less money. The Teamsters will be forced to borrow from another conference next year, and that conference will take a pension cut. This will go on every year as the Teamsters struggle to keep the Central States pension solvent. Soon, every pension plan in the country will be hit. This has to stop now, but the only way to do it it to create a separate union (APWA) that will fund only UPS employees. [SIZE=4]T take[/SIZE] [SIZE=4]E everything [/SIZE] [SIZE=4]A away, [/SIZE] [SIZE=4]M mismanage,[/SIZE] [SIZE=4]S steal[/SIZE] [SIZE=4]T the[/SIZE] [SIZE=4]E employees[/SIZE] [SIZE=4]R retirement[/SIZE] [SIZE=4]S savings[/SIZE] [/QUOTE]
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Central States pension plan will drag every other pension fund down
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