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Central states/Teamsters pension fun
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<blockquote data-quote="j13501" data-source="post: 2879952" data-attributes="member: 918"><p>Here is a different perspective on the pension issue, from a former UPS mgmt. employee. I believe that the seeds of the pension problems in Central States were sown during the contract negotiations of 1997. There is a good article titled "Pension Issue Drives Wedge between Teamsters, UPS" , dated August 15, 1997 in the SunSentinel newspaper (google it). </p><p></p><p>It says that UPS is proposing to withdraw from the CS pension fund and double pensions for UPS teamster employees. UPS could do this because it knew that money being contributed was not just going to UPS teamsters. It also states in the last paragraph that "Withdrawal of UPS....will represent the loss of 50% of the participants in the plans they pull out of. That has very significant implications for the ability to pay future liabilities."</p><p></p><p>You may answer that "UPS didn't pull out of the plans in 1997". That's true, but Central States raised the pension benefit as a result of the UPS contract offer, even though there was no increase in funds being paid into the plan.</p></blockquote><p></p>
[QUOTE="j13501, post: 2879952, member: 918"] Here is a different perspective on the pension issue, from a former UPS mgmt. employee. I believe that the seeds of the pension problems in Central States were sown during the contract negotiations of 1997. There is a good article titled "Pension Issue Drives Wedge between Teamsters, UPS" , dated August 15, 1997 in the SunSentinel newspaper (google it). It says that UPS is proposing to withdraw from the CS pension fund and double pensions for UPS teamster employees. UPS could do this because it knew that money being contributed was not just going to UPS teamsters. It also states in the last paragraph that "Withdrawal of UPS....will represent the loss of 50% of the participants in the plans they pull out of. That has very significant implications for the ability to pay future liabilities." You may answer that "UPS didn't pull out of the plans in 1997". That's true, but Central States raised the pension benefit as a result of the UPS contract offer, even though there was no increase in funds being paid into the plan. [/QUOTE]
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