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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="ok2bclever" data-source="post: 53002"><p>Sawman, </p><p> </p><p>You are certainly wrong in your statement that all Teamster retirees are paid the same amount. </p><p> </p><p>Of that I am positive. </p><p> </p><p>There are 18+ contribution levels with corresponding pension benefit levels. </p><p> </p><p>For instance, we are at level 18 which requires a minimum contribution of $166 per week as of December 31, 2003 and at that time gave you an annual credit of $86.32 towards your pension whereas level 1 required a minimum contribution of a minute $6 for the same time period and gave you a whopping annual credit of $3.12. </p><p> </p><p>The contribution and benefit levels vary accordingly and appropriately in between those two extremes for all the levels in between. </p><p> </p><p>Your claims that all CS pension retirees get the same pension amounts is blatantly incorrect and you are not doing the APWA a positive service by throwing out false facts, statements and accusations. </p><p> </p><p>I don't believe you are doing so dishonestly, but your statements are not correct. </p><p> </p><p>I don't suggest I understand the whole gestalt, but I suspect that the benefit levels are not sustainable per the contribution levels for any companies including UPS, except by having enough multiple workers contributions being able to fund the retirees benefits as an ongoing pea game that works as long as there are a significant higher number of workers than retirees. </p><p> </p><p>UPS is in the best condition for this primarily by being a younger workforce who's retirees are in the minority simply because of the demographics of having a relatively young workforce. </p><p> </p><p>Being a growing company assists this positive situation, but our growth has significantly declined and your demographics are about to take a huge change as the baby boom generation starts retiring in earnest.</p></blockquote><p></p>
[QUOTE="ok2bclever, post: 53002"] Sawman, You are certainly wrong in your statement that all Teamster retirees are paid the same amount. Of that I am positive. There are 18+ contribution levels with corresponding pension benefit levels. For instance, we are at level 18 which requires a minimum contribution of $166 per week as of December 31, 2003 and at that time gave you an annual credit of $86.32 towards your pension whereas level 1 required a minimum contribution of a minute $6 for the same time period and gave you a whopping annual credit of $3.12. The contribution and benefit levels vary accordingly and appropriately in between those two extremes for all the levels in between. Your claims that all CS pension retirees get the same pension amounts is blatantly incorrect and you are not doing the APWA a positive service by throwing out false facts, statements and accusations. I don't believe you are doing so dishonestly, but your statements are not correct. I don't suggest I understand the whole gestalt, but I suspect that the benefit levels are not sustainable per the contribution levels for any companies including UPS, except by having enough multiple workers contributions being able to fund the retirees benefits as an ongoing pea game that works as long as there are a significant higher number of workers than retirees. UPS is in the best condition for this primarily by being a younger workforce who's retirees are in the minority simply because of the demographics of having a relatively young workforce. Being a growing company assists this positive situation, but our growth has significantly declined and your demographics are about to take a huge change as the baby boom generation starts retiring in earnest. [/QUOTE]
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