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Memories From The '97' Strike........
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<blockquote data-quote="JonFrum" data-source="post: 1022854" data-attributes="member: 18044"><p>Correct!!!</p><p></p><p>Rightly or wrongly, this is how all insurance arangements work. The survivors end up paying, to some degree, for the dead and wounded.</p><p></p><p>This wouldn't be a big deal back when the funds were close to 100% funded. But with several major market downturns, fund assets have fallen considerably, and so the survivors, like UPS, have to make up the unfortunate shortfalls one way or another.</p><p></p><p>Fund assets fall in the UPS run funds as well. But there, the Law <u>requires</u> UPS to annually top off the funds, so it does so out of general revenues automatically, without fanfare.</p><p></p><p>But no law requires UPS, or the other surviving employers, to top off moderately underfunded multi-employer funds, unless they formally withdraw from the fund, or the fund becomes seriously underfunded.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 1022854, member: 18044"] Correct!!! Rightly or wrongly, this is how all insurance arangements work. The survivors end up paying, to some degree, for the dead and wounded. This wouldn't be a big deal back when the funds were close to 100% funded. But with several major market downturns, fund assets have fallen considerably, and so the survivors, like UPS, have to make up the unfortunate shortfalls one way or another. Fund assets fall in the UPS run funds as well. But there, the Law [U]requires[/U] UPS to annually top off the funds, so it does so out of general revenues automatically, without fanfare. But no law requires UPS, or the other surviving employers, to top off moderately underfunded multi-employer funds, unless they formally withdraw from the fund, or the fund becomes seriously underfunded. [/QUOTE]
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