The New Contract And Future Pension Contributions: Are We Ok. Or Are We Robbing Peter To Pay Paul?

[BigUnionGuy]

Ups IBT

We earned it.

 

[Thebrownblob]

We earned it.

My only hope is that every brother and sister, in this union receives what they were promised. People work a very long time and very hard and sacrifice quite a bit to get to that point.

 

[IVE GOTTA PACKAGE 4U]

My only hope is that every brother and sister, in this union receives what they were promised. People work a very long time and very hard and sacrifice quite a bit to get to that point.

At the same time people have to realize they have to take a little bit of responsibility for themselves.


I can't believe how many people retired and still have a mortgage and have a very low 401K balance.


Everything is going to increase over the years except for your pension check

 

[Wally]

Ups IBT

Which is that?

 

[Thebrownblob]

Which is that?

Central

 

[Wally]

We earned it.

Earned what? The pension or extra contributions flowing in at the expense of other locals?

Everyone is confusing these two very different issues.

 

[MORS HOSTIBUS]

Don't worry wally the central state's pension fund is got you covered.

 

[Over70irregs]

At the same time people have to realize they have to take a little bit of responsibility for themselves.


I can't believe how many people retired and still have a mortgage and have a very low 401K balance.


Everything is going to increase over the years except for your pension check

Hard to pass up free $ for 2-5 extra years staying? How do you make up say ~55-65k per year staying longer?

 

[IVE GOTTA PACKAGE 4U]

Hard to pass up free $ for 2-5 extra years staying? How do you make up say ~55-65k per year staying longer?

I'm not understanding your question

 

[Bubblehead]

Hard to pass up free $ for 2-5 extra years staying? How do you make up say ~55-65k per year staying longer?

How long are you going to live?

 

[Over70irregs]

How long are you going to live?

Shooting for 1hundo….. Maybe more according to Genesis 6:3.

 

[Wally]

Hard to pass up free $ for 2-5 extra years staying? How do you make up say ~55-65k per year staying longer?

Actually a smart move that improves the pensions bottom line.

 

[Over70irregs]

Actually a smart move that improves the pensions bottom line.

If you take pension at first eligibility that improves UPS bottom line because that lowers their contributions? Amirite?

 

[DELACROIX]

If you take pension at first eligibility that improves UPS bottom line because that lowers their contributions? Amirite?

Not really...Once a high seniority member retires a younger member has to move into their vacated position, the Company still has to pay the weekly monetary contributions except for those under a "Defined Pension Plan". That amount will still be same, over 500 dollars a week, no matter the seniority of member.

UPS would benefit if they can force their Union employees to retire closer to the age of 65, particularly if you are under the Central and Southern. Once a retired member reaches the age of 65 the Company reduces their obligations by how many years that member had under the Central States Pension Trust. Another factor is that those in the Central and Southern will generally be required to work closer to the mandatory age of 65 then those in the Western Conferences because of their part time service prior to going full time, those part time years will pay close to nothing compared to the full time service, unlike the Western.

Also any retiree's Health and Welfare Plans will save money when the retiree reaches the age of 65 or disability when they are required to sign up for Medicare. Again it benefits the Union for the most part to force their participants not to retire before age 65. I believe that you are not eligible for any retiree health and welfare benefits till you reach the required pension service levels at age 55, basically you are covered for 10 years before they boot you out.

Each area or conference has their own rules, some are worst, some are better..

 

[Over70irregs]

Not really...Once a high seniority member retires a younger member has to move into their vacated position, the Company still has to pay the weekly monetary contributions except for those under a "Defined Pension Plan". That amount will still be same, over 500 dollars a week, no matter the seniority of member.

UPS would benefit if they can force their Union employees to retire closer to the age of 65, particularly if you are under the Central and Southern. Once a retired member reaches the age of 65 the Company reduces their obligations by how many years that member had under the Central States Pension Trust. Another factor is that those in the Central and Southern will generally be required to work closer to the mandatory age of 65 then those in the Western Conferences because of their part time service prior to going full time, those part time years will pay close to nothing compared to the full time service, unlike the Western.

Also any retiree's Health and Welfare Plans will save money when the retiree reaches the age of 65 or disability when they are required to sign up for Medicare. Again it benefits the Union for the most part to force their participants not to retire before age 65. I believe that you are not eligible for any retiree health and welfare benefits till you reach the required pension service levels at age 55, basically you are covered for 10 years before they boot you out.

Each area or conference has their own rules, some are worst, some are better..

Person who replaces would be younger and in progression. Little to no kids. Possibly not married. Good info.

 

[Wally]

 

[IVE GOTTA PACKAGE 4U]

If you take pension at first eligibility that improves UPS bottom line because that lowers their contributions? Amirite?

They save a bundle when they replace the veteran with a rookie
But it's the difference in the wages but also the pay time off, you get no pay time off for a year
They're not paying into healthcare for 9 months
Plus four years progression
That's a lot of money

 

[Wally]

If you take pension at first eligibility that improves UPS bottom line because that lowers their contributions? Amirite?

Yep.

Would you want a 50 year old employee hanging around 5 more years with plenty of vacation, or a young runner-gunner who will burn it up?

No brainer for management.

I'm not sure who's idea this was to add the enhanced option to the Central Plan, but it was a wise one. Tough Guy gets credit?

Bunch of Teamsters adding the extra 5 years of service, earning them the much larger pension payout, definitely improves the health of the pension. More plans should offer this option to improve the bottom line.

 

[Coldworld]

They save a bundle when they replace the veteran with a rookie
But it's the difference in the wages but also the pay time off, you get no pay time off for a year
They're not paying into healthcare for 9 months
Plus four years progression
That's a lot of money

Thanks Marty.

 

[UnionStrong]

Give it up