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Brown Cafe UPS Forum
UPS Union Issues
Don't Retire before the next contract-Pension Cuts loom
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<blockquote data-quote="Signhere" data-source="post: 2178984" data-attributes="member: 62840"><p>Are you referring to the Central States Pension which has some active and retired UPS members ?</p><p></p><p>I believe UPS put a huge amount in the fund in 2008 and then pulled out of the fund. Unfortunately the fund pays retirement benefits to several teamsters members whom were employed by other companies that went bankrupt and the funds failed in investment strategies. This in combination with reduced contributions to the fund leaves a proposed reduction of 50% or more of those pensions to the UPS retirees. Read for specifics. The plan to make the a reduction in benefits so that the fund would not empty out in 2026 was blocked by the US Treasury on May 6, 2018. </p><p></p><p><em><strong>Tier III participants are current and former employees of </strong></em><a href="http://researchcenter.pionline.com/rankings/plan-sponsor/profiles/429855/overview" target="_blank"><em><strong>United Parcel Service Inc.</strong></em></a><em><strong>, Atlanta, which paid $6.1 billion to withdraw from the pension fund in 2007 and set up a single plan jointly trusteed with the International Brotherhood of Teamsters. As part of a collective bargaining agreement at the time, UPS also agreed to a “make-whole” provision in the event that the pension fund reduced benefits in the future. An approved plan would have triggered that backstop, and cost the company between $3.2 billion and $3.8 billion in additional benefit payments, when recognized as an interim mark-to-market charges. source: <a href="http://www.pionline.com/article/20160506/ONLINE/160509909/treasury-rejects-central-states-benefit-reductions" target="_blank">PIOnline : Subscription Center</a></strong></em></p></blockquote><p></p>
[QUOTE="Signhere, post: 2178984, member: 62840"] Are you referring to the Central States Pension which has some active and retired UPS members ? I believe UPS put a huge amount in the fund in 2008 and then pulled out of the fund. Unfortunately the fund pays retirement benefits to several teamsters members whom were employed by other companies that went bankrupt and the funds failed in investment strategies. This in combination with reduced contributions to the fund leaves a proposed reduction of 50% or more of those pensions to the UPS retirees. Read for specifics. The plan to make the a reduction in benefits so that the fund would not empty out in 2026 was blocked by the US Treasury on May 6, 2018. [I][B]Tier III participants are current and former employees of [/B][/I][URL='http://researchcenter.pionline.com/rankings/plan-sponsor/profiles/429855/overview'][I][B]United Parcel Service Inc.[/B][/I][/URL][I][B], Atlanta, which paid $6.1 billion to withdraw from the pension fund in 2007 and set up a single plan jointly trusteed with the International Brotherhood of Teamsters. As part of a collective bargaining agreement at the time, UPS also agreed to a “make-whole” provision in the event that the pension fund reduced benefits in the future. An approved plan would have triggered that backstop, and cost the company between $3.2 billion and $3.8 billion in additional benefit payments, when recognized as an interim mark-to-market charges. source: [URL="http://www.pionline.com/article/20160506/ONLINE/160509909/treasury-rejects-central-states-benefit-reductions"]PIOnline : Subscription Center[/URL][/B][/I] [/QUOTE]
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Don't Retire before the next contract-Pension Cuts loom
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