anHOURover
Well-Known Member
the Boston bully co chairs the New England pension fund. It was just announced it's now CRITICAL AND DECLINING !!
STAY HOT BOSTON BULLY
FACT
STAY HOT BOSTON BULLY
FACT
BOSTON BULLY = CRITICAL AND DECLINING
- Thread starter anHOURover
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UpstateNYUPSer(Ret)
Well-Known Member
Did you gloss over the part where UPS bought their way out of that fund a few years ago?
Gimme Danger
Well-Known Member
Ups didn't buy their way out. They are paying their withdrawal liability but continue to pay into the pension fund at a different rate, in the hybrid section. We get our pensions through that fund, part time and full time.
Hofficer Hater
Well-Known Member
The Department of Labor ruled that it was in "critical and declining" status because it's 55.5% funded. But the Boston Bully is challenging the DOL. He's ego flipped out.
Next week Rome A has his hearing with the IRO.
Next week Rome A has his hearing with the IRO.
Go back under the tampon you crawled from Paff. Your reign of terror is over. Take it deep.
Dept of Treasury, not Labor. That's OK, we understand you're normally off on factual details. But keep swinging hard champ, you're bound to hit one.
Hofficer Hater
Well-Known Member
I'm sorry, but here is the letter pertaining to the pension crisis in the New England Pension Fund. https://d3n8a8pro7vhmx.cloudfront.n...tatus2017NewEnglandPensionFund.pdf?1489080000
Gimme Danger
Well-Known Member
@Karma is a bitch how do you disagree with my comment about the New England pension? What isn't a fact?
Ups was laying $8.51 per hour in September 2012.
Then they agreed to pay $2.1 billion over 50 years and pay $6.20 per hour into the pension fund. Read the NE supplement. I was at the vote on it in 2012.
Ups was laying $8.51 per hour in September 2012.
Then they agreed to pay $2.1 billion over 50 years and pay $6.20 per hour into the pension fund. Read the NE supplement. I was at the vote on it in 2012.
Bubblehead
My Senior Picture
Allowing UPS to withdraw from any Teamster pension fund is most certainly a death blow to that fund.
It's the equivalent to throwing in the towel.
How can it not be?
It's the equivalent to throwing in the towel.
How can it not be?
Gimme Danger
Well-Known Member
The title is inaccurate. That didn't happen. We still have our pension.
Thank you for your honesty
Gimme Danger
Well-Known Member
Ups pays $6.20 per hour into the New England pension fund, and we accrue $248/month of benefits for every good full time year of contributions.
Ups isn't out of the pension fund. They did agree to pay off their unfunded liability over 50 years.
Ups isn't out of the pension fund. They did agree to pay off their unfunded liability over 50 years.
Hofficer Hater
Well-Known Member
UPSers in New England apparently are on a Hybrid Plan.
WHAT IS A “HYBRID” PENSION PLAN?
POSTED ON MARCH 09, 2017
Under the "Hybrid" model, the Pension Fund sets up two departments: the traditional pension model and the new one with no employer liability.
To switch to the department with no future withdrawal liability, a company has to pay off all its current withdrawal liability, either in a lump sum or on a payment plan.
For example, over 10,000 UPS Teamsters in New England were switched into the new plan in September 2012. UPS had to pay off its withdrawal liability. But the Fund allowed them to stretch their payments out over 50 years.
The move saved UPS money, because as part of the deal the company's contribution rate was reduced to $6.20 per hour and will be frozen at that rate for 10 years. If UPS had stayed in the old pension plan, its contributions would be about $11.56 per hour presently.
The switch could affect future accruals and benefits, because under this new "hybrid" plan, each year the fund will evaluate the withdrawal liability and adjust pension accruals to keep the employer's withdrawal liability at zero.
The New England Pension Fund now has 70% of all employer contributions going to the new hybrid fund. The withdrawal liability payments from UPS and other employers go to the old fund, to help pay members’ pensions.
Members' Pensions
What does the new model mean for members' pensions?
Under the Hybrid plan, members' pension accruals and benefits can go up or down each year.
That's because every year, the new "hybrid" plan evaluates withdrawal liability and adjusts members' pension accrual to keep the withdrawal liability at zero. If stock market returns are high and pension fund assets are growing, members' accrual will go up.
As part of the New England deal, UPS Teamsters were guaranteed that there would be no cuts (or increases) in their pension accrual rate for ten years. The present accrual is $248 per month for each extra year of service, so UPS Teamsters can retire with good pensions.
Pay Attention to Your Pension
The Hybrid plan model is gaining momentum. Members need to understand it and keep their eyes open. The Central States Pension Fund has also adopted this model.
Some pension trustees say this new model is win-win-win, for the employers, the members, and the fund itself.
That remains to be seen. In the short term, the new model should help stabilize underfunded Teamster plans.
Over the long term, zeroing out withdrawal liability every year will tend to keep pension benefit levels from increasing, unless the union bargains increased employer contributions.
The Hybrid Plan may help convince some employers who want to eliminate withdrawal liability from trying to break out of Teamster plans, but it won't change the fact that corporations will always prefer cheap 401(k)s to good union pensions.
TDU will continue to help Teamsters understand and watchdog their pensions.
It just dawned on me who you remind me of. You remind me of ISIS.
He needs a big fat high pitch right over the plate.
anHOURover
Well-Known Member
I'm just posting facts brother.
FACT
And what is the point of copy and pasting TDU articles? Do you not understand these "articles" are written with a bias?
Are you really presuming these are accurate?
They're not withdrawing from this plan. They are switching to a hybrid plan structure in which they'll pay the withdrawal liability plus interest over 50 years. In turn they're allowed to reduce their per employee annual contribution an equal amount. Same dollars in, just no hook at the end. It's the new tool that is attracting some interest. Without this adjustment, it's nearly impossible to get anyone to join.
Bubblehead
My Senior Picture
Never understood "the hook at the end"???
If Bill's Trucking Co was a union shop for 50 years, and Bill made every penny of his contractual payments to the pension fund before he closed the doors, how can there be a "hook at the end"?
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