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UPS Union Issues
UPS, Teamsters to Restructure New England Pension Plan
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<blockquote data-quote="Sammy" data-source="post: 1014709" data-attributes="member: 43076"><p>What do members think of the new proposal that has been released:</p><p></p><p>UPS (NYSE: UPS) today announced an agreement with the New England Teamsters and Trucking Industry Pension Fund (NETTI) to restructure pension liabilities for approximately 10,200 UPS employees.</p><p> </p><p>The agreement reflects a decision by NETTI's trustees to establish a second pension plan "pool" to make it more attractive for new employers to join the Fund. Such a structure is designed to allow employers to assume responsibility only for their own employees without regard to any previous Fund liabilities. For UPS, this structure allows the company to freeze its liability in the original pool, establish its payment obligations and move UPS employees into the new pool.</p><p> </p><p>UPS will record a one-time charge of $896 million in the third quarter. This charge represents the present value of the company's $2.1 billion withdrawal liability from the original pool, which it will pay over the next 50 years. Subject to approval by local unions, the withdrawal will be effective Sept. 16, 2012.<p style="text-align: left"><span style="color: #000000"></span></p> <p style="text-align: left"><span style="color: #000000">Read more: <a href="http://www.browncafe.com/#ixzz24chfyW9r" target="_blank">Brown Cafe - UPS News for UPSers</a></span></p> <p style="text-align: left"><span style="color: #000000"></span></p></blockquote><p></p>
[QUOTE="Sammy, post: 1014709, member: 43076"] What do members think of the new proposal that has been released: UPS (NYSE: UPS) today announced an agreement with the New England Teamsters and Trucking Industry Pension Fund (NETTI) to restructure pension liabilities for approximately 10,200 UPS employees. The agreement reflects a decision by NETTI's trustees to establish a second pension plan "pool" to make it more attractive for new employers to join the Fund. Such a structure is designed to allow employers to assume responsibility only for their own employees without regard to any previous Fund liabilities. For UPS, this structure allows the company to freeze its liability in the original pool, establish its payment obligations and move UPS employees into the new pool. UPS will record a one-time charge of $896 million in the third quarter. This charge represents the present value of the company's $2.1 billion withdrawal liability from the original pool, which it will pay over the next 50 years. Subject to approval by local unions, the withdrawal will be effective Sept. 16, 2012.[LEFT][COLOR=#000000] Read more: [url=http://www.browncafe.com/#ixzz24chfyW9r]Brown Cafe - UPS News for UPSers[/url] [/COLOR][/LEFT] [/QUOTE]
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