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Is Central States pension fund ready to go under?
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<blockquote data-quote="Bill" data-source="post: 178782" data-attributes="member: 5483"><p>If you are still not convinced that the pension fund (Central States) is in deep financial trouble, this factual report will open your eyes. All the numbers are factual and anyone can obtain these reports. The following numbers are copied off the annual reports from form 5500 Central States pension fund.</p><p> </p><p>.............................2002...........2003..........2004..............2005 </p><p>active participants....177,076......164,767......157,306..........156,744</p><p>retired....................176,453......179.089......180,746..........180,955</p><p>other retired.............78,202........81,134........86,272............86,213</p><p>deceased.................28,216........29,332........26,488............27,711 </p><p>retired workers are those receiving benefits</p><p>other retired are those separated participants entitled to future benefits</p><p>deceased are the beneficiaries receiving or entitled to receive benefits</p><p> </p><p>These numbers indicate that the active participants (those contributing) are dwindling each year, while the number of retirees receiving benefits are rising. This is an alarming trend. This translates to less money going in, and more going out. The pension plan is in such dire straights that it has literally become a sinking ship. At the current pace, future cuts are just around the corner. Now consider that all the additional money that UPS contributes each year on August 1, 2005, 2006, and 2007 is going into the pension plan (just to keep it temporarily afloat), and none is allocated for the medical fund. This is why we are paying much more for our medical benefits and further cuts are imminent. As medical costs soar, we are asked to pay more out of pocket. With no additional money to this fund, it is likely that we will soon be paying $200 per month to receive sub-standard medical benefits. </p><p>When are we going to wake up and say enough already? There is no reason that we should be hit with these cuts. After all, UPS gives more than enough to fully fund our medical and pension plans, but because we are in a multi-employee plan with other companies, our money is going to others who don't even work for UPS. We receive only 40% of the money that UPS contributes on our behalf. If we were to receive "all" the UPS money, we would have much better benefits and our pension would be at least 100% funded. This is the plan of the APWA. It is up to each of us to wise up and stop letting the Teamsters steal our money. Spread the word about the APWA, sign those petition cards, and get others to sign as well. The sooner we can accomplish this, the sooner we all benefit.</p></blockquote><p></p>
[QUOTE="Bill, post: 178782, member: 5483"] If you are still not convinced that the pension fund (Central States) is in deep financial trouble, this factual report will open your eyes. All the numbers are factual and anyone can obtain these reports. The following numbers are copied off the annual reports from form 5500 Central States pension fund. .............................2002...........2003..........2004..............2005 active participants....177,076......164,767......157,306..........156,744 retired....................176,453......179.089......180,746..........180,955 other retired.............78,202........81,134........86,272............86,213 deceased.................28,216........29,332........26,488............27,711 retired workers are those receiving benefits other retired are those separated participants entitled to future benefits deceased are the beneficiaries receiving or entitled to receive benefits These numbers indicate that the active participants (those contributing) are dwindling each year, while the number of retirees receiving benefits are rising. This is an alarming trend. This translates to less money going in, and more going out. The pension plan is in such dire straights that it has literally become a sinking ship. At the current pace, future cuts are just around the corner. Now consider that all the additional money that UPS contributes each year on August 1, 2005, 2006, and 2007 is going into the pension plan (just to keep it temporarily afloat), and none is allocated for the medical fund. This is why we are paying much more for our medical benefits and further cuts are imminent. As medical costs soar, we are asked to pay more out of pocket. With no additional money to this fund, it is likely that we will soon be paying $200 per month to receive sub-standard medical benefits. When are we going to wake up and say enough already? There is no reason that we should be hit with these cuts. After all, UPS gives more than enough to fully fund our medical and pension plans, but because we are in a multi-employee plan with other companies, our money is going to others who don't even work for UPS. We receive only 40% of the money that UPS contributes on our behalf. If we were to receive "all" the UPS money, we would have much better benefits and our pension would be at least 100% funded. This is the plan of the APWA. It is up to each of us to wise up and stop letting the Teamsters steal our money. Spread the word about the APWA, sign those petition cards, and get others to sign as well. The sooner we can accomplish this, the sooner we all benefit. [/QUOTE]
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