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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="Cezanne" data-source="post: 196776" data-attributes="member: 5104"><p>The strike in "97" was all about creating full time jobs for the sole reason to add additional younger participants along with their monetary contributions. I have contract bulletins from the "93" contract that stated that UPS brought to the table the orginal idea of getting out of the teamster's multi-pension funds. It did not take much time after the "97" contract passed that the Central States fund raised their pension to the 100 dollars a year service levels. Just how much effect that the failed take over had to with Carey pressuring those trustees for those increases who knows. Truth be told since the federal government has been snooping around the Central States funds since the early 80's for corruption, I believe the facts of why the funds took a dive to the current levels. It had to be some real bad investment decisions made my the investment firms that were handlng these trusts with additional burdens from bankrupt/defunct companies leaving the contributor base. Add the increase of members eligible to retire and you can see the disaster. Question should be asked to were where the fiduciaries involved in these actions, should they have seen this "perfect storm" on the horizon. I have a feeling that there is alot of smoke over this issue just to cover up some "Good Old Boys" who should of not been in the high risk positions as Central States trustees that they were given. </p><p> </p><p>This Central States buy out is very doable, most of us are vested orginally under the companies part time plan. It roughly took 8 to 15 years seniority to bid on a full time position. Four billion is nothing to UPS, they will probadly take it out of their management's retirement trust and still have 6 billion to pay their promised benefit. I would imagine that any contractual monetary increases will occur with the pension and health and welfare part of our compensation. The teamsters will still have equal representation, much in line with the Chicago's and New York's joint pension funds. All vested rights under the Central States fund that current and retired participants are protected under ERISA laws. That being said things to watch out for if this occurs are the fine print with any benefit package, like the ability to subtracting any social security earnings when eligible from your retirement benefits.</p><p>Add to that any fine print with retirement medical, the costs and when will you be eligible. Agree with everybody on this so far at least we might be seeing a "light at the end of the tunnel", guess we have to wait and see<img src="/community/styles/default/xenforo/smilies/group1/cool.gif" class="smilie" loading="lazy" alt=":cool:" title="Cool :cool:" data-shortname=":cool:" /></p></blockquote><p></p>
[QUOTE="Cezanne, post: 196776, member: 5104"] The strike in "97" was all about creating full time jobs for the sole reason to add additional younger participants along with their monetary contributions. I have contract bulletins from the "93" contract that stated that UPS brought to the table the orginal idea of getting out of the teamster's multi-pension funds. It did not take much time after the "97" contract passed that the Central States fund raised their pension to the 100 dollars a year service levels. Just how much effect that the failed take over had to with Carey pressuring those trustees for those increases who knows. Truth be told since the federal government has been snooping around the Central States funds since the early 80's for corruption, I believe the facts of why the funds took a dive to the current levels. It had to be some real bad investment decisions made my the investment firms that were handlng these trusts with additional burdens from bankrupt/defunct companies leaving the contributor base. Add the increase of members eligible to retire and you can see the disaster. Question should be asked to were where the fiduciaries involved in these actions, should they have seen this "perfect storm" on the horizon. I have a feeling that there is alot of smoke over this issue just to cover up some "Good Old Boys" who should of not been in the high risk positions as Central States trustees that they were given. This Central States buy out is very doable, most of us are vested orginally under the companies part time plan. It roughly took 8 to 15 years seniority to bid on a full time position. Four billion is nothing to UPS, they will probadly take it out of their management's retirement trust and still have 6 billion to pay their promised benefit. I would imagine that any contractual monetary increases will occur with the pension and health and welfare part of our compensation. The teamsters will still have equal representation, much in line with the Chicago's and New York's joint pension funds. All vested rights under the Central States fund that current and retired participants are protected under ERISA laws. That being said things to watch out for if this occurs are the fine print with any benefit package, like the ability to subtracting any social security earnings when eligible from your retirement benefits. Add to that any fine print with retirement medical, the costs and when will you be eligible. Agree with everybody on this so far at least we might be seeing a "light at the end of the tunnel", guess we have to wait and see:cool: [/QUOTE]
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