1.how Much Money Is In Reserve.
Before the Teamsters were voted in to represent UPS, and before they were being carried by the hard working employees at UPS, their reserve was probably somewhere near nothing. Such is the case with any newly formed labor organization. I don’t know what the current reserves are for the APWA. But with frugal stewardship of the membership dues after certification, the reserve that APWA will have on hand will EXPLODE. Why? Because every dollar of UPS dues will go to managing and servicing UPS members, unlike now where my money goes to build up some other companies strike fund. And how quickly will the APWA reserve grow? Enough so that dues will be cut in half 6 months after certification.
2.what Happens To The Pension When Upsf Shuts The Doors Since Upsf Are The Only Company Putting Into Their Pension Fund?
As a UPS only union/pension, each member will be paying for their own retirement. They will be able to see online how much they have contributed and what the actual value of their pension contributions plus growth is. None of this robbing peter to pay paul business that Teamsters pulls. Should UPSF go belly up, the value of a members pension would be +100% funded for the amount they had contributed. Their monthly payouts would be based on their years of service at the time of corporate closing the door. Federal law defines members as vested at a max of five years. Should a member not be vested, APWA will exceed the federal requirements by paying to the member the cash value of their contributions plus market return. It’s the honest thing to do.
3.how About Giveing Us A Breakdown On What The Freight Division Pension Would Be And Not What The Guys In Brown Makes.
APWA is in the process of obtaining specific contribution numbers that corporate makes on your behalf. Based on information from conversations with Freight employees, currently the company offers somewhere around $36,000/year 30 year pension which they secure a dependable return through purchasing 30yr bonds. Bonds have a fixed return around 7%. Should your funds be placed in a pension with market rates averaging at the least 10%, this can improve your benefit to somewhere around $42,000/year. This is without any increases in pension contributions by the company, which APWA would aggressively negotiate. APWA will be producing hard numbers once they know what the company is currently contributing.
4.since Upsf Is Only Hireing Part Time Dock Workers (only Full Time With Cdl) What Effects Does That Have On Pension.
First off, if a dock workers prefers to perform dock work, he shouldn’t be forced to drive. This is unfair to the people who do not want to be on the road, and APWA would protect this job description during negotiations. Well trained, seasoned, full-time dock workers make the drivers lives easier when its time to cross the scales.
To address the pension aspect of this….If there is an increase in part-time hires, this will have no effect on a full-time driver or anyone else. Each individual employee is funding his/her individual pension through company contributions made specifically for him/her. Part timers would accrue pension credit based on the part-time rate which would reduce the pension they could enjoy when compared to a full-timer. The health of the fund on the large scale would not be effected.
5.what About The Company Pension We Have, What Will Happen To That. (i Heard They Are Going To Use It To Help Theire Cause.)Should you decide to remain non-union, UPS would retain control. If either union is voted in, regardless of which one, management of the funds directly and immediately goes to that union. APWA has and will continue to make it abundantly clear that when they are awarded control of those monies, at the least, your monthly payout will not decrease. When factored in that the APWA will attempt to negotiate higher contributions and that your funds will enjoy higher market returns, the pension goals APWA will offer should be higher. If IBT takes control, they have made it clear in meetings with you guys that they will fold your 102% funded UPSF funds into plans like the 64%funded Central States. I’ll let you draw conclusions as to how that will effect your money. There’s more good news in number 9.
6.apwa Pension Goals:
How Many Years Do You Have To In To Be Vested.Guidelines for vesting limits are federally mandated. Four years and 364 days is the longest you can contribute to a fund without being vested by law.
7. What Insurance Are You Talking About "after Retirement". The Union Or The Company? Company Ins. Is To Costly After retirement insurance will be $300/couple through a APWA contracted insurance company. The insurance company is lined up and ready to perform.
8.why Does Your Pension Take 15 Years To Retain A Cash Value?
Pensions require 15-20 years to retain cash valued to account for swings in the market. Pension managers estimate that it takes up to 15 years to allow for the upswings and downswings to average out so that the end result is steady growth at the rate they are hoping to achieve. In APWA’s case, at 15 years your pension retains a cash value from which a payout thereby paying your estate at least $200,000 upon you and your spouse's demise. Should you the member pass at any time after being vested, your spouse will continue to receive your same monthly pension benefit until their death. At that time, if there is any value left in your pension, it will go to your estate to be distributed at your request. The health of the fund will not be dependent on stealing from another member once he dies.
APWA allows for total payout of around 95% of your funds total value. A 5% catastrophic event deduction is taken to be placed into a fund for vested members with catastrophic events forcing them into early retirement. This deduction is paid by all members prior to a payout.
The IBT’s plan for your departure into the heavens?? Here is one example taken from the Central States FAQ web page:
CentralStates.org said:
When I retired my wife and I declined JSO coverage. What death benefit will she receive after I die?
- If you are receiving a retirement benefit based on less than 20 years of Credit (such as a Contribution-Based Pension) she will receive no benefits upon your death.
- If you are receiving a retirement benefit based on 20 or more years of Credit and your Benefit Class is at least 4 and have received benefits for at least 60 months, she will receive no benefits upon your death.
- If you are receiving a retirement benefit based on at least 20 years of Credit and your Benefit Class is less than 4, your wife will receive a Lump-Sum Death Benefit of $1,000 upon your death.
- If you are receiving a retirement benefit based on at least 20 years of Credit and your Benefit Class is at least 4 and you have received benefits for less than 60 months, she will receive, upon your death, a monthly benefit equal to what you have been receiving, but her benefits will end after you have together received 60 monthly payments.
.
9. Is It True, When A Person Works For A Non Union Company And That Company Goes Union The Only Accountable Time Is The Time With The Union And Not The Company For Purpose Of Theire Pensions.According to meetings your UPSF coworkers have attended, and correct me if I am misrepresenting this, IBT has announced that Central States will give you a 2yr credit for every 3yrs of service with Overnite.
APWA’s plan: Each member’s time will be retained to the very hour and as previously stated in question 5, at the minimum, you will continue to receive same benefits as previouisly promised when the plan was administered by UPS. It’s your money. Why should you not get it all?
10.is It Not True That Every Contract Between A Union And Company Has To Be Negotiated.Once the employees have voted on a collective bargaining agent, the company is required to negotiate with that agent. No options. They can stall and use procedural delays afforded to them by the NLRB. UPS pilots withdrew from the Teamsters and formed their own union with whom UPS was forced to negotiate. UPS did indeed stall for a couple years, but in the end the pilots saw increases in salary, signing bonuses, and pension contributions.
11. More To Come
These were good questions on detail oriented concerns that you guys will be having. I admit, that I simply did not know the answer to several of these. But Eason and Skillman have made themselves extremely accessible via email or phone. Their quick reply to my/your questions were definitive and straight-forward. Feel free to ask more.
1
