First of all this thread in the ABF forum is about how FRED and TEAMSTERUNITED turned the last UPS contract into a political stunt. In the last contract the UPS/TEAMSTR,cspf pension fund was increased from $3000 to $3400, $3500 to $3900, at 30 and 35 years. For pension past 35 years the accrual now is $175 per year. The UPS pension funds have always been close to, or over 100% funded. For political cover, to justify ending their non union pension fund they lowered their discount rate to 3.26%. math will tell you 41.1 - 9.9= 32,200,000,000/70,000non union employees gives you $445,714 per employee. Which you can see is considerably more than the $40,000 dollars per union employee that is in CSPF. 9.5 language is just a giant bargaining chip/ only bargaining chip in the UPS contract!!!! Go to the " pension tsunami " web site to get all of the pension news. Have a nice day
Young (angry) Man,......there's a lot of misinformation in your post. It seems you are the one trying to turn this thread into an anti-TeamstersUnited thread.
The Local where I'm at,....has a very large UPS terminal in it. Over 1500 employees...........They went solidly for TeamstersUnited last election. Empirical evidence suggests that they were mightily dissatisfied with the contract, as was forced down their throat by Mr. Hoffa's altering of Art.VII, Sec. 6. JC#40's UPS teamsters voted down the Supplement twice,....and were one of about 6 dissenting Locals to vote against Mr. Hoffa's IBT Constitutional "grab"......
AS was JC#40's ABF Teamsters last contract .......WE also were one of 7 Supplemental areas to vote down the contract.
My point:......ABF made a long-term commitment to the defined-benefit MEPF, many, many years ago. Now , they want to shed that commitment,....even though it will mean future financial hardship on many Teamsters who ALSO made a long-term commitment,....to ABF.
In my Opinion,.....ABF should've been...."sheparding".....the MEPFs that ABF was associated with,......instead of paying the rate, and watching certain funds fail,...without doing nothing......They don't care about "long-term investments"? Did they....waste....50 years of payments to,...say...CSPF?
Or,....are they really looking at....recouping their pension "investment",....by allowing destruction of MEPFs,....thereby proclaiming: "Defined-Benefit Pensions are Dead!",.........and having a ready-made excuse to force their employees into a defined-contribution fund.....at NO cost to the company?
By the way,......Did you buy all your "!!!!!!!!!!!!!!!'s".........at the same place where I bought all my "............'s"?