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Brown Cafe UPS Forum
UPS Union Issues
UPS/Teamster negotiations moving fast
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<blockquote data-quote="TSup" data-source="post: 240423" data-attributes="member: 10410"><p>I would think this all has to do with the fact that the Pension Reform Act goes into place on Jan 1st 2008. If the Teamsters can have an agreement by Oct 1st 2007, this would give them the time to get it put together and voted on by the members by Dec 31st. If they get the big $$$ from UPS in this agreement(the withdrawal $$$) by Jan 1st they may not fall into the "critical" or "endangered" status they would right now. There are many government rules that must be followed beginning Jan 1st 2008 if the fund falls into one of those catagories. "critial" is 65% funded, and "endangered" is 80%.</p><p> </p><p>If you want a good read(but long) check this out.....</p><p><a href="http://www.dol.gov/ebsa/pdf/x-38-06.pdf" target="_blank">http://www.dol.gov/ebsa/pdf/x-38-06.pdf</a></p></blockquote><p></p>
[QUOTE="TSup, post: 240423, member: 10410"] I would think this all has to do with the fact that the Pension Reform Act goes into place on Jan 1st 2008. If the Teamsters can have an agreement by Oct 1st 2007, this would give them the time to get it put together and voted on by the members by Dec 31st. If they get the big $$$ from UPS in this agreement(the withdrawal $$$) by Jan 1st they may not fall into the "critical" or "endangered" status they would right now. There are many government rules that must be followed beginning Jan 1st 2008 if the fund falls into one of those catagories. "critial" is 65% funded, and "endangered" is 80%. If you want a good read(but long) check this out..... [URL]http://www.dol.gov/ebsa/pdf/x-38-06.pdf[/URL] [/QUOTE]
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