Management to be screwed on benefits, again!

Discussion in 'The Archives' started by sameoldstory, Oct 20, 2003.

  1. sameoldstory

    sameoldstory Guest

    Get ready to pay a larger portion of the health benefit costs. Option 1 will increase by about $3,000 per year. Other options will have large increases also. The meeting I attended indicated that only option 1 would increase. The information available on UPSers. com tells a different story. Management will also now be required to pay for disability insurance. As usual we will get the shaft. I understand cost cutting, but I don't understand why only management has to pay.
     
  2. dannyboy

    dannyboy Guest

    Hourly do also, it is called reduced benifits.

    But as a whole, all business's are going that way. My wife manages a large part of a hospital, and this is something that has been happening for years with her. They provide some basic coverage, but if you want more, you pay for it yourself.

    IT accomplishes several things. IT keeps people from running to the doctor for every little thing, because your out of pocket is larger. And it helps keep the over all costs down.

    Now if we could just get Hillery and her health care system nation wide............JUST KIDDING

    d
     
  3. tieguy

    tieguy Guest

    Only thing going up is Signa option 1. Aetna which I have always considered a much better plan remains the same.
     
  4. sameoldstuff

    sameoldstuff Guest

    Tie,
    I guess you went to the same meeting as me. You do the math. Here are the actual numbers.

    Coverage as of January 1, 2004

    Plan Annual Pay Period
    Medical $9,321.00 $776.75
    Aetna HMO Mid-Atlantic
    You + Family )
    Flex Credits ($9,372.00) ($781.00)

    Dental $1,122.00 $93.50
    80% Coinsurance
    You + Family

    Vision $307.00 $25.58
    Exam + Lenses and Frames
    You + Family (

    Long-Term Disability (LTD) $501.72 $41.81
    Your current coverage is not available.
    60% of Base Pay

    Legal $0.00 $0.00
    Your Total Cost
    (For all health and insurance coverage)

    Your Total Annual Pay Period

    Prices $11,596.72 $966.38

    Credits $9,372.00 $781.00

    Your Cost $2,224.72 $185.38






    Last years coverage and cost for Aetna HMO

    Your Current Coverage




    Plan Annual Pay Period

    Wellness Credits ($50.00) ($4.16)
    Wellness Pledge Yes

    Medical $7,096.00 $591.33
    Aetna HMO Mid-Atlantic
    You + Family
    Flex Credits ($7,905.00) ($658.75)

    Dental $997.00 $83.08
    80% Coinsurance
    You + Family

    Vision $273.00 $22.75
    Exam + Lenses and Frames
    You + Family


    Long-Term Disability (LTD) $130.20 $10.85
    60% of Base Pay with COLA
     
  5. smf0605

    smf0605 Guest

    sameoldstory:
    I'm not sure what part of the presentation you listened to but you obviously weren't listening to the amounts. CIGNA is not going up $3000 a year.
    If you had listened you would have learned that CIGNA option 1 will cost $3002 more than CIGNA option 2. Both plans cover the same services, but at different co-pay and co-insurance levels.
     
  6. sameoldstuff

    sameoldstuff Guest

    Tieguy and smf0605,

    I went to the meeting. I heard what was said and I clearly understand the information that was presented.

    Please listen to what was NOT said or presented:

    1) Aetna HMO option for Self, spouse and kids will increase by exactly $2,225.

    2)80% dental plan will increase by $125.

    3) Vision care will increase by $34

    4)Long term disablity will cost $501

    5) Life inurance preimum will increase by approximately 30%

    6) EVERY option on the plan increased significantly.

    7) I will pay 3 times the amount of last years benefit costs for the same benefits this year.

    8) If you are in management you will pay much more also.

    Management is screwed, again!

    Please reply AFTER you read the enrollment package.
     
  7. tieguy

    tieguy Guest

    Looks like I need to look a little closer. Thanks Same.
     
  8. smf0605

    smf0605 Guest

    sameoldstuff:
    We don't have the same plans you do. My HMO did go up, by $1325, but my flex credits went up by $1144, so the actual difference is $181.
    My life insurance didn't go up at all, but then, I didn't fall into a "new" decade, so that would be the reason for that.
     
  9. sameoldstuff

    sameoldstuff Guest

    smf0605:

    The actual difference is the difference between what the "out of pocket" costs were last year compared to the actual "out of pocket" costs this year.
    Add the cost you will now pay for LT disibility, the increase in co-pays, the increase in prescription co-pays, the increased premiums.

    The actual cost difference is far more than $181.

    I am quite suprised that there has been so little outrage to this, especially when union employees are guaranteed no reduction in benefits for several years to come.
     
  10. kidlogic

    kidlogic Guest

    Looks like you guys need a Union.....hehehehehhe
     
  11. wkmac

    wkmac Guest

    LOL @ Kid!
    I was wondering how long before someone posted that. I wouldn't make to much fun however. With medical costs going up you can bet we'll either see a higher co-pay or more and more restrictions ourselves.
     
  12. proups

    proups Guest

    UPS Teamsters need to pay attention to all of the strikes going on today with companies negotiating contracts. One of the biggest concerns is employers asking union members to pay a portion of health care coverage they have never paid for under past contracts.

    We all know UPS goes to the negotiating table with a certain number of dollars they are willing to spend on the contract. It will be what the Teamsters want to give up if they decide to fight union members paying for health care.

    Somebody gave up something in those other unions to settle the strikes.
     
  13. parttimejon

    parttimejon Guest

    center manager told me yesterday that if he carried the same coverage for next year it would cost him 3000 dollars more annually. wooo sucks to be a sup. glad i never took it.
     
  14. tieguy

    tieguy Guest

    I don't know. I don't see it. I never like cigna which is where mark up is.
     
  15. smf0605

    smf0605 Guest

    sameoldstuff: don't be so sure. In my area the health plans are administered by the locals. The union members may not be paying for their health care the same way we do, but, they too have to deal with increased co-pays, co-insurance and deductibles.

    partimejon: The center manager that told you that was obviously mistaken.
     
  16. kidlogic

    kidlogic Guest

    I just find it wrong that a company that will pay almost a billion dollars in dividens and probably make 2 or more billion dollars can cry poverty and ask it's managment to pay for their health care. I hope 2cents reads this post and can see that we would be giving our health benefits too if it were not for the union.
     
  17. tieguy

    tieguy Guest

    LOL, good one. Your union in my area just made some cuts in the health and welfare and retirement plans due to the drain the stock market has put on them. I don't think anyone is immune to rising prices.
     
  18. my2cents

    my2cents Guest

    Tieguy is right Kid. Don't be surprised if you receive a letter in the mail in the near future from the Trustees for your health & welfare fund about cuts or changes in benefits. We usually receive this letter in December and I'm not expecting any good news in it. Health care benefits are a hot issue right now, especially if you have been paying attention to the grocery strike and as we all know, costs have been soaring. Kid, I don't understand how you think you are immune from this issue. As previously stated, the Trustees can change benefit levels and I believe this is an issue which can be reopened in the collective bargaining agreement, as per Article 45.

    We have already received a letter from our pension fund in regards to changes in the early retirement rules. Participants will now have to wait untill 55, instead of 52, as the number of participants seeking early retirement has put an adverse effect on the net assets of the fund. Additionally, according to the actuarial valuation report I received from our pension fund, there is a greater number of retirees receiving benefits than participants whose employer is paying into the fund. This trend started in the early 1980s. The ratio is roughly 1:1 right now. If this trend continues, this is obviously a concern for future retirees. Between low interest rates, past lackluster stock market performance and the early retirement factor, our pension fund is currently struggling to reach its funding target. At least their real estate portolio seems to be holding up well, which is roughly 25% of net assets.
     
  19. proups

    proups Guest

    my2cents: you seem to have a lot of information about the IBT benefits. Where do the Teamsters list the $$$$ they scrape off the top???

    [​IMG]
     
  20. my2cents

    my2cents Guest

    Proups,

    My guess would be under administration expenses, which is a pretty broad category. Looking at my copies of Form 5500 from the DOL, these expenses lack itemization. One can order these reports from the DOL and they are available for both pension and health & welfare funds. IMO, they are worth the trouble to obtain because I learned quite a bit about our pension fund. The annual one or two page summary obviously lacks a detailed look. I also ordered a financial report from the pension fund and received some additional actuarial information not found in their 5500 filing.