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Brown Cafe UPS Forum
UPS Retirement Topics
Pension Agency Faces a New Front
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<blockquote data-quote="ok2bclever" data-source="post: 54904"><p>teddy, you just don't get it. </p><p> </p><p>I am not denying many trucking companies have gone out of business over the years. </p><p> </p><p>Many of them directly because of us, actually, but that is irrelevant to this thread. </p><p> </p><p>The point is not one of their employees received even one minute of further credit towards their pensions after their company went out of business. </p><p> </p><p>So <strong>IF</strong> the plan had a valid contribution rate in relationship to the benefit payout then neither UPS or any other still remaining participating company would owe a dime towards those retirements. </p><p> </p><p>The problem is the contribution rates were allowed to be too low to support the retirement benefits given <strong>and still are to this date</strong>. </p><p> </p><p>The companies, including UPS knew this then and they know it now. </p><p> </p><p>The problem for UPS is they are still one of the ones around so they get to hold the financial responsibility bag they consented to ignore for all those decades. </p><p> </p><p>UPS has no superior moral, financial or intelligence position on this issue. </p><p> </p><p>Only one of demographics where their workers have been too young to retire in significant numbers to expose this problem. </p><p> </p><p>Guess what, it's exposure time as the baby boomers are retiring. </p><p> </p><p>UPS entered into binding legal agreements regarding these pension funds. </p><p> </p><p>They will do their best to escape their financial obligations through legislation. </p><p> </p><p>I expect they will be successful in some degree regarding this, but the bad guy ain't the retired workers. </p><p> </p><p>And if you still think so then you truly just don't get it and we will have to agree to disagree.</p></blockquote><p></p>
[QUOTE="ok2bclever, post: 54904"] teddy, you just don't get it. I am not denying many trucking companies have gone out of business over the years. Many of them directly because of us, actually, but that is irrelevant to this thread. The point is not one of their employees received even one minute of further credit towards their pensions after their company went out of business. So [b]IF[/b] the plan had a valid contribution rate in relationship to the benefit payout then neither UPS or any other still remaining participating company would owe a dime towards those retirements. The problem is the contribution rates were allowed to be too low to support the retirement benefits given [b]and still are to this date[/b]. The companies, including UPS knew this then and they know it now. The problem for UPS is they are still one of the ones around so they get to hold the financial responsibility bag they consented to ignore for all those decades. UPS has no superior moral, financial or intelligence position on this issue. Only one of demographics where their workers have been too young to retire in significant numbers to expose this problem. Guess what, it's exposure time as the baby boomers are retiring. UPS entered into binding legal agreements regarding these pension funds. They will do their best to escape their financial obligations through legislation. I expect they will be successful in some degree regarding this, but the bad guy ain't the retired workers. And if you still think so then you truly just don't get it and we will have to agree to disagree. [/QUOTE]
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