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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: 196316"><p>We are all part of the same Union, but we belong to about 21 seperate, regional pension plans. These plans are legally seperate from the Teamsters, and legally seperate from each other. Each of these plans has a Trust Fund that is run by a Board of Trustees that have a Fiduciary Duty to run their fund *solely* in the interest of its own participants. If the trustees of any fund tried to use the fund's assets to help another fund, they would be convicted of a crime and possibly jailed. ERISA is very strict. </p><p></p><p>The only hope of one fund helping another is by a merger of a *small*, troubled fund into a larger, financially healthy fund. Even here, the trustees of the larger fund would have to prove that the merger was *truly* in the best interests of the larger, healthy fund's active participants and beneficiaries. Unfortunately, Central States is the most financially troubled fund, and the second largest fund of Teamsters/UPSers. Only the Western Conference fund is larger, and although it is now 100% funded, that's partly because it made cuts in benefit accrual rates as well. Thus even the merger option isn't in play.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 196316"] We are all part of the same Union, but we belong to about 21 seperate, regional pension plans. These plans are legally seperate from the Teamsters, and legally seperate from each other. Each of these plans has a Trust Fund that is run by a Board of Trustees that have a Fiduciary Duty to run their fund *solely* in the interest of its own participants. If the trustees of any fund tried to use the fund's assets to help another fund, they would be convicted of a crime and possibly jailed. ERISA is very strict. The only hope of one fund helping another is by a merger of a *small*, troubled fund into a larger, financially healthy fund. Even here, the trustees of the larger fund would have to prove that the merger was *truly* in the best interests of the larger, healthy fund's active participants and beneficiaries. Unfortunately, Central States is the most financially troubled fund, and the second largest fund of Teamsters/UPSers. Only the Western Conference fund is larger, and although it is now 100% funded, that's partly because it made cuts in benefit accrual rates as well. Thus even the merger option isn't in play. [/QUOTE]
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UPS offer on the Table for takeover of Central States fund !
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