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Memories From The '97' Strike........
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<blockquote data-quote="104Feeder" data-source="post: 1024024" data-attributes="member: 42554"><p>Rebuttal letter to Wall St. Journal editorial, August 8 1997</p><p></p><p>Editor</p><p>The Wall Street Journal</p><p>200 Liberty Street</p><p>New York, NY 10281</p><p></p><p>Dear Editor: </p><p></p><p>We read with great concern the August 6 article by Burkins and Brannigan as well as the august 7 "Review and Outlook" about the pension fund issues involved in the UPS/Teamster negotiations. It is unfortunate that both articles present a distorted and nonfactual representation of "Teamster pension plans." Apparently all Teamster pension funds are to be tarred with the same brush.</p><p></p><p>Unfortunately for the reader and; conversely, fortunately for the participants of the Western Conference of Teamsters Pension Trust, the real story lacks the sensationalism of the "Review and Outlook" article and the misinformation of the Burkins/Brannigan article. The true story, in fact, is rather boring.</p><p></p><p>Since it's inception in 1955, the Western Conference of Teamsters Pension Trust has not suffered on ehint of scandal. There has never been any of the corruption alluded to in these two articles. Our investment policies have always been on the conservative side and, even with that, have produced investment returns averaging 11%+ annually since inception. Since 1987, this pension fund of $18+billion has been 100% fully funded, as attested by two of the nation's finest independent actuarial firms. While maintaining zero unfunded vested benefit liability, we have still managed to increase benefits significantly in 1986, 1992, and 1994. In the 1970's, the movers and shakers who put together what we not call ERISA many times held this Pension Trust as a model of fiscal integrity, and we have continued that reputation with the U.S. Department of Labor in it's numerous regular audits over the years. </p><p></p><p>In the Teamsters Union, "pension" does not just mean retirement at age 65. In fact in the west, we have individuals retiring as early as age 49 with full benefits. In addition, the Plan's survivor benefits, pre-retirement death benefits, life insurance, spousal benefits, and disability benefits provide a complete security umbrella. Over the past 32 years we have been able to refine existing benefits and add new benefits to a point where today's full-time (2076 hours) UPS Employee at the contribution rates of the recently expired contract earns a permanent monthly benefit of $155.69 for each year of service. The part-time UPS employee (1040 hours) in our area earns a benefit of $100.97 for each year of service.</p><p></p><p>The very strike involved in these negotiations may bring into the limelight one of the major benefits of a multi-employer pension plan; that is, portability. Teamster members who are on strike may either choose or be forced to take employment outside of UPS. This portability allows Teamster members to move from one contributing employer to another within the Western States without detriment to their pension. Also most of our pension funds reciprocate with each other so that our members can move from one area of the country to another and still receive full pension benefits. Portability is rare indeed among single employer plans, a fact noted in recent legislative initiatives. </p><p></p><p>The sensationalism of the distorted representations in these articles does a great disservice to the hundreds of service providers and administrative employees who work very hard to produce the best benefits available to the members of the Teamsters Union. It also does a disservice to the trustees- including representatives of UPS management- who diligently review the plans and continually update programs for the benefit of the participants. It does a disservice tot he countless employers who depend on the teamster pension funds to provide a livable pension for their employees when they leave after years of service. but most importantly, it does a a disservice to the UPS participants of the pension plans who are currently on strike and who try to believe what they read in publications such as yours. This type of article only tends to be confusing and could actually cause them to make decisions that would adversely affect their financial status in their retirement years. </p><p></p><p>Sincerely, </p><p></p><p>Western Conference of Teamsters</p><p>Pension Trust</p><p> Anthony C. Lock </p><p>Chairman</p><p> </p><p> Owen L. Bennett</p><p>Co-Chairman.</p></blockquote><p></p>
[QUOTE="104Feeder, post: 1024024, member: 42554"] Rebuttal letter to Wall St. Journal editorial, August 8 1997 Editor The Wall Street Journal 200 Liberty Street New York, NY 10281 Dear Editor: We read with great concern the August 6 article by Burkins and Brannigan as well as the august 7 "Review and Outlook" about the pension fund issues involved in the UPS/Teamster negotiations. It is unfortunate that both articles present a distorted and nonfactual representation of "Teamster pension plans." Apparently all Teamster pension funds are to be tarred with the same brush. Unfortunately for the reader and; conversely, fortunately for the participants of the Western Conference of Teamsters Pension Trust, the real story lacks the sensationalism of the "Review and Outlook" article and the misinformation of the Burkins/Brannigan article. The true story, in fact, is rather boring. Since it's inception in 1955, the Western Conference of Teamsters Pension Trust has not suffered on ehint of scandal. There has never been any of the corruption alluded to in these two articles. Our investment policies have always been on the conservative side and, even with that, have produced investment returns averaging 11%+ annually since inception. Since 1987, this pension fund of $18+billion has been 100% fully funded, as attested by two of the nation's finest independent actuarial firms. While maintaining zero unfunded vested benefit liability, we have still managed to increase benefits significantly in 1986, 1992, and 1994. In the 1970's, the movers and shakers who put together what we not call ERISA many times held this Pension Trust as a model of fiscal integrity, and we have continued that reputation with the U.S. Department of Labor in it's numerous regular audits over the years. In the Teamsters Union, "pension" does not just mean retirement at age 65. In fact in the west, we have individuals retiring as early as age 49 with full benefits. In addition, the Plan's survivor benefits, pre-retirement death benefits, life insurance, spousal benefits, and disability benefits provide a complete security umbrella. Over the past 32 years we have been able to refine existing benefits and add new benefits to a point where today's full-time (2076 hours) UPS Employee at the contribution rates of the recently expired contract earns a permanent monthly benefit of $155.69 for each year of service. The part-time UPS employee (1040 hours) in our area earns a benefit of $100.97 for each year of service. The very strike involved in these negotiations may bring into the limelight one of the major benefits of a multi-employer pension plan; that is, portability. Teamster members who are on strike may either choose or be forced to take employment outside of UPS. This portability allows Teamster members to move from one contributing employer to another within the Western States without detriment to their pension. Also most of our pension funds reciprocate with each other so that our members can move from one area of the country to another and still receive full pension benefits. Portability is rare indeed among single employer plans, a fact noted in recent legislative initiatives. The sensationalism of the distorted representations in these articles does a great disservice to the hundreds of service providers and administrative employees who work very hard to produce the best benefits available to the members of the Teamsters Union. It also does a disservice to the trustees- including representatives of UPS management- who diligently review the plans and continually update programs for the benefit of the participants. It does a disservice tot he countless employers who depend on the teamster pension funds to provide a livable pension for their employees when they leave after years of service. but most importantly, it does a a disservice to the UPS participants of the pension plans who are currently on strike and who try to believe what they read in publications such as yours. This type of article only tends to be confusing and could actually cause them to make decisions that would adversely affect their financial status in their retirement years. Sincerely, Western Conference of Teamsters Pension Trust Anthony C. Lock Chairman Owen L. Bennett Co-Chairman. [/QUOTE]
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