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UPS Union Issues
Ron Carey- Local 804 hero
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<blockquote data-quote="JonFrum" data-source="post: 761617" data-attributes="member: 18044"><p>The Temsters do not, and have never, controlled the multi-employer pension funds. By Law the funds are completely seperate legal entities from the Teamsters. The funds are run by an equal number of Union and Management Trustees. UPS got UPSers into these funds before most UPSers were even born. UPS has been in them ever since, often as their largest contributor. UPS recently signed a ten-year agreement to not advocate withdrawal from any of the funds. Repeatedly down through the years UPS signed all the basic documents agreeing to its terms of participation in the funds, and ratified all the Management Trustees and all their legal actions as its own. All Management Trustees are UPS' representatives, even if they are not actually from UPS. UPS has re-negotiated our Contracts time after time with their Partners, the Teamsters, and included the Pension Fund language in each of those Best Ever Contracts.</p><p></p><p>NEWSFLASH: Central States has been administered under Court Order since 1978!!! Federal judges run the fund. All investment decisions were made by "Named Fiduciaries," not the Trustees, not the Teamsters. Blame the Judges. Blame the Named Fiduciaries: Morgan Stanley, Bankers Trust, Goldman Sachs, J. P. Morgan, and Northern Trust Global Advisors. UPS relies on some of these same investment firms, and others just like them, to run its own financial matters.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 761617, member: 18044"] The Temsters do not, and have never, controlled the multi-employer pension funds. By Law the funds are completely seperate legal entities from the Teamsters. The funds are run by an equal number of Union and Management Trustees. UPS got UPSers into these funds before most UPSers were even born. UPS has been in them ever since, often as their largest contributor. UPS recently signed a ten-year agreement to not advocate withdrawal from any of the funds. Repeatedly down through the years UPS signed all the basic documents agreeing to its terms of participation in the funds, and ratified all the Management Trustees and all their legal actions as its own. All Management Trustees are UPS' representatives, even if they are not actually from UPS. UPS has re-negotiated our Contracts time after time with their Partners, the Teamsters, and included the Pension Fund language in each of those Best Ever Contracts. NEWSFLASH: Central States has been administered under Court Order since 1978!!! Federal judges run the fund. All investment decisions were made by "Named Fiduciaries," not the Trustees, not the Teamsters. Blame the Judges. Blame the Named Fiduciaries: Morgan Stanley, Bankers Trust, Goldman Sachs, J. P. Morgan, and Northern Trust Global Advisors. UPS relies on some of these same investment firms, and others just like them, to run its own financial matters. [/QUOTE]
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