Finally released the pension. Teamster app update

[9.5mania]

It's on or before because as of Aug 1 2028 we will be on a different contract and the terms may or my not have changed. I think you guys are overthinking it.

Most of the people who reach the service years for the extra $600 will also be 55yrs old or older and qualify anyway. It’s just odd they didn’t agree to make this the standard going forward. We are all wearing tinfoil hats because the company and union haven’t had our best interest the last few contracts.

 

[reginald95]

If I started at age 20 went full time at 30 I lose 5 years of service right? That would put me 60 years old for 35 years of service right?

 

[9.5mania]

If I started at age 20 went full time at 30 I lose 5 years of service right? That would put me 60 years old for 35 years of service right?

I’m not sure it works that way. It’s two different pension plans and I don’t think you can combine PT years to equal a FT year. It looks like in your case you will have 30 FT years at 60 with 10 PT years credited as well. Each PT year is worth $60 I think. There is a link on the upsers site which gives you an estimate of your retirement benefits.

 

[Trucker Clock]

Nope. 4,700… you have to wait till 2028 to get that 5,300…

The Central and Southern got it again…

Nope.

It’s $4700 at any age.

It’s $5300 if you’re at least 55.

 

[DELACROIX]

Cezanne, I found out the hard way on this: I planned to retire at age 55 with 33 years of service. (You don't receive the health care if you retire before age 55.) To my astonishment, you can receive the service benefit retirement for 25, 30, or 35 years of service at any age, but if you want to retire with other years of service (in between those years) the reductions that you mention apply. In my case, with 33 years of service they gave me the choice of receiving the 30 year service benefit or a 33 year pension with the entire 33 years reduced by 6% per year for every year under age 65. The result is that if you retire under the age of 65, there is no "bump" up in the retirement benefit for the years in between 30 and 35 years of service. If you are under age 65 and retire with 34-1/2 years of service, you will still receive only the 30 year service pension benefit.

Also the increase to $60 per month per year of service, included in the last contract, does not apply if you are under age 65 and applying for one of the service benefit retirements for 25, 30 or 35 years of service.

There is so much confusion on the issue that I made a written request to the UPS Retirement Dept. in Atlanta for a copy of the Teamsters/UPS pension "Reciprocity Agreements". Although the agreements exist in writing, they refused to give them to me because I have no full time years to reciprocate. I would strongly urge someone on this forum to request these agreements from the UPS Atlanta Retirement Department so that we can see whether these agreements also depend upon you being age 65 at retirement to receive the full benefit.

I hate to be critical about this issue, but one would think that those loopholes on ALL our pension benefits would of been settled with this last contract, especially with this new and improved IBT/UPS Pension plan going into effect. If anybody who ever tried to get any information about their pension benefits can testify it is next to impossible to get anything in concrete writing. Test my theory everybody who is eligible for retirement benefits send a letter to both Washington and Atlanta asking for pension estimates, or better yet any legal documents concerning your pension and or health and welfare benefits, active or retiree status. It is stonewalling at it's best, just what are these trustees hiding considering our rights under the ERISA act. Sure it is very complicated, so many pension plans and formulas, but it is your money they are controlling, there should be accountability somewhere. The most frustrating part about these collectively bargaining pension and or health and welfare plans whether they be under company or union control is that they are funded through negotiated monetary increases per master contract language article 34. Why then does one group of members get 6,000 a month pension benefits, some 3,000 and believe it not some 1,500 with the same amount of service time. Something is rotten in demark, if you get my drift.

From my limited understanding the "Reciprocity Agreement" in this new UBT/UPS Pension plan that combines your part time years with your full time years is based on when you left the UPS Pension Plan for part timers and started out under the Central States trust. It is based on a percentage of standard 30 year benefits, for example if you worked 20 years as a part timer it would be 2/3 of a 30 year benefit when you left the plan. For example 2/3 of 1,000 comes out to about 750, the problem is as quoted by Tardus, that 6 percent per year reduction before age 65, which in effects kicks that 750 down to about 400 dollars a month at retirement age of 55. It is not based on 55 dollars per part time service year as most members believe, that is only for active part time pensioners. Those part time totals are then added to your full time years which actually pay as 100 dollars a service year in my area, whether this new IBT/UPS Pension plan has that early retirement penality is not clear. So to make a long story short, our 20 year part time and 10 year full time future pensioner would be looking at around 1,400 dollars a month with 30 service years and retiring at age 55. If they decide to retire earlier before age 55 even with 30 years in that total would be reduced according.

I’m not sure it works that way. It’s two different pension plans and I don’t think you can combine PT years to equal a FT year. It looks like in your case you will have 30 FT years at 60 with 10 PT years credited as well. Each PT year is worth $60 I think. There is a link on the upsers site which gives you an estimate of your retirement benefits.

I went back in the Time Machine rather than keep repeating the same old information on how the IBT/UPS formulates your part time credit years with your full time service.


I do not believe that it has changed with this Contract…

Hope it helps..

 

[UpstateNYUPSer(Ret)]

I’m not sure it works that way. It’s two different pension plans and I don’t think you can combine PT years to equal a FT year. It looks like in your case you will have 30 FT years at 60 with 10 PT years credited as well. Each PT year is worth $60 I think. There is a link on the upsers site which gives you an estimate of your retirement benefits.

This depends upon whether you are under the Company pension plan or a Teamster pension plan.

 

[SteveOUPS]

End of contract in 2028

I think it’s based on the age limiter. You must be 55 for the bump Between jan 1 2024 and july 31 2028.

 

[DOK]

Makes my $3,000 a month chicken feed. Just remember what happened to dave. I think he was expecting something like $5,500 a month and that didn't happen. (It's too bad he ended up with anything being the Company suck up he was / is.

We’re all not in this pension plan, our plan from our local is much different than this. Ours pays more but we have no healthcare nor discounted healthcare.

 

[IVE GOTTA PACKAGE 4U]

We’re all not in this pension plan, our plan from our local is much different than this. Ours pays more but we have no healthcare nor discounted healthcare.

Lots of different.plans out there

 

[Coldworld]

Lots of different.plans out there

Perhaps.

 

[DOK]

Lots of different.plans out there

I feel we should all be in one plan. Have guys at work asking about our advertised pension increases and have to break it to them that SOB’s not referring to our plan, our plan is negotiated on the local level.

 

[IVE GOTTA PACKAGE 4U]

I feel we should all be in one plan. Have guys at work asking about our advertised pension increases and have to break it to them that SOB’s not referring to our plan, our plan is negotiated on the local level.

I had to tell the guys here the same thing

 

[UpstateNYUPSer(Ret)]

I feel we should all be in one plan. Have guys at work asking about our advertised pension increases and have to break it to them that SOB’s not referring to our plan, our plan is negotiated on the local level.

This was the Company's goal in 1997.

 

[Just A UPS Guy]

I feel we should all be in one plan. Have guys at work asking about our advertised pension increases and have to break it to them that SOB’s not referring to our plan, our plan is negotiated on the local level.

As long as that plan is the WCT Pension Plan.

 

[onehandsolo]

I’m curious did they keep the clause in that UPS will cover any Central States defaults? I know there was the CS bailout, but I trust UPS paying for defaults more than CS or the crooked Government.

Central States has already received the 35.8 billion.

Pension Crisis | Central States Pension Fund

Like many of the nation’s multiemployer pension funds, Central States Pension Fund has become severely underfunded due to a combination of factors.

mycentralstatespension.org

 

[100%]

Teamster app updated with tentative. $5300 for 35 years

If you retire before 7/31/2028

 

[100%]

Nope. 4,700… you have to wait till 2028 to get that 5,300…

The Central and Southern got it again…

I believe you have to retire this contract to get the $5,300. If not, it’s back down to $4,700. That’s how I understand it.

 

[Thebrownblob]

If you retire before 7/31/2028

As discussed before, it’s a very curious offer does that mean it goes away next contract?

 

[Johney]

Central States has already received the 35.8 billion.

Pension Crisis | Central States Pension Fund

Like many of the nation’s multiemployer pension funds, Central States Pension Fund has become severely underfunded due to a combination of factors.

mycentralstatespension.org

I know that, they also received $6.6 billion from UPS that they pissed through.

 

[Thebrownblob]

I know that, they also received $6.6 billion from UPS that they pissed through.

True but this time it’s pretty much guaranteed funded at least for the next 30 years. Probably hoping most have croaked by then.