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Brown Cafe UPS Forum
UPS Retirement Topics
What would happen to our pensions with a dissolving of a Teamster/UPS contract?
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<blockquote data-quote="DELACROIX" data-source="post: 5566828" data-attributes="member: 49065"><p>You are talking about a permanent “closed shop scenario”. If it happens your accred pension benefits are protected, the Company can quit their monetary contributions but still have to financially maintain those already vested in their plans. They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt. If the unthinkable happens all those members’ vested pension credits are locked in place till they reach the NRA (normal retirement age) usually age 65. You will get that financial benefit even if the Company is no longer in business.</p><p></p><p>ERISA law prohibits corporations or organizations from stealing any assets that are in an individual employee’s pension trust. The Employee Benefit Security Administration (EBSA)</p><p>has authority to investigate and if need prosecute any fiduciary or plan administrator found guilty of pension fraud or embezzlement.</p><p></p><p>So sleep well…</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5566828, member: 49065"] You are talking about a permanent “closed shop scenario”. If it happens your accred pension benefits are protected, the Company can quit their monetary contributions but still have to financially maintain those already vested in their plans. They cannot quit paying their current retirees or reduce their retirement benefits even if they go bankrupt. If the unthinkable happens all those members’ vested pension credits are locked in place till they reach the NRA (normal retirement age) usually age 65. You will get that financial benefit even if the Company is no longer in business. ERISA law prohibits corporations or organizations from stealing any assets that are in an individual employee’s pension trust. The Employee Benefit Security Administration (EBSA) has authority to investigate and if need prosecute any fiduciary or plan administrator found guilty of pension fraud or embezzlement. So sleep well… [/QUOTE]
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What would happen to our pensions with a dissolving of a Teamster/UPS contract?
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