UpstateNYUPSer(Ret)
Well-Known Member
You are right---they took a $890M charge as the present day value of the future liability.
Teamster Pensions - The Ultimate Goal and Weakness of UPS Contract Negotiations
- Thread starter InsideUPS
- Start date
You are right---they took a $890M charge as the present day value of the future liability.
U
uber
Guest
I'm in the Western Trust Pension Fund. From what I hear, were doing okay.
InsideUPS
Well-Known Member
"Grandfathered" appears on 22 pages of this document. The word "Grandfathered" occurs 44 times. The word "Business" has 0 occurrences and the word Agent occurs 1 time on page 32.
There is no mention about grandfathered Business Agents in the current Central States SPD as linked above. There may be some "Memorandum" or "Letters of Understanding" that are not mentioned about Business Agents in this specific document. Only Union officials or Business Agents would have access to these type of agreements. Hope this helps some.
BigUnionGuy
Got the T-Shirt
Dracula
Package Car is cake compared to this...
How long has UPS controlled our pension? Get back to me when we see what they have done after 20 to 30 years. UPS hasn't shown us a damn thing yet. The stock market could just as easily tank under UPS's stewardship as it did when Central States controlled it.
UPS Preloader
Well-Known Member
My understanding was that under the withdrawal agreement, UPS will pay its withdrawal liability in equal monthly installments over 50 years, recording an $896 million liability based on the present value of the payments. What they did in September was take a charge of $896 million off their books, but did not actually dispense with these funds. (All it did was help reduce their profits for 2012.)
brown_trousers
Well-Known Member
I believe UPS has always managed the part-time pension... how long has there been a part-time pension at UPS? It seems to have not even blinked at the recent stock market and economic activity. Can we say the same for non-UPS controlled pensions?
InsideUPS
Well-Known Member
Just an FYI........I started in 1978.....and UPS has had a part-time pension since that time. A 35 year part-time pension at any age is worth $1925/month. 30 year at any age is $1650/month.
Apples and fruitcakes...UPS funds their Pension at whatever level necessary to maintain Green Zone (80%) funded status from their rather healthy pot of cash. Non-UPS controlled multi-employer plans rely only on negotiated contributions and market performance for income. Fortunately UPS has remained viable and healthy and can sustain their obligation in this single employer plan. Now if they start acting like Hostess (not likely) that pension pool will evaporate and participants will be SOL, a lesson learned by employees of Enron. Separate the money from the employer, manage it prudently, and defined benefit plans provide lifetime security. Not as easy as it sounds...
InsideUPS
Well-Known Member
Totally agree....but...many here feel otherwise...
balland chain
Well-Known Member
Giving the Teamsters any money for our pension is a BAD idea. Too much corruption ! Look at what happened with the Central States Fund. We hired an Attorney to look into the missing funds and have an actuary done. Central States Attorneys contacted our Attorney and stated that Central States would fight this, and use the funds money to do so. Really, they don't want to provide and Actuary?? Something is wrong when "our" hard earned money paid by UPS into that fund and they refuse to provide an Actuary. I would rather there be strong language in the new contract that UPS will provide our pension and that the language pertaining to our pensions can NEVER be altered or changed in any way. Some of the things UPS does are screwed up, but one thing consistent with UPS is they make A LOT OF MONEY.
Similar threads
