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UPS Retirement Topics
Is Central States pension fund ready to go under?
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<blockquote data-quote="pkgdriver" data-source="post: 235391" data-attributes="member: 1472"><p>The funds are managed by trustees, not the employers, and certain provisions appear governed by the Teamsters, again, not the employers. There are 10 trustees overseeing the Fund, including one from UPS, YRC Worldwide, and Arkansas Best and five representatives (u nion employees) from the Teamsters. Thus, UPS and YRC Worldwide, for instance, each only have a 10% vote on actions regarding fund management despite collectively having almost 45% of the active workers in the plan. Actually, though, the most troubling aspect to us is that it appears Teamsters management can determine how the employer contributions (over $20,000 per FTE per year) are allocated to either healthcare or pension. We think that due to keeping such things as healthcare co-pays too low relative to the U.S. industry, management historically diverted some erstwhile</p><p><a href="https://web.archive.org/web/20071014103304/http://www.knowyourpension.org/downloads/Teamsters_Multiemployer_Pensions.pdf" target="_blank">https://web.archive.org/web/20071014103304/http://www.knowyourpension.org/downloads/Teamsters_Multiemployer_Pensions.pdf</a></p></blockquote><p></p>
[QUOTE="pkgdriver, post: 235391, member: 1472"] The funds are managed by trustees, not the employers, and certain provisions appear governed by the Teamsters, again, not the employers. There are 10 trustees overseeing the Fund, including one from UPS, YRC Worldwide, and Arkansas Best and five representatives (u nion employees) from the Teamsters. Thus, UPS and YRC Worldwide, for instance, each only have a 10% vote on actions regarding fund management despite collectively having almost 45% of the active workers in the plan. Actually, though, the most troubling aspect to us is that it appears Teamsters management can determine how the employer contributions (over $20,000 per FTE per year) are allocated to either healthcare or pension. We think that due to keeping such things as healthcare co-pays too low relative to the U.S. industry, management historically diverted some erstwhile [url]https://web.archive.org/web/20071014103304/http://www.knowyourpension.org/downloads/Teamsters_Multiemployer_Pensions.pdf[/url] [/QUOTE]
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Is Central States pension fund ready to go under?
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