Attention UPSers Covered By Central States

Discussion in 'UPS Union Issues' started by wkmac, Aug 13, 2006.

  1. wkmac

    wkmac Well-Known Member

    It's very important that you read the latest issue of Teamwork Magazine (Summer 06' issue) especially the article on page 10 entitled, "Action Plan Strenghtens Funds" and the article entitled, "Pension Reallocations" on page 12. On the "Pension Reallocations" article it breaks out a chart showing that our pension payouts have increased by 43% but the earliest age of retirement shown with 25 years service is 59.

    Here a chart snapshot:

    Age Contribution Years Pen.before* Pen.now* Increase
    59 25 $1769.56 $2537.08 $767.52
    60 30 $2278.85 $3267.26 $988.41
    62 20 $1726.40 $2475.20 $748.80
    62 25 $2158.00 $3094.00 $936.00
    62 30 $2589.60 $3712.80 $1123.20
    62 35 $3021.20 $4331.60 $1310.40

    *These figures above are footnoted with the following, "Amounts based upon contribution years after 2006' with 52 weeks contributions per year for individuals who are covered by all three pension reallocations." end of data from article

    The article goes to explain how they took the 04', 05' and 06' monies earmarked for healthcare and moved that to the pension fund to shore it up. This move was explained as being possible in the article on page 10 as a result in 2002' of moving CS covered employees to low price PPO's which resulted in millions of $$$'s in savings and thus result in over a $1 billion increase of pension contributions by 2008'.

    On the one hand this is good, not perfect mind you, but good however it's at the hand of our healthcare coverage. Personally I'd rather have kept the healthcare monies in there but given up some of our raise over the life of the contract to be moved to the pension fund. Not possible however in the union world because this would create a conundrum for the union. Non-CS covered UPSers would not fall into this same scenario so now you have a difference in hourly rates in different parts of the country. This also would effect future dues increases for the union itself as these earmark raises would never reflect on the paycheck thus triggering the auto dues increase mechanisms.

    Based on what I see, it's obvious the union and CS responded to the wailing and gnashing of teeth concerning the pension situation and will then try to recoup in the area of healthcare in the coming contract. Be interesting to watch but I'm telling you right now if they do pony up don't expect much of a raise. Also interesting this comes forth now going into the fall IBT elections and you know Hoffa will be crowing about this!

    JMO.
     
  2. wkmac

    wkmac Well-Known Member

    Re: Attention! UPSers Covered By Central States

    Sorry the chart didn't hold shape but hope you can figure it out!
     
  3. brett636

    brett636 Well-Known Member

    Re: Attention! UPSers Covered By Central States

    I understood it fine. Its reassuring that these pension plans are not a total blackhole for the company, and maybe one day they can provide the real benefit for the money that they are given by UPS. Even with teamsters at the helm. ;)
     
  4. scratch

    scratch Least Best Moderator Staff Member

    Re: Attention! UPSers Covered By Central States

    We all in CS know all too well about the Health Benefit cuts. I am almost afraid to go to my personal doctor, usually its a major out of pocket cost. I have high blood pressure, have to get medicine to keep my DOT Card so I can work. If the Doc codes the visit as a "well visit", CS refuses payment to him or the associated Lab Tests. If I take off a day from work to go, I lose a day's pay, and fork out the doctor's bill and the lab charges. Sometimes this cost me anywhere from $750- $1000 total. CS used to pay this, they don't now under the Blue Cross Blue Shield Plan I am on.

    I went to a UPS Contract Proposal Meeting at Teamster Local 728 in Atlanta yesterday. Low turnout of members, sad to say. The Pension and excessive overtime were big issues bought up. As much as I come on hear and gripe about Central States and my Pension, I have come to the conclusion we are stuck with it and will have to make the best of it. I don't see anyway that the Teamsters will allow us to get into some other plan. If UPS was able to take over the Pensions, that would be the end of the IBT. Another thing to think about is Wall Street. When you add up the hundreds of billions of dollars that all type of Union Pensions Plans have, that is a lot of clout. The way UPS Stock has done recently, I don't want the company handling my investments anyway.
     
  5. dannyboy

    dannyboy From the promised LAND

    Re: Attention! UPSers Covered By Central States

    Scratch

    In the words of the great sam walton: Its only a paper loss. Right now is a good time to buy brown.

    d
     
  6. wkmac

    wkmac Well-Known Member

    Re: Attention! UPSers Covered By Central States

    Well it turns out this gets even better. Read this from TDU.

    https://web.archive.org/web/20060823040241/http://www.tdu.org/pension.pdf

    It's on the money as I just called CS direct and the rep. who got on the phone with me confirmed that all the allocation payouts achieved by taking our contractual guaranteed health benefit increases for 04', 05' and 06' are for new hires only.

    I'm not a big TDU person at all but nice job on this one and APWA should have been all over this and are no where to be found.
     
  7. Re: Attention! UPSers Covered By Central States

    i like the imformation and articles they post from other news papers and magazines. they also get out the inform asap to on their websight.
     
  8. pretender

    pretender Active Member

    Re: Attention! UPSers Covered By Central States

    Could someone please explain, that given the fact that health care costs are the major stumbling block to most of us being able to retire, why monies would be diverted to shore up the pension fund???

    Plus, now that we have seen the fine print, we learn that we will not even see these "huge" increases in our monthly pension checks...
     
    Last edited: Aug 19, 2006
  9. wkmac

    wkmac Well-Known Member

    Re: Attention! UPSers Covered By Central States

    What's even worse that the folks who will see these payouts for the most part don't even work at UPS yet! Our hardwork paying for someone else other than ourselves. But take heart, they always call you "brother or sister!" Only time I heard of a brother or sister doing this to one another was prior to being center stage on Springer!