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<blockquote data-quote="OLDMAN3" data-source="post: 1596984">We (working UPS Teamsters) are not out of the water yet...One scenario which could be devastating for UPS teamster employees who have part of their pension credit under Central States (hired before 2008)...We were told this by our Teamster officials...Once a plan to rescue Central States is presented we will vote on it. If the pension reductions end up being insufficient to keep the fund from going belly up, and the fund runs out of money and is no more...UPS is released from their obligation because the fund (Central States) will no longer exist. So the worst rescue plan for current UPS union employees would be one that continues the status quo and allows Central States to go under in approximately 10 years. The best rescue plan for current UPS union employees would be severe cuts in pension benefits (that UPS would have to cover for its retirees under the IBT/UPS plan) which may enable the plan to go on for decades.</blockquote>

[QUOTE="OLDMAN3, post: 1596984"] We (working UPS Teamsters) are not out of the water yet... One scenario which could be devastating for UPS teamster employees who have part of their pension credit under Central States (hired before 2008)... We were told this by our Teamster officials... Once a plan to rescue Central States is presented we will vote on it. If the pension reductions end up being insufficient to keep the fund from going belly up, and the fund runs out of money and is no more...UPS is released from their obligation because the fund (Central States) will no longer exist. So the worst rescue plan for current UPS union employees would be one that continues the status quo and allows Central States to go under in approximately 10 years. The best rescue plan for current UPS union employees would be severe cuts in pension benefits (that UPS would have to cover for its retirees under the IBT/UPS plan) which may enable the plan to go on for decades. [/QUOTE]

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