Pension for p/t sup

[25TOLIFE]

I had 4.5 years as p/t sup in the late 80s early 90s. Would have waited until 65 y/o to start collecting $395. per month pension or $135. per month starting immediately. Opted for the $37k buyout and rolled it into an IRA. I didn't even know I was entitled to any kind of mgmt pension until I got the buyout offer in late 2016.

 

[DELACROIX]

Yes and it’s decent from what I’ve heard.

There always seems to be a mystery surrounding the part time pension and how to quickly and easily found out accurate information regarding it.

Just to show you just how (Decent) management's pensions were funded over the years:

UPS Pension Plan for mostly Union part time service: (7 billion in assets)...200,000 vested participants. That includes all full timers who worked part time prior to entering the Central or IBT/UPS.

IBT/UPS Pension plan that covers those full timers with time under the Central States: (7 billion in assets)...44,000 full time union participants transferred in 2008..Current participants unknown as of year ending 2017...Estimate around 70,000..

UPS Retirement Plan that covers all management (part time and full time) plus any non union employees: (18 Billion in assets)...70,000 participants, vested, active and retired.

 

[40 and out]

Ok any help would be so appreciated...
I’ve got 22 yrs as a part time supervisor, what is the pension deal for management, if you quit before 55 and 25 ? What happens ? Do I have to wait until I’m 65 to collect ?

22 years as a part time supervisor? Is that even possible?

 

[Old Man Jingles]

Just to show you just how (Decent) management's pensions were funded over the years:

UPS Pension Plan for mostly Union part time service: (7 billion in assets)...200,000 vested participants. That includes all full timers who worked part time prior to entering the Central or IBT/UPS.

IBT/UPS Pension plan that covers those full timers with time under the Central States: (7 billion in assets)...44,000 full time union participants transferred in 2008..Current participants unknown as of year ending 2017...Estimate around 70,000..

UPS Retirement Plan that covers all management (part time and full time) plus any non union employees: (18 Billion in assets)...70,000 participants, vested, active and retired.

What's your point?
That the Non-Union fund was managed much better than the one that the Teamster IBT was involved in?

 

[1989]

Just to show you just how (Decent) management's pensions were funded over the years:

UPS Pension Plan for mostly Union part time service: (7 billion in assets)...200,000 vested participants. That includes all full timers who worked part time prior to entering the Central or IBT/UPS.

IBT/UPS Pension plan that covers those full timers with time under the Central States: (7 billion in assets)...44,000 full time union participants transferred in 2008..Current participants unknown as of year ending 2017...Estimate around 70,000..

UPS Retirement Plan that covers all management (part time and full time) plus any non union employees: (18 Billion in assets)...70,000 participants, vested, active and retired.

My tesmster plan is funded over 90%
The mgmt plan is funded in the low 80%

I’ve always been told that 90% was better than 80%. Are you implementing some kind of IE/management math?

 

[DELACROIX]

What's your point?
That the Non-Union fund was managed much better than the one that the Teamster IBT was involved in?

The defined pension plans that I stated have always been controlled by the company, managed by the same trustees (Board of Trustees) and the (Plan Administrators). The point is that for the most part UPS has been contributing about 10 X more annually into their UPS Retirement Plan for it's High Salary employees than it's controlled UPS Pension Plan for union employees. It was managed much better than the underfunded Central States fund which for the most part has been under Federal observation for the last 30 years. The killer was the deregulation of the trucking companies back in the day and their bailing out of their future obligations for their
projected retirees. Again look at the assets of the plans and tell me that one plan in particular has been funded than the other two, figures do not lie.

My tesmster plan is funded over 90%
The mgmt plan is funded in the low 80%

I’ve always been told that 90% was better than 80%. Are you implementing some kind of IE/management math?

Back at the end of 2017 the UPS Retirement Plan was vested over 100 percent, how it did in 2018 we do not know yet. The 100 percent vesting ratio means that UPS would not have to contribute any new annually contributions to cover their future pension liability for paying the promised benefits for everybody vested in that plan. Any Plan with just 70 percent vesting ratio is still considered healthy.

What Teamster Plan are you under?

 

[Old Man Jingles]

The defined pension plans that I stated have always been controlled by the company, managed by the same trustees (Board of Trustees) and the (Plan Administrators). The point is that for the most part UPS has been contributing about 10 X more annually into their UPS Retirement Plan for it's High Salary employees than it's controlled UPS Pension Plan for union employees. It was managed much better than the underfunded Central States fund which for the most part has been under Federal observation for the last 30 years. The killer was the deregulation of the trucking companies back in the day and their bailing out of their future obligations for their
projected retirees. Again look at the assets of the plans and tell me that one plan in particular has been funded than the other two, figures do not lie.

I guess this is one of those few times that not being a Union employee at UPS pays off.

So I guess I'll rephrase my question of "What's your point?".
Do you think this was wrong of UPS to take care of the people that delivered during the 1997 strike?

But seriously ...
The Teamster/UPS contract specifies how much UPS contributes to the Union employee fund.
The Non-Union UPS Pension Plan is defined by UPS and the Board which is flexible to compensate for things like the 2008-2009 Recession.

 

[DELACROIX]

I am not saying that most of our long term management people do not desire a great pension and no cost retiree health benefits till 65, nothing wrong with taking care of your own I guess without any consideration for the grunts who were actually making it happen. During the l997 strike most of the high end managers never delivered a package, in my area it was a few low level on cars and part timers. Granted most of our management team would of been in their 40's and 50's and way out of shape, not worth the liability or the risk to expose them crossing the picket line, it would of been ugly. I stated before that the plan is set up to mostly benefit those decision making executive corporate types who really did not want to share their prosperity or were willing to do anything to maintain their status quo, just study the the history and what is happening in Atlanta now.

Article 34 (master) does state what (Should) be contributed weekly into what the company has to provide for everyone under the Union (Controlled) Pension and Health and Welfare Plans. Is it being done with the UPS Pension Plan for the union part timer or the IBT/UPS Pension plan for the full timers in the Central?

I do not know how the UPS Retirement Plan (001) did during the 2008-2009 recession, I would imagine that it took a hit also, but it had enough flexibility and monetary reserves to weather it out, unlike the struggling Central.

 

[TheBoogeyman78]

I have been at ups for 25 years part time and I’m 43 and will be 44 before the end of the year. I was thinking of retiring at the end of the year. Was asking how much of a pension would I get.

 

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