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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="j13501" data-source="post: 656676" data-attributes="member: 918"><p>You make this statement like $6.1 billion is peanuts. It's a huge amount of money, and Central States needed the money to keep the pension funded. Who knew that the stock market would slide and pension reserves would decrease. I don't believe the union "sold you down the river." The union was doing what needed to be done to help the Central States pension. UPS was doing what was in its best interest, in cutting the link between the Central states pension and the UPS employees/teamsters' pension. </p><p>This was a big problem and UPS paid big dollars ($6.1 billion) to protect itself and the upsers (both teamsters and management) that depend on UPS continuing to pay good wages and benefits. In the end, this pension agreement was the best thing for Central States UPS teamsters and the company itself.</p></blockquote><p></p>
[QUOTE="j13501, post: 656676, member: 918"] You make this statement like $6.1 billion is peanuts. It's a huge amount of money, and Central States needed the money to keep the pension funded. Who knew that the stock market would slide and pension reserves would decrease. I don't believe the union "sold you down the river." The union was doing what needed to be done to help the Central States pension. UPS was doing what was in its best interest, in cutting the link between the Central states pension and the UPS employees/teamsters' pension. This was a big problem and UPS paid big dollars ($6.1 billion) to protect itself and the upsers (both teamsters and management) that depend on UPS continuing to pay good wages and benefits. In the end, this pension agreement was the best thing for Central States UPS teamsters and the company itself. [/QUOTE]
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