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<blockquote data-quote="DELACROIX" data-source="post: 3492715" data-attributes="member: 49065">I hate to be redundant, but in the Central Supplement area there are separate pension plans for the members.&nbsp; 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.&nbsp; 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.&nbsp; You only become eligible after five years, both plans are called a &quot;defined benefit plan&quot; in other years the company is not putting the stated monetary contributions as stated in Article 34 (Master).&nbsp; The company only puts in an annual contribution at the end of the year to cover the vested participants.&nbsp; 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.&nbsp; Basically, the company wins out because they are not required to contribute any monetary toward anyone who is in a &quot;defined benefit plan&quot;.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; I sure hope that the negotiating committee this time takes the &quot;High Road&quot; and start to address this issue.</blockquote>

[QUOTE="DELACROIX, post: 3492715, member: 49065"] 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. [/QUOTE]

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