35years
Gravy route
No one reads the annual reports. However I did dig up this notice from last year:
http://www.ibtupspensionfund.ups.com/content/UPS_IBT_AFN.pdf
The reporting laws were changed in 2012 to make pensions look more fully funded than they are, and lower the amount companies had to contribute to look 100% funded.
As of the last published report (December 31, 2014) the UPS/IBT fund had a Funding Shortfall of $1,095,788,642
"As of December 31, 2014, the fair market value of the Plan’s assets was $4,994,575,825. On this same date, the Plan’s liabilities, determined using market rates, were $6,036,761,451."
Under the old accounting rules the plan would have been only 78.6% funded.
Under the new accounting rules the 1 billion dollar shortfall = 103% funded
Make no mistake, there was still a trillion dollar shortfall, the only thing that changed was the interest rate assumption.
This decreased UPS's minimum contribution by $444,415,385 for 2014 alone.
Something is rotten in the state of Denmark
http://www.ibtupspensionfund.ups.com/content/UPS_IBT_AFN.pdf
The reporting laws were changed in 2012 to make pensions look more fully funded than they are, and lower the amount companies had to contribute to look 100% funded.
As of the last published report (December 31, 2014) the UPS/IBT fund had a Funding Shortfall of $1,095,788,642
"As of December 31, 2014, the fair market value of the Plan’s assets was $4,994,575,825. On this same date, the Plan’s liabilities, determined using market rates, were $6,036,761,451."
Under the old accounting rules the plan would have been only 78.6% funded.
Under the new accounting rules the 1 billion dollar shortfall = 103% funded
Make no mistake, there was still a trillion dollar shortfall, the only thing that changed was the interest rate assumption.
This decreased UPS's minimum contribution by $444,415,385 for 2014 alone.
Something is rotten in the state of Denmark
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