Funding % of Part Time Pension Fund

Discussion in 'UPS Union Issues' started by browned out, Jun 5, 2013.

  1. browned out

    browned out Active Member

    Should say Funding of part time pension. We know the UPS full time pension fund is around 103% funded. What is the part time funds percentage? A part timer at our union meeting brought this point up. You have to have 5 years seniority to be vested. Most part timers quit before the 5 years; yet funds were put in on their behalf. The part time pension should have gone up dramatically if indeed the fund is vastly overfunded. These part timers do full time work in part time hours. They are not lucky to have a pension at a part-time job. They work extremely hard and deserve the pension.
  2. wgf46

    wgf46 Member

    Funcing % of Part Time Pension Fund

    Absolutely work extremely hard those 3.5 + hours a day ! It takes a certain individual to work reload or preload !
  3. Coldworld

    Coldworld Well-Known Member

    Re: Funcing % of Part Time Pension Fund

    ​you would be surprised at how low the percentage of part timers who retire from ups as a part time's very low
  4. sortaisle

    sortaisle Livin the cardboard dream

    Re: Funcing % of Part Time Pension Fund

    It depends on where you are. The pension in the Central States blows. The pension in the West Coast Pension Trust is doing alright. I'm unsure of the east side's health/woes.
  5. saintrick

    saintrick Member

    Re: Funcing % of Part Time Pension Fund

    101.51% for 2012
    185,549 participants in the plan.
    143,684 active.
    5,328 retired or separated from service receiving benefits.
    36,552 retired or separated from service entitled to future benefits.

    The part time pension is important because of the time it takes to go full time.
  6. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Re: Funcing % of Part Time Pension Fund

    If it is greater than 1% I would be surprised ... but then again, I don't know what it is a percentage of.
  7. brett636

    brett636 Well-Known Member

    The part time pension fund should be 100% funded or better given the low number of part timers who actually retire versus the number who have had money deposited into on their behalf. Also I believe the part-timers are covered under one pension fund that covers all part-timers and it is run by UPS.
  8. InsideUPS

    InsideUPS Active Member

    Re: Funcing % of Part Time Pension Fund

    My UPS Pension Plan papers also indicate that the plan is 101.51% funded...

    $3,224,420,360 Total Plan Assets
    $2,712,141,267 Plan Liabilities

    ​Information as of December 31, 2012
  9. Inthegame

    Inthegame Well-Known Member

    Regardless if any pt "retires" from UPS, after vesting they still are eligible for benefits. UPS historically funded the PT plan at the minimum 80% to keep green zone status. Last year they "funded" big with some assumption rate changes and cash to hide assets from negotiations.
  10. InsideUPS

    InsideUPS Active Member

    Interesting Inthegame.....not sure where you obtained this information...but still very interesting.. Now you inspire me to go back and look through old "Annual Funding Notices"..... Based on your knowledge of this fact....I assume that our negotiators were aware of this fact also??
  11. saintrick

    saintrick Member

    2008 80%
    2009 81.2%
    2010 80%
    2011 80%
  12. Inthegame

    Inthegame Well-Known Member

    I like to read. Saw UPS funding numbers in a Pensions and Investments magazine at the Union hall. I presume they were aware but one never knows...
    Startling how accurate UPS gets to that magical 80%. I think the 2009 blip was the result of an rebounding market return, even overcoming their expectations.
  13. saintrick

    saintrick Member

    The annual notice includes a section on MAP-21 (not sure exactly what this is other than it changed the way they calculate liabilities).

    Without the MAP-21 the notice gives 78.9% for plan 2012
  14. brett636

    brett636 Well-Known Member

    They still have to he with the company 5 years to be vested and my best guess is 75% or better of all part-timers never make it that long. It doesn't mean pension contributions weren't made on their behalf.

    My question to anyone who can answer it is am I entitled to the part time pension? Am I correct that you can't get vested credit till you turn 21? I started with UPS at age 18 and went fulltime at 24.
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You are right----you do not get any pension credit until you turn 21.
  16. InsideUPS

    InsideUPS Active Member

    Thank you saintrick for saving me the time of looking back at the funding percentages. Now,if we accept the statement from Inthegame as factual,

    UPS obviously has a variety of accounting methods to shift (hide as stated by Inthegame) assets. This gives all the more reason not to accept another concessionary contract for the part-time employees.

  17. saintrick

    saintrick Member

    My UPS pension plan statement includes credit for years before I was 21. The SPD also gives examples where credit is earned before age 21.

    You do not become a participant in the plan until Jan 1 or July 1 after you turn 21.

    Once you become a participant do you receive service and vesting credit for all years worked or is my statement and the plan book inaccurate?
  18. oldngray

    oldngray nowhere special

    The vesting requirements have changed several times. It did used to be 21 before you got credit ( or 25 before the 1976 strike ) but it may have changed again.
  19. saintrick

    saintrick Member

    From the UPS plan book.

    Once you become a participant in the Plan , you'll be given Vesting Credit based on your date of employment with UPS.
  20. Funfact

    Funfact Well-Known Member

    There is only one pension plan in every area your in that cover both PT and FT. Your area might have changed from a group plan (ie a couple of different companies) to just a UPSers plan recently but PT and FT still are in the same plan together. The only difference is how they compute your benefit which is based off of hours worked. You need to have worked so many hours a year in order to get a full year of credit else you only get partial credit.