Future Mgmt Retirees - What U may not know!

Discussion in 'UPS Partners' started by UPS Lifer, Apr 28, 2007.

  1. UPS Lifer

    UPS Lifer Well-Known Member

    Most of us have been planning on retirement for a long time. However when it gets close...what do you really know and what gets lost in the confusion of all the paperwork.

    I have recently retired and feel an obligation to inform those that may be under the same impression as me about retirement and the Teamsters Pension you may or may not have become vested in.

    If you have anything to add...Please share it with people so that others don't go through what we went through.

    My biggest issue was with the Teamster Pension.
    First of all - i don't have one! But I was under the impression that if I did have one it would be paid in addition to the pension that I receive as a manamgement person. I was never told anything different.

    When I was going through my final paperwork, I found a clause that showed monies being pulled from my mgmt pension. I was told that these were estimated funds that are being pulled out (approx. $70 / year for all the years I was a Teamster. (I was Teamster for 5 years).

    I had called the Teamsters to find out what my pension would be and they told me that I had nothing vested. NOW, I find out that I have to prove that I do not have a pension. I called the Teamsters back and asked for proof. They told me it would take up to 12 weeks. I was retiring in 6 weeks! So, I had to wait until I got my "official" denial from the union before the UPS Pension would refund my monies that were held out. I still have yet to see the money but pay day is not for a couple of days....Will see what happens!
     
  2. steelheader69

    steelheader69 The Fishing UPS Guy

    Sorry to tell you, but all I've ever heard (my best man who started at UPS with me went into management as well) is they buy out your teamster pension when you start in management. All the guys I've driven with who have went into management (including some old timers who I've known for years in management) all have said the same thing. Do this so you can't double dip. I do believe it's an agreement with the Teamsters and UPS that the buy out what you have vested in the Teamster Pension Plan. I only have 19 years in (well, almost), but from all I've been told from day 1 is that UPS has always done that. At least over here.
     
  3. disneyworld

    disneyworld Active Member

    So what would happen if you left now with 19 years in? Would you get some kind of pension?
     
  4. scratch

    scratch Least Best Moderator Staff Member

    You have to have ten years of Teamster Pension Credits to draw anything at all at full retirement age.
     
  5. Channahon

    Channahon New Member

    A friend of mine retired after 35 years at UPS with 15 years in the teamsters. His retirement was a 15 year teamster pension and 20 years UPS pension. He was under the impression because he had 35 years with UPS, and was in management during his career, he would be entitled to UPS management pension based on 35 years of service, in addtion to his 15 year teamster pension.

    As a result he worked a few extra years to work out his financial plan and worked until he was 60.

    I have not heard that UPS buys out teamster pensions when someone goes into management. Is that in all conferences?
     
  6. 2soon4me

    2soon4me New Member

    UPS does not buy teamster pensions and Teamsters will not release money that has been collected for purpose of pensions. At this time, a management person you can leave with full retirement benifits at 55. BUT depending on your union time it will affect your pension payout. You have to provide a letter from the union stating the number of credits and what the pension would be worth if you retired today. Remenber since you probably haven't got in over 20 years at the union job there will be no payout until you hit 65 yr old. What the UPS Retirement comm. does with this dollar amount is run it through some "formulas". This formula will reduce your UPS Pension depending in the number of years you were in the teamsters. Mine was reduced about $300 for 16 years with the teamsters. When I am 65 my UPS Pension will be reduced by whatever the teamster payout is and I will get two checks, one from the union and one from the company. The total of the two checks will equal the original pension from UPS. This is because of the multi employee pension plans. Life would be easier if the teamsters would just release the money (its mine) to the UPS retirement fund. That will never happen. Bottom line I an losing approx $300 a month because of muli-employer pension plan. I gues in 1973 I worked for the teamsters. I thought I work for UPS.
     
  7. 2soon4me

    2soon4me New Member

    Teamsters will not release pension money paid to them. Unless you have 20 yrs, you have to work until 65 to collect your pension from the teamsters. I decided to go into management after 16 years with the union. I will recieve a reduced pension from UPS. When I am 65 my UPS pension will be reduced by whatever the teasmter pension is and I will get a check from the union too. The two checks added together equal the same dollar amount you were recieving. You must provide the retirement comm with a letter from the union stating credits and what the pension is worth when you are 65 years old. UPS takes those figures and runs them through some calculations. This is called being under a multi-employee pension plan. At this time we can retire as a management at 55. Since you are under a muliti-employer plan you will have a reduced pension, depending on the number of union years. If you really need to know write your union and get the letter. Send a copy with a pre-retirement estimate. HR should be able to help you with this. It takes about 2-3 weeks to get one back from Atlanta.
     
  8. UPS Lifer

    UPS Lifer Well-Known Member

    Based on some of the answers I have read, there are others out there that thought the same thing as I did. (You would get 2 pensions). My concern is that I do not want to see people working until they are 60 or 65 because they didn't plan on only one pension. I wrote to Corporate HR to try and get the word out to the districts to let folks know well in advance of retirement that the Teamster pension they receive is subtracted from the UPS Management Pension. Unfortunately or fortunately depending on what side of the fence you are on, there are ways to collect more than one pension this gives UPSers the false impression that you can do the same with a Teamster pension.
     
  9. add it up

    add it up Guest

    The plan material clearly states that your pension (management and non-union employess) will be reduced by the amount you receive from any UPS sponsored plan. This applies to the Teamsters, IAM and any plan UPS paid into on your behalf.

    If you are vested in a Teamster (or any other plan) you will get the benefit stated in that plan from that plan. Your UPS management or non-union benefit can be reduced to $0 if the union plan payout exceeds the management or non-union plan.

    You will be requird to provide written proof from any union plan UPS contributed to on your behalf before you begin to receive the managment pension. J3
     
  10. lifegoeson

    lifegoeson New Member

    Unfortunately, it's every man and woman for themselves in today's working world. Count every day that there is still a pension plan as a miracle. The miracle will end soon enough. UPS is becoming more and more like all other Wall Street-controlled corporations, I pray for the day when the decision is made to take the company private but that's probably out of the question. Personally, I am grateful for the recent buyout although I really wasn't planning on an early retirement so soon. Thankfully job hunting isn't that difficult as UPS's name is still an excellent reference on a resume. Too many good, younger UPS managers have told me they wish they'd been "old" enough to qualify for the buyout (aka SVSO - Special Voluntary Severance Opportunity.) Putting in 18 years as a female in management was not easy. My husband died while I was on special assignment/traveling a great deal. I was incredibly loyal and just carried on working as hard as I could. Now that I was given the "opportunity" to bow out I am finally enjoying life and a new man. There is life after UPS. Mike Eskew (who I know a little from my days in the corporate office) is a really good guy, truly. I respect him. He isn't a hachet man out to kill the partnership legacy. HOWEVER there are plenty of self-serving, corrupt, power-hungry men whose counsel and advice he relys on. We'll see what happens May 10th in Wilmington.
     
  11. UPS Lifer

    UPS Lifer Well-Known Member

    The company was private...you can't go back. I never wanted to see the company go public. What a shame. All the things that I thought would happen (going public) did happen and ARE happeining!!!:crying::crying:

    Before going public I was able to estimate my investments with precision (as if I had insider info). I can't do that anymore...:w00t:
     
  12. Raw

    Raw Raw Member

    I heard that UPS will go private again soon!
     
  13. browned_out

    browned_out Member

    :lol: I can only hope they go private again!!
     
  14. tieguy

    tieguy Banned

    hope so
     
  15. moreluck

    moreluck golden ticket member

    How would they do that? We have UPS stock, but we're not retirees.....we're quitters. Will they come to my house and forcefully take my stock from me and throw some money through the door?:sad:
     
  16. mathematics

    mathematics New Member

    The only way for us to go private is for UPS to buy-back all of our shares, or to sell to a private equity firm. In the event of a sale, we would get a certain dollar amount per share that we own. UPS would have to then buy the company back from the private equity firm. Share buy-backs happen during mergers and aquisitions. Say I own 100 shares of Intel and Cisco buys Intel. The current price of my Intel stock is 35 dollars. Cisco might buy Intel for 45 dollars per share. Whether you receive that as cash or as shares of Cisco, Im not sure.
     
  17. cranky

    cranky New Member

    Lifegoeson

    I know it's been sometime since you made your post here, but I did see in your post that you took the last voluntary seperation that was offered in January. Would you be willing to elaborate on what the details were to that buyout offer. I have not been able to get any details on what the company offered for this voluntary seperation. If you could share, I would greatly appreciate it.
     
  18. Cezanne

    Cezanne New Member

    Guessing that there would be a non-disclosure clause with the severance package, so good luck getting the details. Heard say that not too many of those eligible took it, so it must of not been that good of a deal.
     
  19. RockyRogue

    RockyRogue Agent of Change

    Rumors are all well and good, Raw, but is there anything concrete? IMHO transportation companies in general shouldn't go public. Weather wreaks havoc on us! -Rocky