My Notice of Teamster/ UPS Pension being gutted has arrived

Discussion in 'UPS Union Issues' started by stephenopolus, May 14, 2011.

  1. stephenopolus

    stephenopolus New Member

    I received a letter in the mail today from the pension people. It was a notice of amendments to the pension. The part that affects me the most, informs me that I can't be paid a retirement for any reason if under the age of 57 and at age 57 I am only eligible for 46% of what I was originally promised.

    Just because I have worked for them since I was 18 should not affect when I am able to take a 20, 25, or 30 year pension. I thought age discrimination was illegal in this country!!!

    Looks like our so-called leaders are rolling over again. I wonder how much under the table money they received for voting for that garbage?
  2. packageguy

    packageguy Well-Known Member

    I'm trying to understand what you wrote, is because you have to have 30 years and and any age
    or 25 years of service and age 55
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    This may vary for each pension fund. NYS Teamsters recently added a mimimum retirement age of 55 with 30 years of service. We no longer have the 30 and out or the 25 year options.
  4. packageguy

    packageguy Well-Known Member

    Does that with the new drivers or if some is ready to retire he can't?
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    They did grandfather and there are other stipulations but this does affect every hourly employee. We will have drivers working 36-37 years to get a 30 year retirement pension. We also agreed to let UPS divert our split raises for the remainder of the contract to the pension fund. I'd rather sacrifice a little now to make sure my full pension will be there when I retire in 8 years.
  6. packageguy

    packageguy Well-Known Member

    I understand what you are doing, a very good move.
  7. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    It's not my personal choice--we had a meeting and were offered 5 alternatives. We chose setting the minimum retirement age at 55 w/30 yrs of service and the diversion of our split raises to the pension. The plan is to have the pension fund fully funded by 2013.
  8. packageguy

    packageguy Well-Known Member

    You guys made the right choice.
  9. over9five

    over9five Senior Member Staff Member

    So much can happen, so many changes yet to come.
    Don't rely on that pension being there when you retire. I am not planning on it, so if a miracle happens and it is there, it will be like a bonus.
  10. stephenopolus

    stephenopolus New Member

    I have 25 years at age 44. I have to work 26 years to get my 25 year vesting.
    I was hoping to retire as soon as possible, so I can start the career I have put on hold for various reasons.

    My hope was that the 2013 contract would allow me to go ahead and retire. I know that was a big gamble but if not that, I could go ahead and sign up for my retirement and defer payment until I could start drawing an amount that was not penalized.

    The ability to collect on the retirement and work for someone other than UPS was a big selling point for me. But Wow! What good does it do to be able to take a retirement and have the ability to work for anyone else if we will be too old and broken down to work when we get to start collecting from UPS.

    As it was explained to me the age to avoid penalty would be age 55. Then they changed it to 57. Now, we get nothing until age 57 and only 40% of the original amount.

    And because I worked 19 years part time. The only way I can get the maximum amount is to work until I am 70! That was explained to me at the meeting we had before the pension was changed out of Central States.

    I am frustrated because every time I get news about my pension it pushes my retirement date further off.

    I want more flexibility, not less. I would retire today if they offered me as little as $1500/month. That would allow me the ability to take an entry level job in my career field and still be able to pay my bills.

    It is true the teamsters don't give a crap about my career or how flexible my life and schedule is, but it is important to me and it is what guides my votes.

    I have paperwork that says part time pensioners can get a pension after 20 years at any age. I am not sure if that has been changed or not but if they can get it anyone should be able to retire then.

    25 years is 25 years no matter how old you are! Anything else is age discrimination and should be considered so by law. I don't know why it isn't.

    An acceptable compromise for me would be:
    Instead of diminishing the amount we get, let us choose between limiting the amount we receive at a certain age and limiting the number of years we draw at an earlier age.

    I retire at age 65 to get 100% payment. They base that on the probability that I will live to age 80. (In my family the probability is more like 90.)

    So, if they plan on paying 15-25 years at 100% then let me take 100% for 15-25 years no matter how old I am. If I could get 25 years at 100% I am gone. That and the money I can make at another job would get me to the age of social security and with the money in my IRA I'll be fine. Not only that but it would greatly improve my life.

    But my Teamsters brothers and sisters are so scared that their "do-nothing-in-retirement" lifestyle will be in jeopardy, that they would not vote to allow people like me the flexibility to get on with the life they want.

    Sorry, it sounds like I am ranting and I guess I am. But as far as my life goes I am already on PLAN C. I am currently off on my 3rd workers comp injury and my body won't take much more of the abuse. I am tired and I want to go home, with my retirement free of age related penalties!

    With each news I receive about the pension, it is looking more and more like I am the donkey, the pension is the carrot, the union is the stick, and the company is the guy riding the donkey and holding the stick that keeps the carrot dangling just out of reach. (That would make a great political cartoon for those of you who can draw. Make sure to label it properly.)

    The problem now is that the payout has been whittled down to the extent that when I finally do get the carrot, it will scarcely be more that a nub and a few leaves.

    Then again maybe the Mayans will be correct and I won't have to worry about it after next year anyway.
  11. stephenopolus

    stephenopolus New Member

    Hello again:

    I owe everyone an apology and I mean a big big one. I am truly sorry!

    I was so upset when I read the mailer I failed to notice that it was sent from the Central States fund. I was only in that for 2 years when I went full time. I really have no idea what, if any of this mailer pertains to me.

    If anyone was upset by this thread, I humbly apologize and hope the moderators will take it down.

    Being off work for so long has turned my brain from mush to runny oatmeal.

    At least the analogy that describes me as the donkey is still accurate. I feel my ears growing as I type. HeeHaw!
  12. Jones

    Jones fILE A GRIEVE! Staff Member

    If I'm understanding you right, you have 19 years part time and 6 years full time?
  13. slantnosechevy

    slantnosechevy Active Member

    For 19 years you worked part-time. You get a company pension. That's a UPS issue not a Teamsters issue. Nothing was paid on your behalf towards a Teamster Pension until you started working full-time.

    You never had the opportunity to go full-time in 19 years? If you did that was your choice and have nothing to bitch about other than the fact that Central States screwed every vested member out of 25 and out.
  14. stephenopolus

    stephenopolus New Member

    As for the pension issue I have already covered that in my retraction. One which contained what I considered a very humble apology.

    As for the opportunity issue, the first and only full-time job offer I received came to me after I had worked for UPS for 19 years and 2 months. Not every hub and center has the same oportunities. Weather you consider it choice or not, the fact that I pay union dues gives me the right to "bitch" all I damn well please. Thank you very much!

    I do agree with your sentiment about Central States. Without knowing all the facts, it appears to me, the people who run that fund need to be fired and perhaps investigated for possible criminal activity. In my humble opinion.
  15. stephenopolus

    stephenopolus New Member

    Yes. There about.
  16. stephenopolus

    stephenopolus New Member

    Sorry that is wrong.
    My first year didn't count because the report only shows me having 650 hrs that year. My full time job offer came after I had worked for UPS 20 years and 2 months. That is why I have to work 26 years to get 25. So they say.

    My 25th anniversary was last month. And no I don't get my gold watch or Christmas turkey but the CEO still gets his bonus!:angry:
  17. slantnosechevy

    slantnosechevy Active Member

  18. menotyou

    menotyou bella amicizia

    Most of the pensions are/were on the verge of government receivership. Hence, all the changes. Had the government taken over, it would have been much worse.
  19. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The basic purpose of a pension is so that you won't have to work when you retire. Some, if not most, of us may choose to work. I have already been fitted for my blue vest and practice "Welcome to Walmart" as I drive to my next stop.
  20. CRASH501

    CRASH501 New Member

    I am so far behind on my mail, my question is this.
    Exactly how is our pention changing in N.Y.