UPS talking pension issues

UPS hopes to resume talks with the Teamsters union toward a new contract soon, a company spokesman said. The two sides put talks on hold last month while UPS sought more information about a union pension plan that draws support from UPS and other employers. Teamsters offi cials have said UPS wants to pull its […]


UPS hopes to resume talks with the Teamsters union toward a new contract soon, a company spokesman said. The two sides put talks on hold last month while UPS sought more information about a union pension plan that draws support from UPS and other employers. Teamsters offi cials have said UPS wants to pull its employees out of the plan. UPS and the Teamsters, which represent about 246,000 workers at the company, have been in contract talks since September.

Teamsters president James Hoffa said he is optimistic about reaching a contract agreement for the 238,000 union members at UPS. The current Teamsters contract with UPS runs through July 2008.

Hoffa did not discuss details of the talks, including the company’s request for a new fund for full-time workers now covered by the multi-employer Central States Teamster pension plan. That plan is underfunded by an estimated US$14 billion, and UPS likely would have to make a “multibilliondollar payment” to leave it.