UPS charts $1.16 billion in U.S. pension plan contributions for 2016

[PACNW]

Pension question. I'm curious if anyone knows how many cents on the dollar UPSers get, per dollar contributed by UPS? I'm sure it's different for every region, but just wondering if anyone knows the figures. I wouldn't expect it to be $1 = $1, but would be concerned if it were really low like $1 = $.20 or so. I'd be somewhat concerned about the money, but more concerned about what bargaining position that puts us in.

 

[Man Of Brown]

Pension question. I'm curious if anyone knows how many cents on the dollar UPSers get, per dollar contributed by UPS? I'm sure it's different for every region, but just wondering if anyone knows the figures. I wouldn't expect it to be $1 = $1, but would be concerned if it were really low like $1 = $.20 or so. I'd be somewhat concerned about the money, but more concerned about what bargaining position that puts us in.

According to my contract book UPS contributes $9.83 per hour up to 2080 hours per year. So that's $20,446.40 a year. So in a 30 year career UPS has contributed a minimum of $613,392.00. That's would be for an employee starting with this new contract and working 30 years. And not accounting increases in contributions.

So if you pulled $35,000 a year in pension you would have gotten 100% of the contributions in 17.5 years. If you have 30 years of pension payments at $35,000 you would receive $1,050,000. So it will depend how much your pension payment is and how long you receive that payment.

 

[twoweeled]

Only 8 billion short of fully funded.
There will be a day of reckoning.
Just kick the can down the road so shareholders are happy today. Look for 50% reductions in benefits, higher minimum retirement age, and more years of service required for the future.

You hit that one on the head. Unfortunately, no one is going to worry about it, till the day after it's too late. That's why it happens!

 

[twoweeled]

According to my contract book UPS contributes $9.83 per hour up to 2080 hours per year. So that's $20,446.40 a year. So in a 30 year career UPS has contributed a minimum of $613,392.00. That's would be for an employee starting with this new contract and working 30 years. And not accounting increases in contributions.

So if you pulled $35,000 a year in pension you would have gotten 100% of the contributions in 17.5 years. If you have 30 years of pension payments at $35,000 you would receive $1,050,000. So it will depend how much your pension payment is and how long you receive that payment.

You are indeed, very snappy with that abacus! I for one, thank you for that info. Interesting! That would have taken me weeks to figure out.