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UPS Partners
New retirement vacation policy
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<blockquote data-quote="DELACROIX" data-source="post: 3898493" data-attributes="member: 49065"><p>They have too..It is Federal law (ERISA)..If they could they would lawyer out of it. The money grab would be an appropriate term considering that with a any Pension Plan that UPS totally controls including the IBT/UPS Pension Plan is a Defined Benefit Plan. They only have to pay an annual contribution at the end of the year to cover the promised benefit, they are under no obligation to pay per Article 34 (Master). That is one of the reasons that their is so much disparity with our union pension benefits, one region gets this, one area gets another.</p><p></p><p>The current Central States underfunding was a result of UPS trying to get out of their liability back in l997, they offered that 100 dollars per full time / 50 dollars per part time pension benefit capped at 35 years knowing that the Central would have to increase their pension putting more pressure on the decreasing active members to cover the growing number of pensioners. With that offer the vested funds in the Central would of been used at the beginning of one's retirement not at the age of 65. Retirement Medical was included at 50 dollars a month per family, for sure that would of went up. Let's not sugar coat this this was a money grab.</p><p></p><p>The elimination of the UPS Retirement Plan in 2023 could be a result of the Central going belly up, it will free about 3 billion a year in contributions that would cover any losses with their agreement made with covering any any elimination or reductions that may occur with the Central's underfunding. The timetable of the next contract is kind of obvious (2023).</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3898493, member: 49065"] They have too..It is Federal law (ERISA)..If they could they would lawyer out of it. The money grab would be an appropriate term considering that with a any Pension Plan that UPS totally controls including the IBT/UPS Pension Plan is a Defined Benefit Plan. They only have to pay an annual contribution at the end of the year to cover the promised benefit, they are under no obligation to pay per Article 34 (Master). That is one of the reasons that their is so much disparity with our union pension benefits, one region gets this, one area gets another. The current Central States underfunding was a result of UPS trying to get out of their liability back in l997, they offered that 100 dollars per full time / 50 dollars per part time pension benefit capped at 35 years knowing that the Central would have to increase their pension putting more pressure on the decreasing active members to cover the growing number of pensioners. With that offer the vested funds in the Central would of been used at the beginning of one's retirement not at the age of 65. Retirement Medical was included at 50 dollars a month per family, for sure that would of went up. Let's not sugar coat this this was a money grab. The elimination of the UPS Retirement Plan in 2023 could be a result of the Central going belly up, it will free about 3 billion a year in contributions that would cover any losses with their agreement made with covering any any elimination or reductions that may occur with the Central's underfunding. The timetable of the next contract is kind of obvious (2023). [/QUOTE]
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