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Brown Cafe UPS Forum
UPS Retirement Topics
Pension Agency Faces a New Front
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<blockquote data-quote="teddyr" data-source="post: 54905"><p>ok2bc, It is not a misconception that UPS is funding the pensions of other teamsters. Of the top 50 trucking co.s in 1980 only 6 are still alive. Only four of those six are union. 44 of those were contributing employers to multiemployer pension plans. There have been no major union companies to replace any of the bankrupt companies. The thousands of retirees from these defunct companies, who no longer contribute into the plan, are now covered by three or four major union companies still in business, along with other smaller companies that are still alive. This jeopardizes all the pensions of the employees from the healthy companies because our dollars are spread over a much larger base. UPS currently contributes 1 billion a year to 21 multi emp. plans representing 127K upsers, an average of 9k per employee. The average fund is only 72pct funded where single employer pension plans enjoy government protection of 90pct. Too many people taking out and not enough putting in leaves us in a social security crisis. If this plan fails, the PBGC(pension benefit guarantee corp.) will step in and give up to the max of $1,072. Whereas under a single employer plan the guarantee is up to $3,699. Rough waters lie ahead for the central states guys and I feel for you. I'm just glad the western states pension trust is solvent and I have something to look forward to at the end.</p></blockquote><p></p>
[QUOTE="teddyr, post: 54905"] ok2bc, It is not a misconception that UPS is funding the pensions of other teamsters. Of the top 50 trucking co.s in 1980 only 6 are still alive. Only four of those six are union. 44 of those were contributing employers to multiemployer pension plans. There have been no major union companies to replace any of the bankrupt companies. The thousands of retirees from these defunct companies, who no longer contribute into the plan, are now covered by three or four major union companies still in business, along with other smaller companies that are still alive. This jeopardizes all the pensions of the employees from the healthy companies because our dollars are spread over a much larger base. UPS currently contributes 1 billion a year to 21 multi emp. plans representing 127K upsers, an average of 9k per employee. The average fund is only 72pct funded where single employer pension plans enjoy government protection of 90pct. Too many people taking out and not enough putting in leaves us in a social security crisis. If this plan fails, the PBGC(pension benefit guarantee corp.) will step in and give up to the max of $1,072. Whereas under a single employer plan the guarantee is up to $3,699. Rough waters lie ahead for the central states guys and I feel for you. I'm just glad the western states pension trust is solvent and I have something to look forward to at the end. [/QUOTE]
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