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XPO | Miami Has Ratified a Contract

Fly-by-night said:
"UPS will retain all pre-existing assets and liabilities relating to all pension, retirement and other benefits plans."
www.ccjdigital.com

After 15 years and lackluster returns, UPS turns LTL venture over to another keeper

For a little more than 15 years, UPS attempted to shoehorn a less-than-truckload segment into its parcel delivery monolith. Late last month, it announced it was exiting its UPS Freight business in favor of a new direction.
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Keyword here is preexisting.....that doesn't mean going forward they are paying the pension...
 
ABF381 said:
Keyword here is preexisting.....that doesn't mean going forward they are paying the pension...
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XPO is still responsible for the remaining pension liabilities of past employees. When you purchase a company you buy all of it. T-Force set up an agreement as part of the sale. That UPS would continue to fund and operate certain things for a specific period of time. Then it’s all in T-Force.
 
highspeeds said:
XPO is still responsible for the remaining pension liabilities of past employees. When you purchase a company you buy all of it. T-Force set up an agreement as part of the sale. That UPS would continue to fund and operate certain things for a specific period of time. Then it’s all in T-Force.
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I'm not saying T Force didnt negotiate a sweet deal for themselves......but I still fail to see any mention of UPS paying ALL employee benefits...the article is not well researched either as it says Yellow is the only union LTL....they seemed to have missed someone...
 
highspeeds said:
Doesn’t T-Force still have to negotiate a contract ? Just because UPSF ( Overnite ) got bought doesn’t mean they lose their contract.
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The current contract stays in force until August of 2023.TFI agreed to abide by the contract until it expires. After that, hopefully, the two sides will have negotiated a new contract. All of TFI's ltl companies in Canada are represented by the Teamsters, so they know how to deal with union employees.
 
cavscoutdad said:
The current contract stays in force until August of 2023.TFI agreed to abide by the contract until it expires. After that, hopefully, the two sides will have negotiated a new contract. All of TFI's ltl companies in Canada are represented by the Teamsters, so they know how to deal with union employees.
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Thanks for giving us “REAL” information.
I‘m sure if you guys get the chance you will vote the Union out and go back too no time and a half, poor benefits and no retirement.;)
 
highspeeds said:
XPO is still responsible for the remaining pension liabilities of past employees. When you purchase a company you buy all of it. T-Force set up an agreement as part of the sale. That UPS would continue to fund and operate certain things for a specific period of time. Then it’s all in T-Force.
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XPO is simply administering the existing fund, when the company was sold the fund went with it, and it is XPo's responsibility to pay everybody from the existing fund, no new money is added.
 
joes bar and grill said:
XPO is simply administering the existing fund, when the company was sold the fund went with it, and it is XPo's responsibility to pay everybody from the existing fund, no new money is added.
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That’s partly correct. The plan has a minimum amount of money it has to retain to meet liabilities. If it were to fall below that amount to meet its obligations( which has not so far because of investment trends) they would have to fund it back to the minimum to meet obligations.
 
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