The best case scenario at this point would be UPS contributing $214 a week into each of our 401K plans (instead of the pension fund), but the Teamsters are giving our money to retirees of other companies, as well as using it for themselves. In Central States alone, there are 55,586 current employees in UPS,Yellow,Conway, Roadway, and ABF contributing to 35,468 retirees. You do the math. Assuming that these 5 companies contribute as much as UPS ($214 per week X 52 weeks = $11,128 per year.) $11,128 X 55,586 employees = $618,561,008. Divide this by the ;number of retirees and we arrive at $17,440 per retiree per year divided by 12 months = $1,453 per retiree per month. We know that other companies don't contribute as much as UPS , so the number would actually be lower. Each year as more people retire, we now have more retirees, and the same number of contributors. By this reasoning, the Central States fund is diminishing each year. The fund at its current level is only 55% funded. As each year passes, more cuts will be needed just to maintain the current level. The APWA has a solution, the Teamsters have none.
Biggest scam is on all UPS hourly employees
- Thread starter Bill
- Start date
The difference here is that GM, Ford and other companies ran the pension fund of its employees, but the APWA is going to run the pension fund independent of UPS. The Teamsters currently run our pension fund (albeit very poorly). The difference between these two entities is that while the Teamsters receive UPS pension money, only 40% goes to its employees, whereas the APWA will represent only UPS people and dole out 100% of the pension money back to its people. What don't you understand?
The $214 per week is written in the contract that runs through 2008. It will go up to $238 per week on August 1, 2008. Why don't you bother to do some research, read the contract or simply call the Teamsters or Central States or any pension fund that you belong to. These numbers can easily be verified if you took the time. Even Brett636 , who disputes everything I say, has to agree with these figures.
brownmonster
Man of Great Wisdom
It will go up on 8/01/07. You are not always correct.
Overpaid Union Thug
Well-Known Member
So what exactly is behind the motivation for all of you that are so supportive of the IBT? I just don't understand how anyone could be so supportive of such a corrupt body. Yeah sure they are responsible for our high wages and job security but that is what they are SUPPOSED to do. It's all the things they are doing wrong, or not at all, that have turned me against them. Is the support for them just out of pure fear of change? I just find it hard to believe it is simply because the APWA doesn't have a track record. As far as our pensions are concerned they couldn't possibly do worse than the IBT has at this point.
Thank you for correcting me. That is what I intended to write. It will go up to $238 per week on 8/1/2007. The contract is over on 8/1/2008
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