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Brown Cafe UPS Forum
UPS Union Issues
Where does the drivers back pay interest go
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<blockquote data-quote="PiedmontSteward" data-source="post: 1289645" data-attributes="member: 42270"><p>Those pissed off PT'ers were right.. we're <em><strong>never</strong></em> gonna get our retro checks!! </p><p></p><p>In all seriousness, the money is probably sitting in some sort of low-yield and highly liquid escrow account. They can't really use it to make investments as there would be relatively short notice (~1 month or less) for distribution after ratification. No one (except for the company) knows for sure.</p><p></p><p>However, all of the H&W contributions do not have to be made retroactively. That's money TeamCare is missing out on and won't get back. I'm not sure what happens to the UPS Company Plan once everyone currently enrolled (almost all PT'ers and some FT'ers) is cleared off the books and moved into TeamCare.</p></blockquote><p></p>
[QUOTE="PiedmontSteward, post: 1289645, member: 42270"] Those pissed off PT'ers were right.. we're [I][B]never[/B][/I] gonna get our retro checks!! In all seriousness, the money is probably sitting in some sort of low-yield and highly liquid escrow account. They can't really use it to make investments as there would be relatively short notice (~1 month or less) for distribution after ratification. No one (except for the company) knows for sure. However, all of the H&W contributions do not have to be made retroactively. That's money TeamCare is missing out on and won't get back. I'm not sure what happens to the UPS Company Plan once everyone currently enrolled (almost all PT'ers and some FT'ers) is cleared off the books and moved into TeamCare. [/QUOTE]
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Where does the drivers back pay interest go
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