Reply to thread

Message

<blockquote data-quote="Channahon" data-source="post: 254125" data-attributes="member: 7666">Reading all the posts lately regarding the proposed contract, this may give some insight on the timing of the contract negotiations and why talks were started so much earlier than normal.Full article posted in UPS headlines forumThe Teamsters accord follows about a year of talks, which concluded early enough to avoid driving away UPS customers and before the union&#039;s self-imposed target of today.Most terms of the agreement take effect Aug. 1, with the pension change to occur Dec. 26, Hall said.The Central States Fund has suffered as several unionized trucking companies have failed or been acquired during the past decade, leaving UPS and other remaining employers to bear greater liability for retirees covered. The fund is about 47 percent underfunded, and faces a shortfall of about $18 billion, Thomas Wadewitz, a JPMorgan Chase &amp; Co. analyst, has estimated. UPS doesn&#039;t break out how much it pays into the fund annually.The union wanted to reach an agreement by today to allow for member voting before Jan. 1, when federal legislation approved last year to shore up underfunded pension plans takes effect. UPS&#039;s withdrawal must be approved by the pension plan&#039;s trustees.The Teamsters historically opposed UPS&#039;s efforts to pull out of Central States, and the dispute was a key factor in the union&#039;s two-week strike in 1997. Union President James P. Hoffa, whose father James R. Hoffa helped organize Central States in the 1950s, reversed course this year, saying the change would benefit members&#039; retirement security. Last Updated: October 1, 2007 16:07 EDT</blockquote>

[QUOTE="Channahon, post: 254125, member: 7666"] Reading all the posts lately regarding the proposed contract, this may give some insight on the timing of the contract negotiations and why talks were started so much earlier than normal. [B]Full article posted in UPS headlines forum[/B] The Teamsters accord follows about a year of talks, which concluded early enough to [B]avoid driving away UPS customers[/B] and before the union's self-imposed target of today. Most terms of the agreement take effect Aug. 1, with the [B]pension[/B] [B]change to occur Dec. 26, Hall said.[/B] The Central States Fund has suffered as [B]several unionized[/B] [B]trucking companies have failed[/B] or [B]been acquired[/B] during the past decade, [B]leaving UPS and other remaining employers to bear greater liability for retirees covered. [/B] The fund is about [B]47 percent underfunded[/B], and faces a [B]shortfall of about $18 billion,[/B] Thomas Wadewitz, a JPMorgan Chase & Co. analyst, has estimated. UPS doesn't break out how much it pays into the fund annually. [B]The union wanted to reach an agreement by today to allow for[/B] [B]member voting before Jan. 1, when federal legislation approved last year to shore up underfunded pension plans takes[/B] [B]effect[/B]. UPS's withdrawal must be approved by the pension plan's trustees. [B]The Teamsters historically opposed UPS's efforts to pull out of Central States, and the dispute was a key factor in the union's[/B] [B]two-week strike in 1997[/B]. Union President James P. Hoffa, whose father James R. Hoffa helped organize Central States in the 1950s, [B]reversed course this year, saying the change would benefit members' retirement security. [/B] [B][COLOR=red]Last Updated: October 1, 2007 16:07 EDT[/COLOR][/B] [/QUOTE]

Verification