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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: 5568091" data-attributes="member: 49065"><p>Federal Law prevents corporations, companies and organizations from reneging on their pension obligations. Whatever the employee has in their current plan stays in that plan, these corrupt executives or boards cannot touch those funds and raid those funds for any reason...period..</p><p></p><p>The PBGC covers defaulting pension plans. Every Corporation, Company or Organization that provides a Pension and I believe 401K plan pays an annual insurance charge for each one of the participants that are in those benefit plans. Case in point the recent "Central States" bailout, they just payed forward knowing full well they would eventually have to pay in the future. How the Central States and others got into their troubles is another long story, It did not help when the Feds allowed deregulation in the trucking industry in the 70's or 80's. Another factor if UPS is that all the part timers were under a company controlled pension plan and were not contributing into the Teamster's pension funds, considering that the vast majority of our workforce were part time till recently. UPS knew this and would and will fight any creation of a full time position because they would not have to contribute to those funds...the primary reason for the "97" strike.</p><p></p><p>The feds did try to reduce the retiree's pension benefits in those troubled pension trusts, they eventually found out that it wouldn't fix the problem of these pension plans from going into default, so they backtracked and passed the bail out plan. Central States by itself will be getting over 35 billon to cover their plan for the next 40 years I believe, anyway most of the people in that plan will be dead by then, including you and me.</p><p></p><p><img src="/community/styles/default/xenforo/smilies/emoticons/salute.gif" class="smilie" loading="lazy" alt=":salute:" title="Salute :salute:" data-shortname=":salute:" />...<strong>Pretty sure [USER=5382]@rod[/USER] sleeps well at night..<span style="font-size: 26px">NOW!</span></strong></p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5568091, member: 49065"] Federal Law prevents corporations, companies and organizations from reneging on their pension obligations. Whatever the employee has in their current plan stays in that plan, these corrupt executives or boards cannot touch those funds and raid those funds for any reason...period.. The PBGC covers defaulting pension plans. Every Corporation, Company or Organization that provides a Pension and I believe 401K plan pays an annual insurance charge for each one of the participants that are in those benefit plans. Case in point the recent "Central States" bailout, they just payed forward knowing full well they would eventually have to pay in the future. How the Central States and others got into their troubles is another long story, It did not help when the Feds allowed deregulation in the trucking industry in the 70's or 80's. Another factor if UPS is that all the part timers were under a company controlled pension plan and were not contributing into the Teamster's pension funds, considering that the vast majority of our workforce were part time till recently. UPS knew this and would and will fight any creation of a full time position because they would not have to contribute to those funds...the primary reason for the "97" strike. The feds did try to reduce the retiree's pension benefits in those troubled pension trusts, they eventually found out that it wouldn't fix the problem of these pension plans from going into default, so they backtracked and passed the bail out plan. Central States by itself will be getting over 35 billon to cover their plan for the next 40 years I believe, anyway most of the people in that plan will be dead by then, including you and me. :salute:...[B]Pretty sure [USER=5382]@rod[/USER] sleeps well at night..[SIZE=7]NOW![/SIZE][/B] [/QUOTE]
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What would happen to our pensions with a dissolving of a Teamster/UPS contract?
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