Pension Rumors, Pension Threats As part of their sales job on the tentative early agreement, UPS management and some Teamster officials are spreading false rumors about what new pension legislation means for our contract. The bottom line is that UPS contract does NOT need to be ratified by January 1 for us to win pension improvements. Here are some facts you should know before you cast your vote on the tentative early deal: 1) The Pension Protection Act will start to go into effect on January 1. But that date kicks off a long-term timeline for strengthening funds over 10 to 15 years. January 1 is not a deadline for action. 2) Teamster pension plans that do not meet new funding requirements on January 1 will have a year to adopt a Funding Improvement Plan, and another year before implementing it. 3) Under the law, Teamster pension funds must adjust their funding plans based on any new money in the UPS contract—whenever the contract is settled. These rules apply to all pension funds in the “Yellow” or “Red Zone.” The Central States Plan will not be in the Red Zone. In fact few, if any, Teamster plans with UPSers will be. The key to improving our pensions is to make sure we make UPS put its very best offer on the table—whenever that is. Teamsters should review the proposed early agreement carefully. Cast your informed vote based on whether you think this is the best contract we can win—not rumors or empty threats about January 1.