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UPS Retirement Topics
Is Central States pension fund ready to go under?
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<blockquote data-quote="Bill" data-source="post: 179002" data-attributes="member: 5483"><p>None of your rhetoric makes any sense if you took the time to think about what you just said. First of all, the APWA is attempting to gain control of the portion of money that is destined for UPS people before the dam bursts. Why do you assume that UPS will withdraw its obligation to contribute to the pension fund? If so, then using the same warped logic, why would UPS give any additional money to the pension fund if the Teamsters are still negotiating our contract in 2008? What you doubters can't seem to grasp is the fact that while the number of retirees keep going up each year, thus draining our fund further, the number of contributing participants are heading in the opposite direction. This multi-pension plan can't work and is doomed, and a change in the pension plan is necessary at this juncture. The APWA gives us a chance for a change, but in order for it to work, we need your votes on the petition cards to replace the Teamsters. We are only receiving 40% of the money that UPS contributes in our behalf under the Teamsters, but the APWA plan allows us to control 100% of the UPS money that goes into our pension fund. Why is it that you people would rather have only 40 cents on the dollar?</p><p>Where did you come up with the stupidity that it is the attorneys that started this union? How could this underfunding correct itself? Is UPS going to contribute billions of dollars into the pension just to fully fund it so that other companies can enjoy our money? I doubt it! Are the Teamsters going to miraculously find thousands of additional members to contribute? I doubt this also. Will the stock market have a great year to recoup some of the losses? It might, but it has to sustain a great return every year, which is not going to occur. One really bad year and this fund is sunk!!</p></blockquote><p></p>
[QUOTE="Bill, post: 179002, member: 5483"] None of your rhetoric makes any sense if you took the time to think about what you just said. First of all, the APWA is attempting to gain control of the portion of money that is destined for UPS people before the dam bursts. Why do you assume that UPS will withdraw its obligation to contribute to the pension fund? If so, then using the same warped logic, why would UPS give any additional money to the pension fund if the Teamsters are still negotiating our contract in 2008? What you doubters can't seem to grasp is the fact that while the number of retirees keep going up each year, thus draining our fund further, the number of contributing participants are heading in the opposite direction. This multi-pension plan can't work and is doomed, and a change in the pension plan is necessary at this juncture. The APWA gives us a chance for a change, but in order for it to work, we need your votes on the petition cards to replace the Teamsters. We are only receiving 40% of the money that UPS contributes in our behalf under the Teamsters, but the APWA plan allows us to control 100% of the UPS money that goes into our pension fund. Why is it that you people would rather have only 40 cents on the dollar? Where did you come up with the stupidity that it is the attorneys that started this union? How could this underfunding correct itself? Is UPS going to contribute billions of dollars into the pension just to fully fund it so that other companies can enjoy our money? I doubt it! Are the Teamsters going to miraculously find thousands of additional members to contribute? I doubt this also. Will the stock market have a great year to recoup some of the losses? It might, but it has to sustain a great return every year, which is not going to occur. One really bad year and this fund is sunk!! [/QUOTE]
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