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Central states pensioners, please read!
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<blockquote data-quote="pretzel_man" data-source="post: 517734" data-attributes="member: 927"><p>Maybe I'm oversimplifying this, but....</p><p> </p><p>When the contract expires, the IBT and UPS will negotiate the next contract.</p><p> </p><p>Pension benefits for the CS will be part of that negotiation. Unless the world drastically changes, CS UPSers will remain better off than they would have been with a multi employer plan.</p><p> </p><p>The only difference I see is this. With a multi employer plan, the negotiation is on the amount of money UPS gives for each employee. I think thats defined as a defined contribution plan. </p><p> </p><p>The plan may do well, or do poorly (as the CS plan did). </p><p> </p><p>A single employer plan (like the one I have) is a defined benefit plan. The negotiation in this case would be focused around the amount of benefit awarded, not the amount of contribution.</p><p> </p><p>As I said, I have a defined benefit plan because I'm in Management. Even in these dire economic times, UPS didn't reduce my pension. Of course, the company eliminated the 3% 401k match but that's technically not part of the pension plan.</p><p> </p><p>I don't see any drastic things happening to the Teamster plan.</p><p> </p><p>P-Man</p></blockquote><p></p>
[QUOTE="pretzel_man, post: 517734, member: 927"] Maybe I'm oversimplifying this, but.... When the contract expires, the IBT and UPS will negotiate the next contract. Pension benefits for the CS will be part of that negotiation. Unless the world drastically changes, CS UPSers will remain better off than they would have been with a multi employer plan. The only difference I see is this. With a multi employer plan, the negotiation is on the amount of money UPS gives for each employee. I think thats defined as a defined contribution plan. The plan may do well, or do poorly (as the CS plan did). A single employer plan (like the one I have) is a defined benefit plan. The negotiation in this case would be focused around the amount of benefit awarded, not the amount of contribution. As I said, I have a defined benefit plan because I'm in Management. Even in these dire economic times, UPS didn't reduce my pension. Of course, the company eliminated the 3% 401k match but that's technically not part of the pension plan. I don't see any drastic things happening to the Teamster plan. P-Man [/QUOTE]
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