Hoffa presses UPS to 'stop the bleeding' by settling contract dispute

Associated Press ^ | 7-12-02 | LEIGH STROPE, AP Labor Writer

[Oldeconomybuyer]

WASHINGTON (AP) --

[thatsnotnice]

Health care and pensions are two of the major issues that still have not been decided. The Teamsters want the company to continue to pay for full health insurance coverage and not pass on the escalating costs to workers.

That's going to be increasingly problematic. UPS wanted to re-arrange the way pension funds are managed last time around (1997). The union went ballistic because that is their reason for living - controlling the pensions. They want increases to offset losses on investments and increases so they can continue payments to other (non-UPS) teamsters. I see this stopping at some point - possibly shortly.

The union also wants to maintain pension benefit levels and allow for later increases.

But they are the ones managing those "contributions." Some NE locals do better than others, but overall they cost more than they are worth. UPS will not continue to float the Teamster pension and H&W system forever, IMO.

[Indrid Cold]

"The teamsters, so lazy and surly. Can I just lean against the truck with you guys for awhile?"

--Homer Simpson