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More gloom and doom..CS is tanking
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<blockquote data-quote="Mugarolla" data-source="post: 1615504" data-attributes="member: 8481"><p>Exactly.</p><p></p><p>UPS already paid their full pension liability.</p><p></p><p>The $2B people keep talking about is the amount UPS would have to pay their retirees, and only their retirees, if CS cut UPS retirees by 60%</p><p></p><p>Everybody wants UPS to bail out CS. They all want only UPS retirees to receive a cut, since UPS has to make up any cuts. The pension would remain solvent and no other retires would have to take a cut, or a small cut.</p><p></p><p>The experts have calculated this amount to be around $2B. So people want UPS to have to pay an additional $2B, even though they have fulfilled their full pension liability.</p><p></p><p>This is not what the law says. The law says that the first retirees to receive cuts are those from orphan companies, those companies that never fully paid for their retirees pensions and are now bankrupt.</p><p></p><p>While it sounds great to have UPS bail out CS, the fact is that a Hostess retiree, a Preston retiree, an ANR retiree, a YRC retiree etc, are receiving full pensions that their company never paid for.</p><p></p><p>So yes, they should see the biggest cuts.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1615504, member: 8481"] Exactly. UPS already paid their full pension liability. The $2B people keep talking about is the amount UPS would have to pay their retirees, and only their retirees, if CS cut UPS retirees by 60% Everybody wants UPS to bail out CS. They all want only UPS retirees to receive a cut, since UPS has to make up any cuts. The pension would remain solvent and no other retires would have to take a cut, or a small cut. The experts have calculated this amount to be around $2B. So people want UPS to have to pay an additional $2B, even though they have fulfilled their full pension liability. This is not what the law says. The law says that the first retirees to receive cuts are those from orphan companies, those companies that never fully paid for their retirees pensions and are now bankrupt. While it sounds great to have UPS bail out CS, the fact is that a Hostess retiree, a Preston retiree, an ANR retiree, a YRC retiree etc, are receiving full pensions that their company never paid for. So yes, they should see the biggest cuts. [/QUOTE]
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