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New retirement vacation policy
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<blockquote data-quote="DELACROIX" data-source="post: 3900105" data-attributes="member: 49065"><p>I believe the master plan is to extend their Central States pension liabilities. The IBT/UPS pension plan for the most part covers early retirement benefits for their union members. When the union members reach 65 their costs are offset by any vested time under the Central, with ever passing year their liability gets reduced. The same can be said for any retiree's medical benefit when medicare kicks in, less financial drain on the Health and Welfare plans.</p><p></p><p>During the last contract it was stated that the average weekly monetary contribution that is going into either the Pension or the Health and Welfare plans was running about 450 to 500 a week per full time union employee. Quick math: 24,000 to 26,000 annually per plan. That 3 Billion total might be correct considering they contributed about 5 billion last year into all their controlled pension trusts. I know that back in the mid nineties their was roughly 65,000 management or non union people who had vest time under the UPS Retirement Plan. I am presuming that today it is close to that total.</p><p></p><p>If you study the weekly monetary contribution per Article 34 (master) you will find that after the l997 strike the following contracts greatly increased the funding into the unions's Pension Plans, primarily the Central States. It was an failed attempt to help the Central's future underfunding issues, the crash in the markets in 2008 was one of the nails in the coffin. It is still the ugly elephant in the room and may be addressed with the next contract with it's projected insolvency, time will tell.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3900105, member: 49065"] I believe the master plan is to extend their Central States pension liabilities. The IBT/UPS pension plan for the most part covers early retirement benefits for their union members. When the union members reach 65 their costs are offset by any vested time under the Central, with ever passing year their liability gets reduced. The same can be said for any retiree's medical benefit when medicare kicks in, less financial drain on the Health and Welfare plans. During the last contract it was stated that the average weekly monetary contribution that is going into either the Pension or the Health and Welfare plans was running about 450 to 500 a week per full time union employee. Quick math: 24,000 to 26,000 annually per plan. That 3 Billion total might be correct considering they contributed about 5 billion last year into all their controlled pension trusts. I know that back in the mid nineties their was roughly 65,000 management or non union people who had vest time under the UPS Retirement Plan. I am presuming that today it is close to that total. If you study the weekly monetary contribution per Article 34 (master) you will find that after the l997 strike the following contracts greatly increased the funding into the unions's Pension Plans, primarily the Central States. It was an failed attempt to help the Central's future underfunding issues, the crash in the markets in 2008 was one of the nails in the coffin. It is still the ugly elephant in the room and may be addressed with the next contract with it's projected insolvency, time will tell. [/QUOTE]
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