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Brown Cafe UPS Forum
UPS Retirement Topics
YRCW bankruptcy impact on UPS employee pensions
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<blockquote data-quote="DiadTribe" data-source="post: 655882" data-attributes="member: 20699"><p>At age 65 Central States is responsible for the retirees that belong to the new UPS pension. If Central States goes into the PBGC there will be a huge drop in benefits paid out. UPS has agreed to make up the difference. </p><p><strong>But this is a contract to contract agreement! UPS can negotiate new language win we go back to the negotiating table. In fact, they can change the agreement any time they want because they are legally required to maintain the UPS plan in a fiscally responsible manner.</strong> </p><p>This is the very reason the Teamsters fought to keep the pension out of the Company's control. But for some reason, in our current contract we gave it all away for what amounted to 3 months of income for Big Brown. What a deal!</p></blockquote><p></p>
[QUOTE="DiadTribe, post: 655882, member: 20699"] At age 65 Central States is responsible for the retirees that belong to the new UPS pension. If Central States goes into the PBGC there will be a huge drop in benefits paid out. UPS has agreed to make up the difference. [B]But this is a contract to contract agreement! UPS can negotiate new language win we go back to the negotiating table. In fact, they can change the agreement any time they want because they are legally required to maintain the UPS plan in a fiscally responsible manner.[/B] This is the very reason the Teamsters fought to keep the pension out of the Company's control. But for some reason, in our current contract we gave it all away for what amounted to 3 months of income for Big Brown. What a deal! [/QUOTE]
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