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UPS Retirement Topics
May 10th Announcement .Pension
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<blockquote data-quote="bones" data-source="post: 195187" data-attributes="member: 8429"><p>Cezanne, I don't think I am near as informed as you with respect to laws governing pensions but I think there are a couple reasons UPS would want to eliminate the pension, 1) as someone stated earlier past performance is not a guarantee of future returns, there are all sorts of things that could occur that could negatively affect the pension plan for years to come not to mention the possibility of people consistently living into their 80's 90's or possibly later. This would have a drastic affect on the pension plan. 2) this is my worry and only mine as I have not heard it anywhere else but what happens if Teamster Pension plans (Central States for one) goes under? I am afraid before the government would step in they would look at UPS with an overfunded plan and ask UPS to transfer money. I am not sure this is legally an option but I don't see the government shelling out millions when UPS has money and has another pension plan that is 110% funded. Again this is just speculation on my part. 3) Like I believe someone stated earlier it has to be a huge savings to convert to a 401 match (additional 3% possibly) due to the fact many may not contribute the full 6% possible, also, this eliminates all of UPS liablity for future payouts which are subject to all sorts of risk (geopolitical, natural disasters, etc...) Just my thoughts, however, I think the possibility of a buyout are very slim, I think their will be changes but I don't think they will be better for us or offer any sort of immediate gain.</p></blockquote><p></p>
[QUOTE="bones, post: 195187, member: 8429"] Cezanne, I don't think I am near as informed as you with respect to laws governing pensions but I think there are a couple reasons UPS would want to eliminate the pension, 1) as someone stated earlier past performance is not a guarantee of future returns, there are all sorts of things that could occur that could negatively affect the pension plan for years to come not to mention the possibility of people consistently living into their 80's 90's or possibly later. This would have a drastic affect on the pension plan. 2) this is my worry and only mine as I have not heard it anywhere else but what happens if Teamster Pension plans (Central States for one) goes under? I am afraid before the government would step in they would look at UPS with an overfunded plan and ask UPS to transfer money. I am not sure this is legally an option but I don't see the government shelling out millions when UPS has money and has another pension plan that is 110% funded. Again this is just speculation on my part. 3) Like I believe someone stated earlier it has to be a huge savings to convert to a 401 match (additional 3% possibly) due to the fact many may not contribute the full 6% possible, also, this eliminates all of UPS liablity for future payouts which are subject to all sorts of risk (geopolitical, natural disasters, etc...) Just my thoughts, however, I think the possibility of a buyout are very slim, I think their will be changes but I don't think they will be better for us or offer any sort of immediate gain. [/QUOTE]
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