Worst part of contract

[705red]

Bustrbyte,
save yourself alot of grief and watch the video at www.teamsters.org . It will explain the new pensions in the UPS/IBT fund. If you sit down and watch the whole video you will more than likely be willing to vote in favor of this contract.

Im not sure if i would except somebodies word and a handshake over seeing it in writing. This is to serious not to cover all the bases, put it in writing!

 

[siouxman]

What you said isn't making sense to me. OUR portion of the pension isn't underfunded by 45%, the ENTIRE plan is underfunded by 45%. As you stated, those funds are not earmarked just for us, so the withdrawal payment raises the funding of the entire plan. Thus, the 6 billion payment makes the entire plan healthier. People are under the misguided impression that it's UPS' responsibility to bring it up to 100%. There are other companies that still have to pay into the fund, why aren't the teamsters squeezing them to pour more money into it? Why are we the cash cow? I've read talk of Yellow wanting out of CS too. If that happens, it can only HELP the fund by adding more upfront cash to the plan. If the UPS payment brings it up to 70%, why can't Yellow get it up to 85 or 90% if they want out? If they choose to stay in, then squeeze THEM for the increased contributions.

There are new funduing rules coming down the pipe, stricter rules whiich is good. the new ups ibt plan will be fully funded year to year .I strongly suggest you watch to video on the teamsters web site it has alot of info on the pension

 

[chevyman]

Where exactly on the Teamster web site can do I find the video that everyone is talking about. I've been to the web site and I can't find it. Thanks, Chevy

 

[Runner]

Go to teamster.org near the bottom of the page is a link for audio & video. You will see a link that says view a summary of the UPS-IBT pension issues.

 

[Bustrbyte]

Bustrbyte,
save yourself alot of grief and watch the video at www.teamsters.org . It will explain the new pensions in the UPS/IBT fund. If you sit down and watch the whole video you will more than likely be willing to vote in favor of this contract.

Speedbug I wish I could take your advice, but my 32 years at UPS(a Co. I love) tell me if it isn't in the contract it isn't going to happen. What the union is saying is totally contradicted by the wording in the contract.

 

[silverfox]

not any protection in this for retired people

 

[BigBrownBlues]

Watch the video carefully. All the language about making up CS shortfalls both by hall and the pension expert seems to refer to 30 and out type pensions. There are 2 types of pensions in the new contract,#1 (25/30 years and out type) and #2 (regular 65 yrs old otherwise reduced type). CS will start sending checks for both types at age 65 for years earned till 2008. If CS reduces benifits the video seems to say the new UPS pension will make up the shortfall. But review it carefully. When talking about making up the possible shortfall in CS, they always seem to qualify thier statements by wording simular to "in 30 year or 30 and out type pensions". Perhaps UPS will only make up the shortfall in 25/30 and out type pensions and not the "regular" accrual type pensions. Is there any wording in the contract that might support this theory?

 

[Bustrbyte]

Bustrbyte,
save yourself alot of grief and watch the video at www.teamsters.org . It will explain the new pensions in the UPS/IBT fund. If you sit down and watch the whole video you will more than likely be willing to vote in favor of this contract.

I watched the video. Everyone in that video looked like their dog died. Why were they so glum when presenting such a great contract? I would like to know from someone that was there if they went on to explain the wording in the contract. I don't have a problem with what they said, it's the real wording thats a problem.

 

[guzzi71]

http://www.teamster.org

 

[Liberty Bear]

I watched the video. Everyone in that video looked like their dog died. Why were they so glum when presenting such a great contract?

No kidding. If you relied on the corporate media for knowledge of this contract, you wouldn't know much aside from this popular quote from Hoffa:

''This tentative agreement with UPS addresses our members' concerns, and is an example of how the Teamsters are moving forward faster and stronger than ever.''

Gee, do you suppose the folks in this video are simply partied out???