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Pension funded roll call? What is your pension funded percentage % 2022/2023
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<blockquote data-quote="DELACROIX" data-source="post: 5577108" data-attributes="member: 49065"><p>There was a grass roots effort back in the early nineties to improve the Central's benefits. Went to a couple of their meetings, trying to remember if the pension formula was set at 1,000 or 1,500 a month for a 25 or 30 year retiree. Ron Carey when he came into office pushed the Central to increase it to basically 100 dollars per service year even when it was apparent that the Central was losing active participants and gaining more retirees. The ratio changed caused by more and more employers leaving the fund because they saw the writing on the wall in the future, Maybe the feds had an eye on the Central and wanted it to be insolvent due to the corruption and mob influence, who knows. Deregulation in the trucking industry really cut into the Central's main course of contributions, it failed to organize other industries outside of the trucking trades, the Western did a fantastic job with keeping their contributors and adding new and younger participants. Both plans were Multi Employer had about the same number of participants, as of today the Central is listed as 14.5 % minus the bailout and the Western possibly close to 100 % vested. </p><p></p><p>I do not know if it was a factor in the Central's fiasco, but I do remember that Ron Carey was trying to to get the part timers into the Central for added monetary contributions during the "93" contract, apparently the Company did not want it to happen for what purpose? It is plausible that the Company saw the demise of the Central and wanted to bail out way before the "97" strike. The Teamster leadership during that time before Carey were more than happy to permit more part time positions considering they were getting twice to three time more union dues without thinking about the future ratifications in their pension and health and welfare plans.</p><p></p><p>How did this bail out help UPS..I would look at the <strong>(ARPA)</strong> and the federal laws that changed the adjusted interest rates for pension plans. They do not have to worry about covering their pension obligations in the Central anymore which helps reduce their financial liabilities at the end of the year, that contract clause back in 2007 about covering any default primarily the Central's is now null and void or is it?</p><p></p><p>Are we all so naive to think that this federal bail out doesn't come without strings for both the Teamsters and UPS. There had to be a lot of behind the scenes lobbying from both sides to get this legislation passed at what cost?</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5577108, member: 49065"] There was a grass roots effort back in the early nineties to improve the Central's benefits. Went to a couple of their meetings, trying to remember if the pension formula was set at 1,000 or 1,500 a month for a 25 or 30 year retiree. Ron Carey when he came into office pushed the Central to increase it to basically 100 dollars per service year even when it was apparent that the Central was losing active participants and gaining more retirees. The ratio changed caused by more and more employers leaving the fund because they saw the writing on the wall in the future, Maybe the feds had an eye on the Central and wanted it to be insolvent due to the corruption and mob influence, who knows. Deregulation in the trucking industry really cut into the Central's main course of contributions, it failed to organize other industries outside of the trucking trades, the Western did a fantastic job with keeping their contributors and adding new and younger participants. Both plans were Multi Employer had about the same number of participants, as of today the Central is listed as 14.5 % minus the bailout and the Western possibly close to 100 % vested. I do not know if it was a factor in the Central's fiasco, but I do remember that Ron Carey was trying to to get the part timers into the Central for added monetary contributions during the "93" contract, apparently the Company did not want it to happen for what purpose? It is plausible that the Company saw the demise of the Central and wanted to bail out way before the "97" strike. The Teamster leadership during that time before Carey were more than happy to permit more part time positions considering they were getting twice to three time more union dues without thinking about the future ratifications in their pension and health and welfare plans. How did this bail out help UPS..I would look at the [B](ARPA)[/B] and the federal laws that changed the adjusted interest rates for pension plans. They do not have to worry about covering their pension obligations in the Central anymore which helps reduce their financial liabilities at the end of the year, that contract clause back in 2007 about covering any default primarily the Central's is now null and void or is it? Are we all so naive to think that this federal bail out doesn't come without strings for both the Teamsters and UPS. There had to be a lot of behind the scenes lobbying from both sides to get this legislation passed at what cost? [/QUOTE]
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