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Is Central States pension fund ready to go under?
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<blockquote data-quote="JonFrum" data-source="post: 181321"><p>Time for a reality check.</p><p></p><p>Monies contributed over the years by UPS into Teamsters-sponsored multi-employer pension plans are generally NOT withdrawable or transferable. </p><p></p><p>The Central States fund has a "no transfer" clause in its Trust Agreement, as (I assume) do all other funds:</p><p></p><p>TRUST AGREEMENT</p><p>CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS</p><p>PENSION FUND</p><p>AS AMENDED THROUGH FEBRUARY 28, 2006</p><p></p><p>ARTICLE XV</p><p>BENEFICIAL RIGHTS</p><p>No Employer or Union, or Employees, shall have any right,</p><p>title or interest in or to the Trust Fund or any part thereof other</p><p>than vesting under the Pension Plan except in accordance with</p><p>applicable law. There shall be no pro rata or other distribution</p><p>of any of the assets of the Fund as a result of any Union, Employer</p><p>or group of Employees of Employers ceasing their participation in</p><p>this Fund for any purpose or reason, except as required by law.</p><p></p><p>My New England fund, for example, also has a "no transfer" clause in its Rules and Regulations:</p><p></p><p>ARTICLE X</p><p>SECTION 10.10</p><p>NO RIGHT TO ASSETS</p><p>No person other than the Trustees of the Pension Fund shall have any right, title or interest in any of the income or property of any character received or held by or for the account of the Pension Fund, and no person shall have any right to benefits provided by the Pension Plan except as expressly provided herein. No Employee, Beneficiary, group of Employees, Local Union, or Employer, who ceases to maintain his or its status as a Participant, Beneficiary,Local Union or Contributing Employer shall have any right to any of the assets of the Fund nor may any contributions to the Fund on behalf of the employment of a Participant be transferred to any other pension fund, local union or employer, or be paid to any Participant or Beneficiary except in the form of benefits as provided in the Plan.</p><p><a href="http://www.nettipf.com/pdf_files/Rules&Regulations.pdf" target="_blank">http://www.nettipf.com/pdf_files/Rules&Regulations.pdf</a></p><p></p><p>The ERISA language [ERISA, 29 U.S.C 1415(a)] cited by the appelate judges in the NETPIC case is in reference to a transfer of assets from a multi-employer fund to another multi-employer fund, NOT to a single-employer fund, and therefore can't be used by APWA supporters.</p><p></p><p>Can anyone cite an official APWA statement where the APWA claims it will succede in getting these funds, or even that it is going to make a serious attempt?</p><p></p><p>Can anyone cite an APWA lawyer's opinion as to what points of law he would invoke in asserting his claim to the money? </p><p></p><p>The court case, which NETPIC LOST! and LOST AGAIN! on appeal is here . . .</p><p>USCA1 Opinion 91-1542</p><p></p><p>The text of ERISA is available here . . .</p><p><a href="http://finduslaw.com/employee_retirement_income_security_act_erisa_29_u_s_code_chapter_18" target="_blank">Employee Retirement Income Security Act - ERISA - 29 U.S. Code Chapter 18 | finduslaw</a></p><p><a href="http://www4.law.cornell.edu/uscode/29/ch18.html" target="_blank">http://www4.law.cornell.edu/uscode/29/ch18.html</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 181321"] Time for a reality check. Monies contributed over the years by UPS into Teamsters-sponsored multi-employer pension plans are generally NOT withdrawable or transferable. The Central States fund has a "no transfer" clause in its Trust Agreement, as (I assume) do all other funds: TRUST AGREEMENT CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION FUND AS AMENDED THROUGH FEBRUARY 28, 2006 ARTICLE XV BENEFICIAL RIGHTS No Employer or Union, or Employees, shall have any right, title or interest in or to the Trust Fund or any part thereof other than vesting under the Pension Plan except in accordance with applicable law. There shall be no pro rata or other distribution of any of the assets of the Fund as a result of any Union, Employer or group of Employees of Employers ceasing their participation in this Fund for any purpose or reason, except as required by law. My New England fund, for example, also has a "no transfer" clause in its Rules and Regulations: ARTICLE X SECTION 10.10 NO RIGHT TO ASSETS No person other than the Trustees of the Pension Fund shall have any right, title or interest in any of the income or property of any character received or held by or for the account of the Pension Fund, and no person shall have any right to benefits provided by the Pension Plan except as expressly provided herein. No Employee, Beneficiary, group of Employees, Local Union, or Employer, who ceases to maintain his or its status as a Participant, Beneficiary,Local Union or Contributing Employer shall have any right to any of the assets of the Fund nor may any contributions to the Fund on behalf of the employment of a Participant be transferred to any other pension fund, local union or employer, or be paid to any Participant or Beneficiary except in the form of benefits as provided in the Plan. [url]http://www.nettipf.com/pdf_files/Rules&Regulations.pdf[/url] The ERISA language [ERISA, 29 U.S.C 1415(a)] cited by the appelate judges in the NETPIC case is in reference to a transfer of assets from a multi-employer fund to another multi-employer fund, NOT to a single-employer fund, and therefore can't be used by APWA supporters. Can anyone cite an official APWA statement where the APWA claims it will succede in getting these funds, or even that it is going to make a serious attempt? Can anyone cite an APWA lawyer's opinion as to what points of law he would invoke in asserting his claim to the money? The court case, which NETPIC LOST! and LOST AGAIN! on appeal is here . . . USCA1 Opinion 91-1542 The text of ERISA is available here . . . [URL='http://finduslaw.com/employee_retirement_income_security_act_erisa_29_u_s_code_chapter_18']Employee Retirement Income Security Act - ERISA - 29 U.S. Code Chapter 18 | finduslaw[/URL] [url]http://www4.law.cornell.edu/uscode/29/ch18.html[/url] [/QUOTE]
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