Whats your Union pension

[old levi's]

I just retired the first of March at $32,ooo (32 yrs+ ft) and $127.00+ for my pt yrs 4yrsi. I started in high school at 18yrs old. My insurance is $400 a month for my wife and I and I too the new company health plan a few years ago as it's a better plan for retirees.The last contract has it that if the central states cant keep the retirement up to 3200 (with the company,s addition)the new ibt/ups pension will make up the difference.In the next contract this is on item along with 400 a month insurance will probably be changed.I know that our retirement is not what some have,but some will be changing as Central States changes in the future.

Ibt/ups only makes up the difference to age 65 ; after that you're at the mercy of Central States.

 

[JonFrum]

Ibt/ups only makes up the difference to age 65 ; after that you're at the mercy of Central States.

Completely wrong.

 

[packageguy]

3700 a month

 

[old levi's]

Completely wrong.

Then please explain it to me.

 

[mike1646]

Yes, explain please

 

[mike1646]

Yes, explain please

 

[hembone]

Then please explain it to me.

If after you turn 65 Central States has made any cuts as allowed or required by law UPS will make up the difference. This only applies to the current contract. Hopefully UPS will keep this provision in the next contract. Frankly I don't see how they couldn't without a strike.

 

[3 done 3 to go]

My last print out had me at $5500 a month at age 51. But, since has changed the age to 55. With rumor it my be dropped back to 52.(2020). My dues have gone up to 77 a month. In the contract when it finally passes - the union will be taking 35 cents out our last raise of a dollar. For pension an hr

 

[oldngray]

U.S. Pension Insurer Issues Dire Warning on Pooled Plans

The multiemployer insurance program works differently from the single-employer one, and the report expressed concern that the people at greatest risk were unaware of how much their pensions could be cut if the situation deteriorated. The maximum insurance benefit is less than $13,000 a year, and that is only for people who have at least 30 years of service. In some plans, notably the famous Teamsters’ Central States plan, many workers and retirees have already earned pensions well above the insurance maximum.

http://dealbook.nytimes.com/2014/06...warning-on-pooled-plans/?partner=yahoofinance

 

[Catatonic]

Mine was $3.12 per month.

 

[oldngray]

Mine was $3.12 per month.

You would have enough for a whole gallon of gas if it wasn't for Obama!

 

[The Milkman]

If after you turn 65 Central States has made any cuts as allowed or required by law UPS will make up the difference. This only applies to the current contract. Hopefully UPS will keep this provision in the next contract. Frankly I don't see how they couldn't without a strike.

You use the word Hope....They will change things down the road after what has happened to us retirees in this contract..Also keep in mind..Your pension minus what your monthly medical costs will cost you down the road..4-5 k a month is great, after taxes, after your more than likely monthly medical costs which will increase over time after seeing what just happened to us current retirees. Your Net pension ck will shrink over time..So be ready

 

[oldngray]

You use the word Hope....They will change things down the road after what has happened to us retirees in this contract..Also keep in mind..Your pension minus what your monthly medical costs will cost you down the road..4-5 k a month is great, after taxes, after your more than likely monthly medical costs which will increase over time after seeing what just happened to us current retirees. Your Net pension ck will shrink over time..So be ready

Medical costs will increase but the defined pension is fixed.

 

[The Milkman]

Medical costs will increase but the defined pension is fixed.

So in reality........deduct your monthly medical costs which were low for me when I hung it up, and it eats away at your net monthly income little by little. So from what I can see down the road you will have more taken out, so you get a pension increase...just to give it back for medical.Would be nice if the fixed medical costs I was told I would have, would of not of increased like they just did..before I retired I did all the calculations with my fixed income pension, medical costs included just to have my plan go south...Just like property taxes in Jersey..they keep going up..that's why I Left that wretched state

 

[goingdownbrown]

just retired from upstate N.Y. age 48 30.10 years of service took the reduction getting $4120 a month

 

[UpstateNYUPSer(Ret)]

just retired from upstate N.Y. age 48 30.10 years of service took the reduction getting $4120 a month

Our pension is 30 years and 55 years of age. You are 48. The reduction is either 3 or 6% per year (I forget which one it is) so that means you lost either 21 or 42% of your monthly pension payment. Ouch!

 

[IVE GOTTA PACKAGE 4U]

Our pension is way under funded.
thankyou hoffa and Hall, for not giving us a chance to fix it this contract.

If I sound pissed off, thats because I am!

 

[goingdownbrown]

upstate I took the 21% After 30.10 years and the B.S and stress of the job.when I left I had not 1 debt and assets over 600k.7 years of living on$ 4120 and not going into that zoo every day instead of 7 more years for a grand more was a no brainer for me.I have had more job offers doing something enjoyable with no stress than I want.I was just thankful to get out.

 

[UpstateNYUPSer(Ret)]

Good luck to you. Dave.


Resident know-it-all.

 

[goingdownbrown]

thanx Dave