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Brown Cafe UPS Forum
UPS Retirement Topics
Letter from NYS Teamsters Pension Plan
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<blockquote data-quote="JonFrum" data-source="post: 727556" data-attributes="member: 18044"><p>Has anyone proven that using a professional financial advisor to pick investments is any better than just putting your money in an index fund and leaving it there long term?</p><p></p><p>UPS affirms in writing before joining the funds, and periodically in our Contracts thereafter, that it endorses all the actions of all the employer trustees, so long as they are acting legallly.</p><p></p><p>By law, there must be an <u>equal</u> <u>number</u> of trustees on both sides. Sometimes a trustee dies, quits, has to do a streach in the slammer, whatever, and there is a temporary vacancy until he can be replaced. A while ago a UPS executive finally became a Central States trustee, stayed for a little while, then resigned when it was announced UPS wanted to quit the fund and "offered" to pay about $4 billion in Withdrawal Liability. Central States informed UPS the actual <u>amount</u> <u>due</u> was $6.1 billion. UPS also paid $1.7 billion to set up the new fund and cover the expense of early retirements. </p><p></p><p>All trustees, employer and labor, are "fiduciaries" and are legally bound to act in the best interests of all the participants, taken as a whole. A UPS trustee couldn't legally display a pro-UPS bias.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 727556, member: 18044"] Has anyone proven that using a professional financial advisor to pick investments is any better than just putting your money in an index fund and leaving it there long term? UPS affirms in writing before joining the funds, and periodically in our Contracts thereafter, that it endorses all the actions of all the employer trustees, so long as they are acting legallly. By law, there must be an [U]equal[/U] [U]number[/U] of trustees on both sides. Sometimes a trustee dies, quits, has to do a streach in the slammer, whatever, and there is a temporary vacancy until he can be replaced. A while ago a UPS executive finally became a Central States trustee, stayed for a little while, then resigned when it was announced UPS wanted to quit the fund and "offered" to pay about $4 billion in Withdrawal Liability. Central States informed UPS the actual [U]amount[/U] [U]due[/U] was $6.1 billion. UPS also paid $1.7 billion to set up the new fund and cover the expense of early retirements. All trustees, employer and labor, are "fiduciaries" and are legally bound to act in the best interests of all the participants, taken as a whole. A UPS trustee couldn't legally display a pro-UPS bias. [/QUOTE]
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