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UPS Union Issues
CSPF awarded 36 billion.
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<blockquote data-quote="Trucker Clock" data-source="post: 5467335" data-attributes="member: 70932"><p>That was the benefit of a multi-employer pension fund, at one point. If a company went belly up, there were more than enough other companies still paying into the fund to absorb the loss. This was because an employee only received a portion of the money paid into the fund on their behalf by their employer. The other portion covered the loss of bankrupt companies no longer paying into the fund but still had retirees collecting a pension.</p><p></p><p>The problem is that too many companies went bankrupt. There are not enough companies paying into the fund. If there is enough money in the fund, everyone still gets a pension.</p><p></p><p>The problem is that there is not enough money in the fund. So cuts have to be made. Is it fair to keep paying a retiree, whose company went bankrupt and is no longer paying into the fund, a pension, and then force a cut to other retirees, whose company is still paying into the fund?</p><p></p><p>A multi-employer pension fund only works when there are numerous employers paying into the fund. They do not work today.</p><p></p><p>Now, thanks to the Government, everyone still gets a pension and the hard choices do not have to be made.</p></blockquote><p></p>
[QUOTE="Trucker Clock, post: 5467335, member: 70932"] That was the benefit of a multi-employer pension fund, at one point. If a company went belly up, there were more than enough other companies still paying into the fund to absorb the loss. This was because an employee only received a portion of the money paid into the fund on their behalf by their employer. The other portion covered the loss of bankrupt companies no longer paying into the fund but still had retirees collecting a pension. The problem is that too many companies went bankrupt. There are not enough companies paying into the fund. If there is enough money in the fund, everyone still gets a pension. The problem is that there is not enough money in the fund. So cuts have to be made. Is it fair to keep paying a retiree, whose company went bankrupt and is no longer paying into the fund, a pension, and then force a cut to other retirees, whose company is still paying into the fund? A multi-employer pension fund only works when there are numerous employers paying into the fund. They do not work today. Now, thanks to the Government, everyone still gets a pension and the hard choices do not have to be made. [/QUOTE]
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CSPF awarded 36 billion.
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