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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="wkmac" data-source="post: 52971"><p>Tie, </p><p>There is a reason for UPS to buyout and that is in a nuclear scenario where all companies except UPS have gone out of business by law UPS assumes the liability to not only UPS covered employees but also all the other employees from the former companies covered under the same plan. This is one reason UPS was promoting the partitioning effort and to be honest one of the reasons I was for that approach because I'm not confident that scenario will never happen. I believe those of us covered by the many plans should give this consideration even with it's potential negatives because in the nuclear scenario UPS couldn't handle this and stay in business and we in the end would suffer just to protect those in other companies. You look out for family first before you give charity elsewhere IMO. </p><p> </p><p>Now whether the economics justify UPS footing the bill alone to get us out I do agree you have a very valid point and that is why I believe the 2 year wage freeze to generate the funds needed has merit. It gets the employees and UPS retirees out from under a sinking ship, it removes UPS from potential a very hazzardous liability problem and to some extent if the 2 year wage freeze generates the monies suggested allow current UPSers to enjoy a nicer and more secure retirement without a penny increase thus IMO elevating attitudes to the positive with a better economic package without effecting the bottomline and some on Wall Street might not only see this a positive but consider the reduction in longterm liability to the multi employer funds an even greater positive thus putting upward pressure on the stock price. </p><p> </p><p>Before you write this whole idea off as a bunch of union guys trying to get one over management it would do well for you to sitback and "GET THE BIG PICTURE!" Have a good one.</p></blockquote><p></p>
[QUOTE="wkmac, post: 52971"] Tie, There is a reason for UPS to buyout and that is in a nuclear scenario where all companies except UPS have gone out of business by law UPS assumes the liability to not only UPS covered employees but also all the other employees from the former companies covered under the same plan. This is one reason UPS was promoting the partitioning effort and to be honest one of the reasons I was for that approach because I'm not confident that scenario will never happen. I believe those of us covered by the many plans should give this consideration even with it's potential negatives because in the nuclear scenario UPS couldn't handle this and stay in business and we in the end would suffer just to protect those in other companies. You look out for family first before you give charity elsewhere IMO. Now whether the economics justify UPS footing the bill alone to get us out I do agree you have a very valid point and that is why I believe the 2 year wage freeze to generate the funds needed has merit. It gets the employees and UPS retirees out from under a sinking ship, it removes UPS from potential a very hazzardous liability problem and to some extent if the 2 year wage freeze generates the monies suggested allow current UPSers to enjoy a nicer and more secure retirement without a penny increase thus IMO elevating attitudes to the positive with a better economic package without effecting the bottomline and some on Wall Street might not only see this a positive but consider the reduction in longterm liability to the multi employer funds an even greater positive thus putting upward pressure on the stock price. Before you write this whole idea off as a bunch of union guys trying to get one over management it would do well for you to sitback and "GET THE BIG PICTURE!" Have a good one. [/QUOTE]
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