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UPS/IBT pension funding
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<blockquote data-quote="DELACROIX" data-source="post: 4540580" data-attributes="member: 49065"><p>Thanks for asking...Study <strong>"Monetary Contribution Plans" </strong>which for the most part the Western is under. That is why the leadership in the West are fighting this <strong>"Grow Act". </strong>The Western is paying it's retirees more because it has been growing over the years by added new younger participants with each one adding weekly monetary contributions into their plan per Article 34. Another factor is that all the part timers under the Western are included not so with the Central and Southern were all the Part Timers are under a company controlled plan called <strong>(The UPS Pension Plan), </strong>that is what you call a <strong>"Defined Pension Plan" </strong>it is <strong>NOT </strong>funded in the same way. At the end of the year the contributor only has to pay a certain amount to maintain the benefit's promised, so if the plan's investments grow like with the Western's last year at 17% the company only has to contribute the difference to cover the required vested ratio to keep it from red lining.</p><p></p><p>I know it is complicated, the whole <strong>ERISA act </strong>needed to be fixed or fine tuned many moons ago before this pension fiasco...Sad thing about this is that everybody's pension plan is going to be targeted, most of the corporations will be bailing out and will make their employees pay for their own individual 401K retirement plans, similar to what is going to happen with our Management employees at UPS in 2023.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4540580, member: 49065"] Thanks for asking...Study [B]"Monetary Contribution Plans" [/B]which for the most part the Western is under. That is why the leadership in the West are fighting this [B]"Grow Act". [/B]The Western is paying it's retirees more because it has been growing over the years by added new younger participants with each one adding weekly monetary contributions into their plan per Article 34. Another factor is that all the part timers under the Western are included not so with the Central and Southern were all the Part Timers are under a company controlled plan called [B](The UPS Pension Plan), [/B]that is what you call a [B]"Defined Pension Plan" [/B]it is [B]NOT [/B]funded in the same way. At the end of the year the contributor only has to pay a certain amount to maintain the benefit's promised, so if the plan's investments grow like with the Western's last year at 17% the company only has to contribute the difference to cover the required vested ratio to keep it from red lining. I know it is complicated, the whole [B]ERISA act [/B]needed to be fixed or fine tuned many moons ago before this pension fiasco...Sad thing about this is that everybody's pension plan is going to be targeted, most of the corporations will be bailing out and will make their employees pay for their own individual 401K retirement plans, similar to what is going to happen with our Management employees at UPS in 2023. [/QUOTE]
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