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UPS Retirement Topics
Letter from NYS Teamsters Pension Plan
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<blockquote data-quote="JonFrum" data-source="post: 727263" data-attributes="member: 18044"><p>One selling point of multi-employer "defined benefit" pension plans is that if the markets dive and your plan's assets drop, the employers are mostly responsible to make up the difference. Whereas in a personal "defined contribution" plan like an IRA or 401(k), you take the loss yourself.</p><p> </p><p>However Hoffa, Hall & Co. inserted this new language into our current Contract, and the "Yes" voters (as usual) approved it:</p><p></p><p>I think this means the Contract will be reopened for the limited purpose of reducing UPS's labor costs by about $700 per participant the first year, and about $1,400 per year thereafter. It looks like the cost of any 5% surcharge, and subsequent 10% surcharges will be borne by us, not UPS.</p><p> </p><p>Let us know what you learn at the meeting, and what you will be voting on. This is uncharted territory. Anyone have any more info?</p></blockquote><p></p>
[QUOTE="JonFrum, post: 727263, member: 18044"] One selling point of multi-employer "defined benefit" pension plans is that if the markets dive and your plan's assets drop, the employers are mostly responsible to make up the difference. Whereas in a personal "defined contribution" plan like an IRA or 401(k), you take the loss yourself. However Hoffa, Hall & Co. inserted this new language into our current Contract, and the "Yes" voters (as usual) approved it: I think this means the Contract will be reopened for the limited purpose of reducing UPS's labor costs by about $700 per participant the first year, and about $1,400 per year thereafter. It looks like the cost of any 5% surcharge, and subsequent 10% surcharges will be borne by us, not UPS. Let us know what you learn at the meeting, and what you will be voting on. This is uncharted territory. Anyone have any more info? [/QUOTE]
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