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Brown Cafe UPS Forum
UPS Union Issues
Entire pension increase diverted to healthcare
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<blockquote data-quote="TimeForChange" data-source="post: 1373109" data-attributes="member: 45848"><p>The "multiplier", officially known as the accrual rate, is not a dollar figure, like $1.20. It IS a percentage, which continues to be the unreasonably low 1.20%.</p><p></p><p>In 2010, the WCT Pension Trust trustees decided to make use of a provision in the Pension Relief Act. I'm not sure what provision that was. Something about averaging something over five years, I think it was.</p><p></p><p>But because the trustees did that, the WCT Pension can not make any benefit improvements for 5 years beginning in 2010. Raising the accrual rate would be deemed a benefit improvement.</p><p></p><p>When you consider the low accrual rate, and the endless anti-participant rules and provisions that are printed in the 100+ page Annual Summary booklet that we get mailed every few years---basically the WCT Pension sucks.</p></blockquote><p></p>
[QUOTE="TimeForChange, post: 1373109, member: 45848"] The "multiplier", officially known as the accrual rate, is not a dollar figure, like $1.20. It IS a percentage, which continues to be the unreasonably low 1.20%. In 2010, the WCT Pension Trust trustees decided to make use of a provision in the Pension Relief Act. I'm not sure what provision that was. Something about averaging something over five years, I think it was. But because the trustees did that, the WCT Pension can not make any benefit improvements for 5 years beginning in 2010. Raising the accrual rate would be deemed a benefit improvement. When you consider the low accrual rate, and the endless anti-participant rules and provisions that are printed in the 100+ page Annual Summary booklet that we get mailed every few years---basically the WCT Pension sucks. [/QUOTE]
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