UPS is not in Central States anymore, they paid $6.5 Billion to exit the plan back in 2008, back then there was no law allowing pensions to cut pensions, and none were ever expected , which made UPS confident in agreeing to make up for any shortfalls. But at the very end of 2014 two congressman slipped in a sneaky add-on to the budget bill to allow pension cuts in financially unstable pensions, and Central States is one of them. Now the CFO of UPS says they will have to make up the shortfall in the Central States Pension.
About 10 minutes ago the CFO of UPS was on CNBC stating that UPS made an agreement back in 2008 when UPS bought out of the Central States Pension for $6.5 Billion, that if there were ever any cuts in the Central States Pension fund they would make up the difference, because they never expected any new laws that would allow pension cuts. They are pleading with the treasury to not let this go through, the beginning of May the decision will be coming.