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Brown Cafe UPS Forum
UPS Retirement Topics
UPS offer on the Table for takeover of Central States fund !
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<blockquote data-quote="JonFrum" data-source="post: 196084"><p>Rocky,</p><p></p><p>UPS is legally obligated to fund the UPS portion of Central States' unfunded vested liability. As soon as UPS withdraws from the fund, either by switching to a seperate UPS-Teamsters fund or to an APWA fund, Central States will bill them. TDU is reporting the Withdrawal Liability that UPS will owe to Central States as roughly $4 billion. In effect, UPS, or any departing employer, must make Central States 100% funded, at least with regard to its own employeees' vested benefits. Employers can not walk away from their debts. ERISA doesn't allow it. </p><p></p><p>UPS does not owe anything for non-UPSers, either active or retired. </p><p></p><p>I posted hall announcement of the new UPS pension plan proposal, and TDU's comments, here. . . .</p></blockquote><p></p>
[QUOTE="JonFrum, post: 196084"] Rocky, UPS is legally obligated to fund the UPS portion of Central States' unfunded vested liability. As soon as UPS withdraws from the fund, either by switching to a seperate UPS-Teamsters fund or to an APWA fund, Central States will bill them. TDU is reporting the Withdrawal Liability that UPS will owe to Central States as roughly $4 billion. In effect, UPS, or any departing employer, must make Central States 100% funded, at least with regard to its own employeees' vested benefits. Employers can not walk away from their debts. ERISA doesn't allow it. UPS does not owe anything for non-UPSers, either active or retired. I posted hall announcement of the new UPS pension plan proposal, and TDU's comments, here. . . . [/QUOTE]
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UPS offer on the Table for takeover of Central States fund !
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