Seems that way to me, too.
Memorandum of Understanding
Teamsters United Parcel Service Negotiating Committee (Union) and
United Parcel Service Inc. agree that pursuant to the past paragragh of
Article 34, Section 1(a), the maximum amount of a general wage
increase that will be reallocated to a pension contribution is thirty-five
cents ($0.35). The parties will not implement any reallocation of GWI
to pension contributions in excess of thirty-five cents ($0.35) without
mutual agreement by the parties and subject it to being ratified by the
affected employees.
I've reread it several times and it still comes across the same.
If you go to Article 41, Section 1 (for example), showing the fulltime wage increase, it is called a "general wage increase". I don't think the contributions towards pensions/health and welfare funds are considered GWI. Maybe I'm wrong (I hope so) but it is worth looking into. Could be that your entire first year raise could be eaten up if they reallocated it ($0.35) twice a year. If they did it every year of the contract (twice), the 2nd year you would get 3 cents in Aug 2009, 2 cents in Feb 2010, etc.
Somebody tell me I'm wrong!!!