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UPS Union Issues
Viewpoints for new contract, what's in-store?
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<blockquote data-quote="BrownMonk" data-source="post: 2859677" data-attributes="member: 66576"><p>Some funds did better than others and some it depends on the source of your funding. A local that has a bunch of carhaul or freight isn't doing as well because the numbers aren't there. The industries are suffering losses to our manpower.</p><p></p><p>This is conjecture on my part but......Central States was in trouble because of the first crash and the types of contributions and number of contributors vs. retirees involved. The trustees probably thought a huge influx of cash would be enough, if invested properly, to save the rest of the people. </p><p>I also think that a lot of Officers pushed to have the rates move up too quickly to get a pat on the back from the members over many years. A slightly smaller number over a long period on individual pension payments is sometimes the greatest good for all involved. </p><p>The Investment group that was consulted and used was the final straw. They took care of their own company rather than the fund itself. Red flags and sirens were going off months before and the trustees were convinced to stay the course by the same group that was fleecing them. That was stupidity. Sickening. JMHO </p><p> </p><p>I should probably look into how a company is affected by decisions it makes if they hold a position on the Fund. We may have a case of the chickens being watched by the fox. Some companies benefit by infighting within our group. Others have to help shoulder the liabilities. Haven't done much but read many articles involving this fund. I feel for all of them.</p></blockquote><p></p>
[QUOTE="BrownMonk, post: 2859677, member: 66576"] Some funds did better than others and some it depends on the source of your funding. A local that has a bunch of carhaul or freight isn't doing as well because the numbers aren't there. The industries are suffering losses to our manpower. This is conjecture on my part but......Central States was in trouble because of the first crash and the types of contributions and number of contributors vs. retirees involved. The trustees probably thought a huge influx of cash would be enough, if invested properly, to save the rest of the people. I also think that a lot of Officers pushed to have the rates move up too quickly to get a pat on the back from the members over many years. A slightly smaller number over a long period on individual pension payments is sometimes the greatest good for all involved. The Investment group that was consulted and used was the final straw. They took care of their own company rather than the fund itself. Red flags and sirens were going off months before and the trustees were convinced to stay the course by the same group that was fleecing them. That was stupidity. Sickening. JMHO I should probably look into how a company is affected by decisions it makes if they hold a position on the Fund. We may have a case of the chickens being watched by the fox. Some companies benefit by infighting within our group. Others have to help shoulder the liabilities. Haven't done much but read many articles involving this fund. I feel for all of them. [/QUOTE]
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Viewpoints for new contract, what's in-store?
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