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UPS Retirement Topics
UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 195704"><p><strong>Central States Fund Expands to $21 Billion</strong></p><p></p><p>Central States Fund Expands to $21 Billion</p><p>April 2, 2007</p><p></p><p>"The Central States Pension Fund ended 2006 with a $1.4 billion gain in assets, reaching $20.7 billion—up from just $15 billion a few years ago. The fund projects that by the end of 2007, assets will be up to $21.2 billion, with expected investment returns. With better returns, the Fund projects that they will surpass $22 billion. </p><p></p><p>These figures are in the fund’s Financial and Analytical Reports obtained by TDU in February 2007.</p><p></p><p>This big gain in assets at Central States shows the impact of benefit accrual cuts imposed on members, and diversion of money from health and welfare to the pension fund for the third year in a row. </p><p></p><p>In addition, 2006 was a good year for investors, with the Fund’s investments earning 14.5 percent.</p><p></p><p>What Will it Take To Restore Benefits?</p><p></p><p>Last fall, UPS chief negotiator hall met with representatives from the Central States and other Teamster funds to get briefed on what it will take to protect and improve our benefits over the life of the UPS contract. The same figures will apply to the 2008 National Master Freight Agreement.</p><p></p><p>To date, that information has been kept secret from the members. </p><p></p><p>In December, the fund informed all Locals that all new contracts negotiated must contain eight percent annual increases in pension contributions, or those members will be kicked out of fund participation. </p><p></p><p>This mean that in the UPS contract there must be pension contributions of at least 40¢ per hour the first year, then 50¢, and then 60¢ by the fifth year if the contract is that long. These are minimums required to stay in the fund, not to restore benefit cuts."</p><p><a href="http://www.tdu.org/node/972" target="_blank">http://www.tdu.org/node/972</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 195704"] [b]Central States Fund Expands to $21 Billion[/b] Central States Fund Expands to $21 Billion April 2, 2007 "The Central States Pension Fund ended 2006 with a $1.4 billion gain in assets, reaching $20.7 billion—up from just $15 billion a few years ago. The fund projects that by the end of 2007, assets will be up to $21.2 billion, with expected investment returns. With better returns, the Fund projects that they will surpass $22 billion. These figures are in the fund’s Financial and Analytical Reports obtained by TDU in February 2007. This big gain in assets at Central States shows the impact of benefit accrual cuts imposed on members, and diversion of money from health and welfare to the pension fund for the third year in a row. In addition, 2006 was a good year for investors, with the Fund’s investments earning 14.5 percent. What Will it Take To Restore Benefits? Last fall, UPS chief negotiator hall met with representatives from the Central States and other Teamster funds to get briefed on what it will take to protect and improve our benefits over the life of the UPS contract. The same figures will apply to the 2008 National Master Freight Agreement. To date, that information has been kept secret from the members. In December, the fund informed all Locals that all new contracts negotiated must contain eight percent annual increases in pension contributions, or those members will be kicked out of fund participation. This mean that in the UPS contract there must be pension contributions of at least 40¢ per hour the first year, then 50¢, and then 60¢ by the fifth year if the contract is that long. These are minimums required to stay in the fund, not to restore benefit cuts." [url]http://www.tdu.org/node/972[/url] [/QUOTE]
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