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<blockquote data-quote="JonFrum" data-source="post: 816568" data-attributes="member: 18044"><p>The Teamsters do not control the pension funds; the pension fund trustees do. The funds are independent legal entities, run according to very strict ERISA mandates. Despite the fact that half the trustees are also Teamster Union officials, they do not constitute a majority of the Board. The Teamsters Union can't order the Board of Trustees to do anything, just as they can't order UPS to fully fund the pension plans.</p><p> </p><p>The Teamsters are not responsible for the severe market downturns of 2000 and 2008. Almost everyone lost a lot of money, not just Teamster-sponsored pension funds. Apparently the plunging markets "never got the Memo."</p><p> </p><p>UPS is a Contributing Employer to the funds, and has been since before many UPSers were born. UPS, and all other Contributing Employers, are totally, legally responsible for funding the plans. UPS is not co-signing a child's student loan. They themselves contracted with the funds directly, by signing the legal documents, (before current employees were old enough to even spell U-P-S), to guarantee monthly pension payments for their employees for decades to come. That's why UPS was made to payoff their $6.1 billion Withdrawal Liability, (which they did on December 26, 2007, in one fell swoop.) Full-time Central States UPSers had no liability whatsoever. </p><p> </p><p>What a shame UPS couldn't see fit to contribute the $6.1 billion to Central States in a way that would have earned a decade of Pension Credits for its covered employees, instead of paying it in the form of a Withdrawal Liability Payment, which accrued UPSers no additional Pension Credits whatsoever, and cut adrift all allready seperated and retired UPSers in the process.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 816568, member: 18044"] The Teamsters do not control the pension funds; the pension fund trustees do. The funds are independent legal entities, run according to very strict ERISA mandates. Despite the fact that half the trustees are also Teamster Union officials, they do not constitute a majority of the Board. The Teamsters Union can't order the Board of Trustees to do anything, just as they can't order UPS to fully fund the pension plans. The Teamsters are not responsible for the severe market downturns of 2000 and 2008. Almost everyone lost a lot of money, not just Teamster-sponsored pension funds. Apparently the plunging markets "never got the Memo." UPS is a Contributing Employer to the funds, and has been since before many UPSers were born. UPS, and all other Contributing Employers, are totally, legally responsible for funding the plans. UPS is not co-signing a child's student loan. They themselves contracted with the funds directly, by signing the legal documents, (before current employees were old enough to even spell U-P-S), to guarantee monthly pension payments for their employees for decades to come. That's why UPS was made to payoff their $6.1 billion Withdrawal Liability, (which they did on December 26, 2007, in one fell swoop.) Full-time Central States UPSers had no liability whatsoever. What a shame UPS couldn't see fit to contribute the $6.1 billion to Central States in a way that would have earned a decade of Pension Credits for its covered employees, instead of paying it in the form of a Withdrawal Liability Payment, which accrued UPSers no additional Pension Credits whatsoever, and cut adrift all allready seperated and retired UPSers in the process. [/QUOTE]
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