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UPS Union Issues
Company and teamsters have a tenative agreement taking over Central States ?
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<blockquote data-quote="sawdusttv" data-source="post: 229569" data-attributes="member: 7476"><p>The teamster BA was at our center today handing out info on the UPS\ CS buyout. This informatiom was correct in one sense and misinformation in another.</p><p> It is true that this buyout of CS which is somewhere in the 6 billion dollar range is to releave UPS of the obligations to CS for future contributions. Once the buyout is complete UPS will no longer have to but money into the fund for our retirement. But, the 6 billion dollars only buys UPS out of the plan it does not by us the ups employees out of CS. At the time of the buyout our pension with CS will be frozen at that point, at that amount until we retire. Then we will draw a check from CS for that amount based on years of service to the point of the buyout. All of the time from that point on, until we retire will come in a check from UPS. </p><p>SO, this Buyout doesn't reinstate any of the money that we have lost in CS up to this point. It just freezes what we have left, and then puts us in a company plan from that point on.</p><p>Now, UPS claims that they will reinstate the 25 and out and 30 and out. Well, that is well and good for those people just starting out or hired in the future. They will work 25 or 30 years and retire with a check from the company. </p><p> It does nothing for the people that are vested and have a few years under there belt.</p><p>We are still stuck with a very poor pension from CS and a small check from the company for the few years we work after the buyout. But, wait a minute, UPS reinstates the 25 and 30 and out clause, but CS did not. So, we can leave and draw a small check from UPS at 30 years, but we still have to wait until we are 62 or 65 years old to draw our check from CS. Also, the prohibative work clause still remains in affect for the money drawn from CS.</p><p> </p><p>So, you see, unless this UPS plan includes pulling our money out of CS, the company is better off but the employees are still screwed, and all the teamsters are concerned about is making sure that we vote to let them continue managing our money that will be in the new UPS plan. </p><p>I say NO to any deal that leaves our money in CS and NO to any deal that allows the teamsters to manage our pension money in the future.</p></blockquote><p></p>
[QUOTE="sawdusttv, post: 229569, member: 7476"] The teamster BA was at our center today handing out info on the UPS\ CS buyout. This informatiom was correct in one sense and misinformation in another. It is true that this buyout of CS which is somewhere in the 6 billion dollar range is to releave UPS of the obligations to CS for future contributions. Once the buyout is complete UPS will no longer have to but money into the fund for our retirement. But, the 6 billion dollars only buys UPS out of the plan it does not by us the ups employees out of CS. At the time of the buyout our pension with CS will be frozen at that point, at that amount until we retire. Then we will draw a check from CS for that amount based on years of service to the point of the buyout. All of the time from that point on, until we retire will come in a check from UPS. SO, this Buyout doesn't reinstate any of the money that we have lost in CS up to this point. It just freezes what we have left, and then puts us in a company plan from that point on. Now, UPS claims that they will reinstate the 25 and out and 30 and out. Well, that is well and good for those people just starting out or hired in the future. They will work 25 or 30 years and retire with a check from the company. It does nothing for the people that are vested and have a few years under there belt. We are still stuck with a very poor pension from CS and a small check from the company for the few years we work after the buyout. But, wait a minute, UPS reinstates the 25 and 30 and out clause, but CS did not. So, we can leave and draw a small check from UPS at 30 years, but we still have to wait until we are 62 or 65 years old to draw our check from CS. Also, the prohibative work clause still remains in affect for the money drawn from CS. So, you see, unless this UPS plan includes pulling our money out of CS, the company is better off but the employees are still screwed, and all the teamsters are concerned about is making sure that we vote to let them continue managing our money that will be in the new UPS plan. I say NO to any deal that leaves our money in CS and NO to any deal that allows the teamsters to manage our pension money in the future. [/QUOTE]
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Company and teamsters have a tenative agreement taking over Central States ?
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