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UPS Union Issues
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="Cezanne" data-source="post: 254867" data-attributes="member: 5104"><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>I would get it from the source. It is a long and difficult read but download the new pension reform act of 2006, the provisions for penalties of underfunded pension plans will start taking effect in January "08". From my limited understanding both the company and the union are trying to rush this contract through in order to avoid these additional charges. I believe that those penalties will go strictly to Uncle Sam and will not help relieve any of the underfunding, also if the plan is below the required vesting ratio the trustees will have to provide additional funding or cut benefits again.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 254867, member: 5104"] [b]Re: What happens if the contract isn't ratified on 1/1/08 when the regs go into effec[/b] I would get it from the source. It is a long and difficult read but download the new pension reform act of 2006, the provisions for penalties of underfunded pension plans will start taking effect in January "08". From my limited understanding both the company and the union are trying to rush this contract through in order to avoid these additional charges. I believe that those penalties will go strictly to Uncle Sam and will not help relieve any of the underfunding, also if the plan is below the required vesting ratio the trustees will have to provide additional funding or cut benefits again. [/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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