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UPS Union Issues
Don't Retire before the next contract-Pension Cuts loom
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<blockquote data-quote="Mugarolla" data-source="post: 2179803" data-attributes="member: 8481"><p>They stated this based on what the Treasury department was going to do with the Central States Pension Fund.</p><p></p><p>If the Treasury approved the cuts, UPS was going to take a charge for the full projected cost to them for the life of the employees who would collect a "make up" payment from UPS.</p><p></p><p>If the cuts were approved, it was going to cost UPS roughly $3.2B-$3.8B over the next 40-50 years. This was going to be a one time charge and UPS would have the money in their fund to cover any Central States cuts for post 2008 retirees for the life of their pensions. (This also alludes to the fact that they may not be planning to weasel out of their contractual promise. They were going to take the full hit this year, and have the needed money to cover the pensions in the future.)</p><p></p><p>The Treasury denied the cuts, so there will be no charge taken by UPS, at least and until the Central States Pension Fund submits a new plan, if they do, to the Treasury Department, and they approve it.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2179803, member: 8481"] They stated this based on what the Treasury department was going to do with the Central States Pension Fund. If the Treasury approved the cuts, UPS was going to take a charge for the full projected cost to them for the life of the employees who would collect a "make up" payment from UPS. If the cuts were approved, it was going to cost UPS roughly $3.2B-$3.8B over the next 40-50 years. This was going to be a one time charge and UPS would have the money in their fund to cover any Central States cuts for post 2008 retirees for the life of their pensions. (This also alludes to the fact that they may not be planning to weasel out of their contractual promise. They were going to take the full hit this year, and have the needed money to cover the pensions in the future.) The Treasury denied the cuts, so there will be no charge taken by UPS, at least and until the Central States Pension Fund submits a new plan, if they do, to the Treasury Department, and they approve it. [/QUOTE]
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Don't Retire before the next contract-Pension Cuts loom
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