Referencing Article 34 (master)...The only pension plans that are receiving that weekly contribution are the Teamster controlled (Monetary Contribution Plans) like the Western. Everybody else are under a (Defined Pension Plan) like the IBT/UPS or the UPS Pension Plan under the Central and Southern. Those funds are maintained at the end of the year, the Company just contributes the minimum required amount to cover their obligations. If the Company has over a 100 % vesting ratio at the end of the year they can technically cover those participants just on their investment returns, both the IBT/UPS Pension fund for all the full timers that were in the Central States pension plan and the part timers under the UPS Pension Plan are close to or over that threshold. UPS has total control over those funds, do not fool yourselves, their main goal in 2028 will be to reduced their pension obligations or freeze anymore funding in everybody's pension fund. They essentially frozen most of their pension contributions in the West and other plans in the East with this TA.
When our members argue about the Central and Southern getting a better deal on this TA please study it's past history and remember those under the IBT/UPS Pension Plan and the UPS Pension Plan are not taking anymore money from those in the healthier plans like the West. Just look at the UPS Pension Plan for those part timers in the Central, just a 175 dollar increase over a 5 year span...any vested time under that plan even as a full timer will still pay peanuts. In reality that claim about those part timers having a pension as a guaranteed benefit are false, what percentage of those part timers starting today will ever be able to retire as a part timer 25 years from now and collect less than 1,500 a month, let's get real.
It looks like both parties are trying to get rid of that notion about retiring just on a part time pension or salary, they are now forcing these on the fence part timers to bid on any future full time positions in order to advance. Our current part timers who are now qualified for that service pension (25 or over) in the Central will leave soon, most of them are so busted or old that they cannot bid on a full time position even if it is a inside one. None of them will be around in 2028, or 2024....They got absolutely NO improvements with this TA, why risk injury or go through the stress expecting that the next Contract will be better...It Ain't...besides that most of them would be eligible for Social Security and Medicare.
Mass exodus in 2024...
The chess board is in place with the next Contract, read the language in Article 34 (Master) about guaranteeing those enhanced IBT/UPS benefits beyond 2028. It is in there for a reason.
In 2028 most of our old timers will be long gone, everyone under the IBT/UPS Pension plan will already have 20 full time years vested, most of those who had time under the old Central States plan will also be gone. That Central States bailout and the others not only helped our current retirees but got UPS off the hook if those benefits were ever cut or eliminated.
For us old timers...we will probably not be around in 2028, that means that any consideration about a strike will be lessened, no one on the picket line would of participated in the 1997 one..we be retired and will not want to anything to do with the Teamsters or UPS.
The very fact that the Company decided to end any further vesting in their own pension plans 5 or more years ago should point to the obvious truth that Corporate has intentions to do the very same thing to every members' pension benefits in 2028.
So start planning now...
