"On December 29, 2020, the Fund's Actuary certified to the U.S. Department of the Treasury and to the Board of Trustees that the Fund will be classified in critical and declining status for the 2020–2021 Plan Year (which began October 1, 2020), because its funded percentage is less than 65%, it has a projected funding deficiency in the current or next 4 plan years and has a projected insolvency date which is less than the 20-year minimum statutory requirement.
The Pension Fund’s Trustees are working with New England Local Unions regarding strategies to increase the Pension Fund’s participation levels, including continuing to negotiate with more employers to become transition employers and bring new employers into the Fund. As part of recent negotiations with UPS, the company’s contributions to the Pension Fund will nearly double in 2022 and are expected to remain at least at that level thereafter. The higher level of UPS contributions will be a significant source of future funding and are expected to improve the funded status of the Pension Fund."
As part of these negotiation, what are the Teamsters giving up in exchange for higher contributions from UPS? UPS can't be contributing more out of the kindness of their heart, and I'm curious what's in it for them."