PT Car Washer
Well-Known Member
A lot of PT do have a 401k pension plan. That way they can take their retirement plan with them to the next job.
Unified pensions
- Thread starter finaddict
- Start date
True but.. they lose what was paid on their behalf if they didn't work at least 5 years
PT Car Washer
Well-Known Member
You need to understand the rules before you play the game. Had one guy that worked 5 years and was offered like $30k or something for his pension buyout.
brown_trousers
Well-Known Member
hmm. my pension statements show that I got to keep all the benefit from when i was PT. In fact nothing really changed, it is just a running dollar total of a yearly benefit. The only difference is that it increases faster with more FT hours
But if you work less than 5 years, you aren't vested . You get nothing, even though the company paid money into the plan.
PT Car Washer
Well-Known Member
You sure? If you are not vested, you are not a participant. Way above my pay level.
You have to be a member of the plan for 5 years or more to be vested. Anything less than that you get nothing.
You have to be with the company for 5 years. Part tome or full-time doesn't matter.
PT Car Washer
Well-Known Member
My point was why would the company have to pay into your pension if you are not vested? Only after 5 years would they have to pay up for the previous unfunded years.
Benben
Working on a new degree, Masters in BS Detecting!
It's my understanding that the company pays Teamsters a set amount per hour up to x hours per day for Health and Wellness and then another set amount per hour up to x hours per day for pensions. So if an employee leaves before they become vested, in theory the Teamsters would "pocket" the extra monies not being paid out. But this is one hell of a jaded view of happenings so take it for what its worth......an opinion!
Coldworld
Well-Known Member
The union loves that...
I know the pensions are different everywhere but our part time pensions is held by UPS not the Teamsters
BigUnionGuy
Got the T-Shirt
Not quite. The Teamsters don't "pocket" anything.
The company makes negotiated contributions directly to the plans and funds
themselves. If an employee is not vested and leaves the company, the money
stays with the pension fund.... not the Teamsters per se. The same would be
true of monies paid into Health and Welfare plans. Just because an employee
doesn't use his benefits, doesn't mean the Teamsters would pocket the excess.
-Bug-
upschuck
Well-Known Member
Hey, this is the union issues forum, a place to be civil.
Not a chance
The union gets no benefit from an employee leaving before vesting. Any monies contributed by an employer that has no obligation attached (an unvested participant) actually lowers the unfunded/withdrawal liabilities on the participating employers.
Pizza
Joe Biden is The Big Guy
The company does not make regular contributions for full time or part time employees that are participants in the UPS plan.
It is just funds the plan as required by law.
I'm just saying many part timers who only work here a short time are getting screwed out of pension money. I would love to see UPS put it in the 401k on their behalf
BigUnionGuy
Got the T-Shirt
Pizza
Joe Biden is The Big Guy
(3)
The Employer will be responsible for funding the UPS Pension Plan as required to provide the benefits described above and will be responsible for maintaining the plan.
(5)
The Employer will be responsible for funding the UPS/IBT Plan
as required by applicable law.
They could do this on a weekly basis but I don't see why. If the plan is doing well they may have years where they do not fund at all.
