United Parcel Service calls on Congress to cut pensions

[FarLeftRage]

United Parcel Service calls on Congress to cut pensions

United Parcel Service has been pressing Congress to allow companies to cut pension benefits promised to workers under plans funded by multiple employees. Multi-employer plans cover 9.8 million US workers, and, as of 2003, they were $177 billion in the red because many companies that previously paid into these funds are now out of business.

UPS, which has spent more money on US elections than any other company, recently backed a clause in a legislative bill that went through the House of Representatives last December. The provision would allow the pension plan’s trustees, which include company and union representatives, to cut benefits for workers retiring early if the plans are less than 60 percent funded.

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More at: http://wsws.org/articles/2006/mar2006/wkrs-m28.shtml