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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="scratch" data-source="post: 196339" data-attributes="member: 1674"><p>I went to my Local 728 meeting today, and this was the big news discussed. One of the negotiators is a member of our Local, and he told us all he could about it, with the exception of what the gag order doesn't allow. Tuesday, the company came in and proposed giving 4.6 billion dollars to buy out the UPS portion of CS. 30 and Out at any age would be restored, and this new fund would be run by both UPS and the IBT. This meeting lasted 45 minutes, and the Teamsters were expecting the new pension plan. After the meeting broke up, they spent hours going over all the possible scenarios of what will happen if this takes place. Much cussing involved.</p><p> </p><p>The big point that was made was what does the company want in return?</p><p>What will be the give backs on our part be? The company will want a lot of concessions to do this, make no mistake about that. A lot of changes in the language in the contract will be made, on the National and Supplementals. And I will add, the Freight line Teamsters from other companies are upset about this.</p><p> </p><p>We also had a Pension Planning Meeting afterwords with a CS Rep. Right now, the actuaries are going over the company proposal to figure out what will happen if UPS pulls out. CS is currently running their figures with UPS continued involvement. The CS Plan investments performed at about 10% this last year, about the same as the year before. They have changed the re-employment rules for retirees, there is now a phone number you can call and get an instant approval on working a different job as long as it is not Teamster work.</p></blockquote><p></p>
[QUOTE="scratch, post: 196339, member: 1674"] I went to my Local 728 meeting today, and this was the big news discussed. One of the negotiators is a member of our Local, and he told us all he could about it, with the exception of what the gag order doesn't allow. Tuesday, the company came in and proposed giving 4.6 billion dollars to buy out the UPS portion of CS. 30 and Out at any age would be restored, and this new fund would be run by both UPS and the IBT. This meeting lasted 45 minutes, and the Teamsters were expecting the new pension plan. After the meeting broke up, they spent hours going over all the possible scenarios of what will happen if this takes place. Much cussing involved. The big point that was made was what does the company want in return? What will be the give backs on our part be? The company will want a lot of concessions to do this, make no mistake about that. A lot of changes in the language in the contract will be made, on the National and Supplementals. And I will add, the Freight line Teamsters from other companies are upset about this. We also had a Pension Planning Meeting afterwords with a CS Rep. Right now, the actuaries are going over the company proposal to figure out what will happen if UPS pulls out. CS is currently running their figures with UPS continued involvement. The CS Plan investments performed at about 10% this last year, about the same as the year before. They have changed the re-employment rules for retirees, there is now a phone number you can call and get an instant approval on working a different job as long as it is not Teamster work. [/QUOTE]
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UPS offer on the Table for takeover of Central States fund !
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