UPS Statement on Multi-Employer Pensions

Discussion in 'UPS Pressroom News' started by ROBO MOD, Dec 9, 2014.


    ROBO MOD I'm a Robot Staff Member

    UPS is committed to protecting our employees and retirees and will always advocate on their behalf. Our people are our company's greatest asset and we will stand by our commitment to them both now and in their retirement. The update to the multi-employer pension process being considered by Congress will not change our contractual obligation and no policy will change our commitment to our people.

    This multi-employer pension proposal that Congress is considering would affect UPS union employees who were formerly covered entirely under the Central States pension plan. In 2007, UPS paid $6.1 billion in a cash lump payment to the Central States Pension Trust in order to cover our commitment to protect our 45,000 employees under the plan and their pensions. The majority of the money UPS paid went to secure benefits for the 400,000 employees of the more than 2,000 other companies covered under the Central States plan; the remaining amount went to protect UPS employees. UPS also started a new Teamster-UPS Jointly Trusteed Single Employer Plan that is completely funded by UPS today. This plan protects the impacted UPS members covered still in part under the Central States plan. Finally, UPS took an additional $1.7 billion in Central States' liability to support the plan and more importantly our people under it.

    We are working proactively on a bipartisan basis to ensure that the interests of our current employees and retirees are covered.

    We are surprised the Teamsters are calling this a bailout and a special interest earmark - nothing can be further from the truth. UPS is standing by its contractual commitment to our union employees under the collective bargaining agreement and has advocated to protect our employees' benefits during this process.
  2. ERM

    ERM New Member

  3. ERM

    ERM New Member

    Will my pension be cut ? I retired 18 months ago ( Central Florida) after 23 years of service as a full-time driver .