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Is there anybody at the wheel at UPS that can pay attention to the real world?
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<blockquote data-quote="JonFrum" data-source="post: 544154" data-attributes="member: 18044"><p>The IBT has no control over the Central States Pension Fund. The Fund is a seperate legal entity controlled by a Board of Trustees composed of equal numbers of Union and Employer representatives as required by ERISA Law. The actual investment decisions are made by two Wall Street investment firms (currently Goldman Sachs Assets Management and Northern Trust Global Advisors) acting as Named Trustees under the Court Consent Decree. All this under the watchful eye of Judge James B. Moran. </p><p> </p><p>There was no Teamster shakedown Of UPS . If anything, the opposite!!! UPS sought to leave the fund and offered to pay only about $4 billion to cover their Withdrawal Liability. The Trustees informed UPS that they, in fact, legally owed $6.1 billion as calculated by the required formula in ERISA. Hoffa and Teamster contract negotiators arranged to cancel the last seven months of the Collective Bargaining Agreement with UPS, and move negotiations and ratification of the new agreement up, so UPS could withdraw quickly from the Fund and make the $6.1 billion payment on Dec. 26, 2007. That allowed UPS to exit the Fund before the turn of the year when the Withdrawal Liability amount would have been much higher. </p><p> </p><p>Withdrawal Liability is money the withdrawing company legally owes to the pension fund under ERISA. It's like when someone sells a house they own and moves away. They must pay off the remaining mortgage. They can't just walk away and leave the debt for someone else shoulder. </p><p> </p><p>By the way, the $6.1 billion UPS paid was not paid in the names of its employees, as normal monthly negotiated contributions were. It was paid to the Trust, as such, without gaining any additional pension credit for the Central States employees. The money was an outstanding debt UPS owed directly to the Fund. </p><p> </p><p>In closing, I would like to incorporate the complete text of the Encyclopedia Britianica by reference into this post, just as if I typed it out word, after word, after word, after word, after . . .</p></blockquote><p></p>
[QUOTE="JonFrum, post: 544154, member: 18044"] The IBT has no control over the Central States Pension Fund. The Fund is a seperate legal entity controlled by a Board of Trustees composed of equal numbers of Union and Employer representatives as required by ERISA Law. The actual investment decisions are made by two Wall Street investment firms (currently Goldman Sachs Assets Management and Northern Trust Global Advisors) acting as Named Trustees under the Court Consent Decree. All this under the watchful eye of Judge James B. Moran. There was no Teamster shakedown Of UPS . If anything, the opposite!!! UPS sought to leave the fund and offered to pay only about $4 billion to cover their Withdrawal Liability. The Trustees informed UPS that they, in fact, legally owed $6.1 billion as calculated by the required formula in ERISA. Hoffa and Teamster contract negotiators arranged to cancel the last seven months of the Collective Bargaining Agreement with UPS, and move negotiations and ratification of the new agreement up, so UPS could withdraw quickly from the Fund and make the $6.1 billion payment on Dec. 26, 2007. That allowed UPS to exit the Fund before the turn of the year when the Withdrawal Liability amount would have been much higher. Withdrawal Liability is money the withdrawing company legally owes to the pension fund under ERISA. It's like when someone sells a house they own and moves away. They must pay off the remaining mortgage. They can't just walk away and leave the debt for someone else shoulder. By the way, the $6.1 billion UPS paid was not paid in the names of its employees, as normal monthly negotiated contributions were. It was paid to the Trust, as such, without gaining any additional pension credit for the Central States employees. The money was an outstanding debt UPS owed directly to the Fund. In closing, I would like to incorporate the complete text of the Encyclopedia Britianica by reference into this post, just as if I typed it out word, after word, after word, after word, after . . . [/QUOTE]
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Is there anybody at the wheel at UPS that can pay attention to the real world?
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