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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: 1015202" data-attributes="member: 43076"><p>This is from the January 2012 NETTIP Annual funding notice:</p><p>The total number of participants in the plan as of the Pension Fund's valuation date was <span style="color: #006400">74,512. </span>Of this number, 22,581 were active participants, 31,594 were retired or separated from service and receiving benefits, and 20,337 were retired or separated from service and entitled to future benefits.</p><p></p><p>Only 10,200 UPS employees are part of the New England Teamsters and Trucking Industry Pension Fund ?</p><p>I can see why UPS wants out of this Multiemployer Pension Fund.</p><p>UPS will record a one-time charge of $896 million in the third quarter<p style="text-align: left"><span style="color: #000000"></span></p> <p style="text-align: left"><span style="color: #000000">It looks like UPS will be able to legally freeze its liability in the original pool, for the amount of 87,843 dollars per employee. $896,000,000 / 10,200 employees = $87,843</span></p><p style="text-align: left"><span style="color: #000000"><span style="color: #000000">How long will it take for the 74,512 plan participants to make this old pool of pension assets insolvent.</span></p></span></p><p style="text-align: left"><span style="color: #000000"><span style="color: #000000"></span></p></span></p><p style="text-align: left"><span style="color: #000000"><span style="color: #000000"></span></p></p> <p style="text-align: left"></span></p><p></p><p></p><p></p><p> </p></blockquote><p></p>
[QUOTE="Sammy, post: 1015202, member: 43076"] This is from the January 2012 NETTIP Annual funding notice: The total number of participants in the plan as of the Pension Fund's valuation date was [COLOR=#006400]74,512. [/COLOR]Of this number, 22,581 were active participants, 31,594 were retired or separated from service and receiving benefits, and 20,337 were retired or separated from service and entitled to future benefits. Only 10,200 UPS employees are part of the New England Teamsters and Trucking Industry Pension Fund ? I can see why UPS wants out of this Multiemployer Pension Fund. UPS will record a one-time charge of $896 million in the third quarter[LEFT][COLOR=#000000] It looks like UPS will be able to legally freeze its liability in the original pool, for the amount of 87,843 dollars per employee. $896,000,000 / 10,200 employees = $87,843 [LEFT][COLOR=#000000]How long will it take for the 74,512 plan participants to make this old pool of pension assets insolvent. [/COLOR][/LEFT] [/COLOR][/LEFT] [COLOR=#006400][/COLOR] [/QUOTE]
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