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Teamsters face 31 percent pension cut
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 2708009" data-attributes="member: 12570"><p>We lost nearly 30% of our total value in 2008.</p><p></p><p>Ironically, our Fund was overfunded in the 1980's and had to choose between sending a check to the government or increase benefits rather than keeping the money "just in case". They chose to increase benefits, which made sense at the time.</p><p></p><p>UPS is 76% of the fund. They pay roughly $16/hr and UPS retirees receive roughly $9/hr. The rest goes to pay retirees from other companies and orphans.</p><p></p><p>We will know on April 12 if the Treasury accepts our plan. The consensus is that they won't and that benefits will remain unchanged for the near future.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 2708009, member: 12570"] We lost nearly 30% of our total value in 2008. Ironically, our Fund was overfunded in the 1980's and had to choose between sending a check to the government or increase benefits rather than keeping the money "just in case". They chose to increase benefits, which made sense at the time. UPS is 76% of the fund. They pay roughly $16/hr and UPS retirees receive roughly $9/hr. The rest goes to pay retirees from other companies and orphans. We will know on April 12 if the Treasury accepts our plan. The consensus is that they won't and that benefits will remain unchanged for the near future. [/QUOTE]
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Teamsters face 31 percent pension cut
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