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UPS Retirement Topics
New England Teamsters Pension Fund: More Bad News
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<blockquote data-quote="brownIEman" data-source="post: 380535" data-attributes="member: 14596"><p>Those pensions are multi-employer plans that have UPS and non-UPS companies contributing with UPS teamsters and Non-UPS Teamsters getting paid benefits. The problem comes in that many of the non-UPS companies that were paying into those plans have gone out of business and are no longer paying their share. The former employees of those companies are still drawing benefits however, so you get quickly to an underfunded status. UPS wanted to get out of the plans so UPS money would go to just UPS teamsters, as there is enough UPS money for that. This however sorta leaves the non-UPS teamsters in those plans to twist in the wind. This is what essentially has happened in the Central States fund, with UPS writing a 6 billion dollar check to put a stool under those non-UPS teamsters if I may extend my metaphor a bit. Time will tell if it is enough.</p></blockquote><p></p>
[QUOTE="brownIEman, post: 380535, member: 14596"] Those pensions are multi-employer plans that have UPS and non-UPS companies contributing with UPS teamsters and Non-UPS Teamsters getting paid benefits. The problem comes in that many of the non-UPS companies that were paying into those plans have gone out of business and are no longer paying their share. The former employees of those companies are still drawing benefits however, so you get quickly to an underfunded status. UPS wanted to get out of the plans so UPS money would go to just UPS teamsters, as there is enough UPS money for that. This however sorta leaves the non-UPS teamsters in those plans to twist in the wind. This is what essentially has happened in the Central States fund, with UPS writing a 6 billion dollar check to put a stool under those non-UPS teamsters if I may extend my metaphor a bit. Time will tell if it is enough. [/QUOTE]
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