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UPS Retirement Topics
local 804 pension problems
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<blockquote data-quote="Cezanne" data-source="post: 145193" data-attributes="member: 5104"><p>People, did you understand at all JonFrum's post. What he was stating with the underfunding ratio with the 804 multi-pension fund. That it would take five times more annual contributions to get it to being 100 percent vesting status. Instead of the 10,000 quoted annually, it would be an additional 40,000 per person to correct the underfunding. Now go on line and study the provisions and vesting ratio required for pension plans under the new PENSION REFORM ACT over the next seven to ten years. Did anybody figure out that these companies and corporations will required by federal law to make additional monetary contributions to get them to that vesting ratio timetable. </p><p> </p><p>Could be wrong on this one, but I believe that 804's underfunding ratio of 5 x would only required that additional payments of 40,000 per participant for one year. If you consider spreading it over the the next seven years it would be doable for the employers contributing to that fund. I have a feeling that the Feds are more involved with these changes and cuts than both the companies and unions, consider that they had their eyes on the Central States funding for over a decade now and possibly longer if we knew the truth.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 145193, member: 5104"] People, did you understand at all JonFrum's post. What he was stating with the underfunding ratio with the 804 multi-pension fund. That it would take five times more annual contributions to get it to being 100 percent vesting status. Instead of the 10,000 quoted annually, it would be an additional 40,000 per person to correct the underfunding. Now go on line and study the provisions and vesting ratio required for pension plans under the new PENSION REFORM ACT over the next seven to ten years. Did anybody figure out that these companies and corporations will required by federal law to make additional monetary contributions to get them to that vesting ratio timetable. Could be wrong on this one, but I believe that 804's underfunding ratio of 5 x would only required that additional payments of 40,000 per participant for one year. If you consider spreading it over the the next seven years it would be doable for the employers contributing to that fund. I have a feeling that the Feds are more involved with these changes and cuts than both the companies and unions, consider that they had their eyes on the Central States funding for over a decade now and possibly longer if we knew the truth. [/QUOTE]
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