IBTs Economic Proposals Leaked!

[1989]

Please try not to be Dave. You are in the West and he is in the East. They differ greatly on many things.

Like right and wrong

 

[UpstateNYUPSer(Ret)]

Interesting. Its crazy just how different everyones pension plans are. What happens when you go from PT to FT? Do you end up drawing from 2 seperate pensions?

Depends upon the pension plan. Here in Upstate NY PTers and FTers are in the same pension plan.

 

[YUOVER95]

I don’t think Part timers are gonna get the numbers they want. After a year of employment they already get the health Benefits without paying a dime. That’s unheard of getting health insurance for part time work anywhere else.

 

[eats packages]

Most pters don't even make it long enough to get benefits the amount that make it to get vested into the pension is even lower

almost exactly %50 of post-seniority employees stay for 1 year, New hires compose a small but definitely significant part of the daily workforce.
I would say the average hourly cost of the PT workforce here is around $20-22, The average driver in each center reaches a total compensation/hour of $55 easily.

 

[Frankie's Friend]

I don’t think Part timers are gonna get the numbers they want. After a year of employment they already get the health Benefits without paying a dime. That’s unheard of getting health insurance for part time work anywhere else.

Yep you bet mr. manager.
It's called a cba and we already pay 2.5 x our hourly rate to get "free benefits".
You shouldn't have gone into management or you'd have good (free) benefits too.
Of course, we need them plus disability considering the pounding our joints get in this cream puff of a job.

 

[brown_trousers]

Yes, that's why it's funded at a much higher percentage.

But should would also

Yes, that's why it's funded at a much higher percentage.

They must get a smaller per hour contribution over there, otherwise the pension payout would start increasing also. And then part timers would end up with bigger pensions than full timers

 

[DELACROIX]

Yes! And then the pension banks that money from the employee that doesnt vest, and it helps the next years pension increase for the rest of us.

Seems like the PT pension would be crazy inflated from all the PTers that dont become vested

I hate to be redundant, but in the Central Supplement area there are separate pension plans for the members. The Part time one is called the UPS Pension Plan, run and controlled by the company. the Full time years are covered under the UPS/IBT plan that is supplemented by the vested time under the Central States plan. When you become eligible for retirement you will get monetary benefits under both plans, it is calculate by the number of years under the plans and formulated by a 6 percent penalty if you retire under 65 or do not have the eligible years quoted in the contract.

You only become eligible after five years, both plans are called a "defined benefit plan" in other years the company is not putting the stated monetary contributions as stated in Article 34 (Master). The company only puts in an annual contribution at the end of the year to cover the vested participants. As far as the five years that a part timer starts at, there is no monetary contributions going into their retirement, after five years they are officially vested and will receive a payment at age 65 or if they last long enough a actual service pension. Basically, the company wins out because they are not required to contribute any monetary toward anyone who is in a "defined benefit plan".

The company made a 14 percent interest off their controlled pension plans last year and the three major ones are over a 100 percent vested, which means they do not have to put any monetary contributions into the plans to covered the promised benefit, the interest itself should compound to pay for itself.

Bottom line, the members in the Central States area have not been keeping up with the members in the West because they are in an negotiated pension plan not subject to funding under the contract.

And..Not Everybody Gets The Same Amount..A lot of people groups in the Central have been left behind with past negotiating committees, just not enough people to be concerned with. I sure hope that the negotiating committee this time takes the "High Road" and start to address this issue.

 

[UpstateNYUPSer(Ret)]

Yep you bet mr. manager.
It's called a cba and we already pay 2.5 x our hourly rate to get "free benefits".
You shouldn't have gone into management or you'd have good (free) benefits too.
Of course, we need them plus disability considering the pounding our joints get in this cream puff of a job.

You would think a Joe Union such as yourself would know that our dues DO NOT go toward our health insurance.

 

[Frankie's Friend]

You would think a Joe Union such as yourself would know that our dues DO NOT go toward our health insurance.

Never said they did einstein.
Read and try to comprehend.
They pay for the representation who negotiates the cbas.
TTKU

PS/ yawn

 

[UpstateNYUPSer(Ret)]

It's called a cba and we already pay 2.5 x our hourly rate to get "free benefits".

 

[1989]

I hate to be redundant, but in the Central Supplement area there are separate pension plans for the members. The Part time one is called the UPS Pension Plan, run and controlled by the company. the Full time years are covered under the UPS/IBT plan that is supplemented by the vested time under the Central States plan. When you become eligible for retirement you will get monetary benefits under both plans, it is calculate by the number of years under the plans and formulated by a 6 percent penalty if you retire under 65 or do not have the eligible years quoted in the contract.

You only become eligible after five years, both plans are called a "defined benefit plan" in other years the company is not putting the stated monetary contributions as stated in Article 34 (Master). The company only puts in an annual contribution at the end of the year to cover the vested participants. As far as the five years that a part timer starts at, there is no monetary contributions going into their retirement, after five years they are officially vested and will receive a payment at age 65 or if they last long enough a actual service pension. Basically, the company wins out because they are not required to contribute any monetary toward anyone who is in a "defined benefit plan".

The company made a 14 percent interest off their controlled pension plans last year and the three major ones are over a 100 percent vested, which means they do not have to put any monetary contributions into the plans to covered the promised benefit, the interest itself should compound to pay for itself.

Bottom line, the members in the Central States area have not been keeping up with the members in the West because they are in an negotiated pension plan not subject to funding under the contract.

And..Not Everybody Gets The Same Amount..A lot of people groups in the Central have been left behind with past negotiating committees, just not enough people to be concerned with. I sure hope that the negotiating committee this time takes the "High Road" and start to address this issue.

14 percent interest is not sustainable.

Members in the central states were getting more than members in the West. Until ups had to bail them out. Now, at least, they get something.

Maybe some in the east can join the west. At least in those states that already have members.

 

[DELACROIX]

14 percent interest is not sustainable.

Members in the central states were getting more than members in the West. Until ups had to bail them out. Now, at least, they get something.

Maybe some in the east can join the west. At least in those states that already have members.

You are right about the 14 percent growth as year it appears to be not sustainable this year...Hard to judge the Markets.

The Central States before the buyout was paying about 100 dollars per service year, capped at 35 years.

The Central States region is not small.

 

[1989]

You are right about the 14 percent growth as year it appears to be not sustainable this year...Hard to judge the Markets.

The Central States before the buyout was paying about 100 dollars per service year, capped at 35 years.

The Central States region is not small.

Interest and growth are two different things.
What was central states accrual rate, every year, between 1990 and 2008?

 

[22.34life]

No way the proposal would be $15/hr plus a $1/year gwi for new hired p/t employees.the gwi would be on a different scale for new hires and employees from old contract just like now.

 

[Jkloc420]

https://twitter.com/i/web/status/991290360352722945

 

[brown_trousers]

The company made a 14 percent interest off their controlled pension plans last year

Do you mean UPS pocketed that money? It seems like any money made from the pension should stay in the pension.

 

[brown_trousers]

Maybe some in the east can join the west. At least in those states that already have members.

Why would they need to join the western pension? Couldnt central states teamsters just start a new pension that works better for their situation?

 

[1989]

Why would they need to join the western pension? Couldnt central states teamsters just start a new pension that works better for their situation?

And scrap the old fund? Or have them try to run two fund?

 

[brown_trousers]

And scrap the old fund? Or have them try to run two fund?

It just seems pointless for them to join a pension like the western that starts you out at a $0 benefit and only increases over time as your hourly contributions accumulate.

It would be like starting over from scratch

 

[Pizza]

The required minimum contribution for the PT pension plan for 2017 was $0.