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What happens if the contract isn't ratified on 1/1/08 when the regs go into effect?
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<blockquote data-quote="zippo" data-source="post: 254645"><p><strong>Re: What happens if the contract isn't ratified on 1/1/08 when the regs go into effec</strong></p><p></p><p>TDU (MakeUPSdeliver.org) is writing propaganda which intentionally misleads their followers by omitting certain facts related to this issue. If they aren't trying to manipulate their members why not just give the full story and let their members decide for themselves?</p><p></p><p><strong>The truth is that the opportunity for us to buy our way out of the Central States fund ends on January 1, 2008. </strong></p><p></p><p>Failure to ratify the contract by that date leaves UPS on the hook to continue paying the pensions of failed trucking companies when that money should be going to secure and improve UPSer pensions.</p><p></p><p>This is a once in a lifetime opportunity, we failed to take care of this pension problem last time and the pension problem has swollen. Don't be so short sighted as to hold out for another 50 cents or some kind of grievance that can be addressed in the next contract or some other way.</p><p></p><p>Vote no and this opportunity is gone forever and we have given away a piece of the UPS pie to pay for outsider's pensions. UPSers all get a smaller slice because we voted to give away part of the pie.</p><p></p><p><strong>from knowyourpension.org.>>>></strong></p><p></p><p>What makes this set of negotiations so complicated can be covered in one word – pensions. Or, specifically, pension withdrawal liability.</p><p></p><p><strong>Currently, about 60 cents of every dollar that UPS contributes to pensions goes to fund pensions of retirees of other companies.</strong></p><p></p><p>UPS and the freight carriers belong to scores of multiemployer pension plans. Because of the decline in unionized carriers and the more than 600 closings of Teamsters-covered carriers in the freight industry since the Motor Carrier Act of 1980 deregulated trucking, the remaining carriers (namely UPS, YRC Worldwide, Arkansas Best and a handful of smaller carriers) are liable for literally billions of dollars in unfunded pension withdrawal liability.</p><p></p><p>That’s because there are only about 155,000 active participants in the Central States plan (down from nearly 190,000 in 2001) while there are about 295,000 beneficiaries (up from 275,000 in 2001).</p><p></p><p><strong>“We strongly believe UPS and its employees would be far better off if it were able to exit the Central States plan,” Bill Fisher, managing director with Raymond James & Associates, wrote in a recent analysis of Teamsters multiemployer pension plans.</strong></p></blockquote><p></p>
[QUOTE="zippo, post: 254645"] [B]Re: What happens if the contract isn't ratified on 1/1/08 when the regs go into effec[/B] TDU (MakeUPSdeliver.org) is writing propaganda which intentionally misleads their followers by omitting certain facts related to this issue. If they aren't trying to manipulate their members why not just give the full story and let their members decide for themselves? [B]The truth is that the opportunity for us to buy our way out of the Central States fund ends on January 1, 2008. [/B] Failure to ratify the contract by that date leaves UPS on the hook to continue paying the pensions of failed trucking companies when that money should be going to secure and improve UPSer pensions. This is a once in a lifetime opportunity, we failed to take care of this pension problem last time and the pension problem has swollen. Don't be so short sighted as to hold out for another 50 cents or some kind of grievance that can be addressed in the next contract or some other way. Vote no and this opportunity is gone forever and we have given away a piece of the UPS pie to pay for outsider's pensions. UPSers all get a smaller slice because we voted to give away part of the pie. [B]from knowyourpension.org.>>>>[/B] What makes this set of negotiations so complicated can be covered in one word – pensions. Or, specifically, pension withdrawal liability. [B]Currently, about 60 cents of every dollar that UPS contributes to pensions goes to fund pensions of retirees of other companies.[/B] UPS and the freight carriers belong to scores of multiemployer pension plans. Because of the decline in unionized carriers and the more than 600 closings of Teamsters-covered carriers in the freight industry since the Motor Carrier Act of 1980 deregulated trucking, the remaining carriers (namely UPS, YRC Worldwide, Arkansas Best and a handful of smaller carriers) are liable for literally billions of dollars in unfunded pension withdrawal liability. That’s because there are only about 155,000 active participants in the Central States plan (down from nearly 190,000 in 2001) while there are about 295,000 beneficiaries (up from 275,000 in 2001). [B]“We strongly believe UPS and its employees would be far better off if it were able to exit the Central States plan,” Bill Fisher, managing director with Raymond James & Associates, wrote in a recent analysis of Teamsters multiemployer pension plans.[/B] [/QUOTE]
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What happens if the contract isn't ratified on 1/1/08 when the regs go into effect?
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