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Brown Cafe UPS Forum
UPS Union Issues
Yet another pension collapse under H. This one at local 707.
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<blockquote data-quote="35years" data-source="post: 2122383" data-attributes="member: 60822"><p><strong><span style="font-size: 18px">The 105% figure is misleading...</span></strong></p><p></p><p></p><p><a href="http://www.ibtupspensionfund.ups.com/content/UPS_IBT_AFN.pdf" target="_blank">http://www.ibtupspensionfund.ups.com/content/UPS_IBT_AFN.pdf</a></p><p></p><p><strong>The reporting laws were changed in 2012 to make pensions look more fully funded than they are, and lower the amount companies had to contribute to look 100% funded.</strong></p><p><strong>As of the last published report (December 31, 2014)<strong> the UPS/IBT fund had a Funding Shortfall of$1,095,788,642 </strong></strong></p><p><strong></strong></p><p><strong>"As of December 31, 2014, the fair market value of the Plan’s assets was $4,994,575,825. On this same date, the Plan’s liabilities, determined using market rates, were $6,036,761,451."</strong></p><p><strong><strong></strong></strong></p><p><strong><strong></strong></strong></p><p><strong><strong>Under the old accounting rules the plan would have been only 78.6% funded.</strong></strong></p><p><strong><strong>Under the new accounting rules the 1 trillion dollar shortfall = 103% funded</strong></strong></p><p><strong><strong></strong></strong></p><p><strong><strong>Make no mistake, there was still a trillion dollar shortfall, the only thing that changed was the interest rate assumption.</strong></strong></p><p><strong><strong></strong></strong></p><p><strong><strong>This decreased UPS's minimum contribution by $444,415,385 for 2014 alone.</strong></strong></p></blockquote><p></p>
[QUOTE="35years, post: 2122383, member: 60822"] [B][SIZE=5]The 105% figure is misleading...[/SIZE][/B] [URL]http://www.ibtupspensionfund.ups.com/content/UPS_IBT_AFN.pdf[/URL] [B]The reporting laws were changed in 2012 to make pensions look more fully funded than they are, and lower the amount companies had to contribute to look 100% funded. As of the last published report (December 31, 2014)[B] the UPS/IBT fund had a Funding Shortfall of$1,095,788,642 [/B] "As of December 31, 2014, the fair market value of the Plan’s assets was $4,994,575,825. On this same date, the Plan’s liabilities, determined using market rates, were $6,036,761,451." [B] Under the old accounting rules the plan would have been only 78.6% funded. Under the new accounting rules the 1 trillion dollar shortfall = 103% funded Make no mistake, there was still a trillion dollar shortfall, the only thing that changed was the interest rate assumption. This decreased UPS's minimum contribution by $444,415,385 for 2014 alone.[/B][/B] [/QUOTE]
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Yet another pension collapse under H. This one at local 707.
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