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UPS Retirement Topics
when to retire?
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<blockquote data-quote="Ms.PacMan" data-source="post: 2581777" data-attributes="member: 4656"><p>This was never about loving employees or union members - just money. UPS figured buying their way out of CS in 2007 was cheaper than making up the underfunded liabilities when CS went completely under. But the buyout had to be approved and under ERISA laws at the time, the earned pension amounts had to be guaranteed so I'm sure the PBGC, DOL, or Treasury Dept made the make whole agreement a stipulation in the pension buyout.</p><p></p><p>The changes to ERISA under the Kline Miller act now allow for previously earned pension benefits to be reduced IF a plans proposal is approved by the Treasury Dept and voting members.</p><p></p><p>Central States tried this and it wasn't approved. The eye opener for me was that CS felt confident that UPS would be held liable for the difference no matter what - Why? If it were only a contractual guarantee they could have waited until 2018 and removed the promise from the contract and then submitted the recovery plan. Obviously (to me anyway) it's not just a contractual liability but a legal liability.</p><p></p><p>[USER=12570]@UpstateNYUPSer[/USER] [USER=45051]@IVE GOTTA PACKAGE 4U[/USER]</p><p>I think members of other underfunded pension plans whose employers are still solvent should fight tooth and nail against any plan restructuring under the Kline Miller act and leave the employers (UPS) on the hook to make up the difference of the underfunded liabilities. The Teamsters are going to promote these recovery plans because they benefit them and orphan members of the funds but for ups employees they are bad and unnecessary.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 2581777, member: 4656"] This was never about loving employees or union members - just money. UPS figured buying their way out of CS in 2007 was cheaper than making up the underfunded liabilities when CS went completely under. But the buyout had to be approved and under ERISA laws at the time, the earned pension amounts had to be guaranteed so I'm sure the PBGC, DOL, or Treasury Dept made the make whole agreement a stipulation in the pension buyout. The changes to ERISA under the Kline Miller act now allow for previously earned pension benefits to be reduced IF a plans proposal is approved by the Treasury Dept and voting members. Central States tried this and it wasn't approved. The eye opener for me was that CS felt confident that UPS would be held liable for the difference no matter what - Why? If it were only a contractual guarantee they could have waited until 2018 and removed the promise from the contract and then submitted the recovery plan. Obviously (to me anyway) it's not just a contractual liability but a legal liability. [USER=12570]@UpstateNYUPSer[/USER] [USER=45051]@IVE GOTTA PACKAGE 4U[/USER] I think members of other underfunded pension plans whose employers are still solvent should fight tooth and nail against any plan restructuring under the Kline Miller act and leave the employers (UPS) on the hook to make up the difference of the underfunded liabilities. The Teamsters are going to promote these recovery plans because they benefit them and orphan members of the funds but for ups employees they are bad and unnecessary. [/QUOTE]
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