Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
Central States Pension
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="InsideUPS" data-source="post: 4052571" data-attributes="member: 31414"><p>I spoke with a group of older inside FT employees last night (all formerly package car drivers) and they were asking the same question you just brought up. "What happened to the all the money that UPS paid to CS to get out of the plan?" I suggested to them that we all contact our BA and request a meeting with a representative from the CS. We need to hold CS and our Union accountable and ask these types of questions.....not only for ourselves but for other Teamsters that could potentially face similar issues in the future. </p><p></p><p>Here is an interesting article from Forbes that gives more insight into what has caused the financial demise of our CS plan. </p><p> </p><p><a href="https://www.forbes.com/sites/ebauer/2018/12/03/understanding-the-central-states-pension-plans-tale-of-woe/#1cff20a56c10" target="_blank">Understanding The Central States Pension Plan's Tale Of Woe</a></p><p></p><p>I found this statement particularly interesting.</p><p></p><p><em>"However, UPS withdrew in 2007, with a hurried contract ratification with the Teamsters <a href="https://www.nytimes.com/2007/10/01/us/01labor.html" target="_blank">enabling them to avoid changes to multi-employer plans coming into effect in 2008</a>. Because the withdrawal liability payment required under legislation at the time did not fully compensate the plan for the losses it would experience, this and other withdrawals brought about further decreases in pension"</em></p></blockquote><p></p>
[QUOTE="InsideUPS, post: 4052571, member: 31414"] I spoke with a group of older inside FT employees last night (all formerly package car drivers) and they were asking the same question you just brought up. "What happened to the all the money that UPS paid to CS to get out of the plan?" I suggested to them that we all contact our BA and request a meeting with a representative from the CS. We need to hold CS and our Union accountable and ask these types of questions.....not only for ourselves but for other Teamsters that could potentially face similar issues in the future. Here is an interesting article from Forbes that gives more insight into what has caused the financial demise of our CS plan. [URL="https://www.forbes.com/sites/ebauer/2018/12/03/understanding-the-central-states-pension-plans-tale-of-woe/#1cff20a56c10"]Understanding The Central States Pension Plan's Tale Of Woe[/URL] I found this statement particularly interesting. [I]"However, UPS withdrew in 2007, with a hurried contract ratification with the Teamsters [URL='https://www.nytimes.com/2007/10/01/us/01labor.html']enabling them to avoid changes to multi-employer plans coming into effect in 2008[/URL]. Because the withdrawal liability payment required under legislation at the time did not fully compensate the plan for the losses it would experience, this and other withdrawals brought about further decreases in pension"[/I] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
Central States Pension
Top