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UPS Retirement Topics
Pension in Jeopardy
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<blockquote data-quote="retiredone" data-source="post: 86291" data-attributes="member: 1576"><p>I guess the question is how to fix the plan given the circumstances you describe (whiich I agree with). IN MY OPINION ONLY, I don't think that UPS would be interested in taking responsibility as was offered in the 1997 negotiations. Frankly, the problem has simply gotten too large for UPS to take it on. One of the things I was told that happened after 1997 was that the Central States increased benefits (on a plan which was really incapable of paying the old benefits) to meet the benefit level promised by UPS during the negotiations. For this reason, what was bad got much worse. In one prior contract (many years ago), I think that the union essentially gave up on any significant wage increase and simply asked that the pension be made solvent through UPS contributions. Again, I have read rumblings on this site that "the company wants to take over the pension", but I don't think that the company wants the pension at this point. The problem has gotten too big.</p><p> </p><p>To be frank, I think the end game is a combination of all the above: increased retirement age, reduced benefits, putting the entire emphasis of any negotation on employer contributions to the plan. It's unfortunate that it's come to this.</p></blockquote><p></p>
[QUOTE="retiredone, post: 86291, member: 1576"] I guess the question is how to fix the plan given the circumstances you describe (whiich I agree with). IN MY OPINION ONLY, I don't think that UPS would be interested in taking responsibility as was offered in the 1997 negotiations. Frankly, the problem has simply gotten too large for UPS to take it on. One of the things I was told that happened after 1997 was that the Central States increased benefits (on a plan which was really incapable of paying the old benefits) to meet the benefit level promised by UPS during the negotiations. For this reason, what was bad got much worse. In one prior contract (many years ago), I think that the union essentially gave up on any significant wage increase and simply asked that the pension be made solvent through UPS contributions. Again, I have read rumblings on this site that "the company wants to take over the pension", but I don't think that the company wants the pension at this point. The problem has gotten too big. To be frank, I think the end game is a combination of all the above: increased retirement age, reduced benefits, putting the entire emphasis of any negotation on employer contributions to the plan. It's unfortunate that it's come to this. [/QUOTE]
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