Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
Surrending CS Pension?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="wkmac" data-source="post: 74343" data-attributes="member: 2189"><p><strong>IBT "Teamwork" Fall 2005' Issue</strong></p><p></p><p>Starting on page 6 thru page 12 covers Central States Pension Fund. Worth the read IMO. Some good news and some not so good as well as some interesting facts and timeline about the fund and it's retirees. </p><p> </p><p>As for the good and bad on CSPF, here's an example from page 7:</p><p> </p><p><span style="color: red">"Although 2003' and 2004' were excellent years for investments, there is a long way to go before the 2000'-2002' losses can be made up. In the five years from 2000'-2004', the fund's actual return on investments was 22.7%. Meanwhile, the actuaries assumed "rate of return," the projected rate needed to meet future needs, was 46.9% for those five years. At the end of 2004', the spread between the Pension Fund's actual returns and what the actuaries calculate is needed, was 24.2%, a dramatic turnaround from the shortfall at the end of 2002'."</span></p><p> </p><p><span style="color: black">According to the article, 2004' ended with investment returns of 14.3% which increased the funds assets by $990mil and this is positive but it's offset by the reality the fund is in an operating deficit and in 2004' the Fund paid out $1.3bil more in benefits than it collected in contributions. Another item covered was that negotiators of UPS, NMF and Carhaul per IBT's request agreed to reallocate the $0.60 per hour health benefit increase scheduled for August 1, 2004 and August 1, 2005 to the pension fund. This $1.20 per hour reallocation will contribute roughly $200mil per year beginning in 2006' and by 2009' will have contributed close to $1bil in additional contributions to the pension fund. Based on the article it would appear the conversions by Central States of 70% of it's of it's PPO business to Blue Cross and Blue Shield and another 10% to Medical Mutual of Ohio help with major saving which I would guess put the IBT in position to ask the 3 major parties to the various contracts for the reallocation of health benefits increases to the pension fund. </span></p><p> </p><p>There's much more covered in the article and I encourage every UPSer covered by CSPF to take the time to read this article. </p></blockquote><p></p>
[QUOTE="wkmac, post: 74343, member: 2189"] [b]IBT "Teamwork" Fall 2005' Issue[/b] Starting on page 6 thru page 12 covers Central States Pension Fund. Worth the read IMO. Some good news and some not so good as well as some interesting facts and timeline about the fund and it's retirees. As for the good and bad on CSPF, here's an example from page 7: [COLOR=red]"Although 2003' and 2004' were excellent years for investments, there is a long way to go before the 2000'-2002' losses can be made up. In the five years from 2000'-2004', the fund's actual return on investments was 22.7%. Meanwhile, the actuaries assumed "rate of return," the projected rate needed to meet future needs, was 46.9% for those five years. At the end of 2004', the spread between the Pension Fund's actual returns and what the actuaries calculate is needed, was 24.2%, a dramatic turnaround from the shortfall at the end of 2002'."[/COLOR] [COLOR=#ff0000][/COLOR] [COLOR=black]According to the article, 2004' ended with investment returns of 14.3% which increased the funds assets by $990mil and this is positive but it's offset by the reality the fund is in an operating deficit and in 2004' the Fund paid out $1.3bil more in benefits than it collected in contributions. Another item covered was that negotiators of UPS, NMF and Carhaul per IBT's request agreed to reallocate the $0.60 per hour health benefit increase scheduled for August 1, 2004 and August 1, 2005 to the pension fund. This $1.20 per hour reallocation will contribute roughly $200mil per year beginning in 2006' and by 2009' will have contributed close to $1bil in additional contributions to the pension fund. Based on the article it would appear the conversions by Central States of 70% of it's of it's PPO business to Blue Cross and Blue Shield and another 10% to Medical Mutual of Ohio help with major saving which I would guess put the IBT in position to ask the 3 major parties to the various contracts for the reallocation of health benefits increases to the pension fund. [/COLOR] There's much more covered in the article and I encourage every UPSer covered by CSPF to take the time to read this article. [COLOR=#ff0000][/COLOR] [COLOR=black][/COLOR] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
Surrending CS Pension?
Top