Pension account dollar amounts

[MC4YOU2]

Ok, so now the raise has officially kicked in and we are waiting for retro checks and pension increases, I am curious to know if anyone has ever seen their own pension account balance in actual dollar amounts? I have gotten regular reports from NWADMIN, which administers the pension plan in the west for many years now, but they are always formatted to show benefit estimates, beneficiaries etc. Never have I seen a report with my actual deposits from UPS and earnings from investments. Even more important now to know if UPS is going to make the new payment amounts AND the retro pension deposits. So...has anyone ever seen their pension $$ account balance/deposits, and how difficult will it be to verify that we are all being credited with the new pension increases?

 

[Wally]

I don't think they break it down like that.

 

[UpstateNYUPSer(Ret)]

My latest pension statement has me at just over $57K annually.

There are no individual pension account balances.

 

[MC4YOU2]

Sure seems like they should be able to verify that you were given the contributions you were entitled to. Especially in a situation where we are entitled to retro contributions. Easy to do or not do on the companies part. Waiting 6 weeks to send retro pay checks out is telling that UPS is enjoying the profits from holding those payments an extra month. There has been no date set so far for bringing pension accounts current. Seems fishy.

 

[Ouch]

I just got off the phone with the union hall. If i drew it at 57 i would get 226 a month. If i wait till I'm 67 i will get 2375.00 a month. You can call and get your pension payout from your local.

 

[preload1]

Ok, so now the raise has officially kicked in and we are waiting for retro checks and pension increases, I am curious to know if anyone has ever seen their own pension account balance in actual dollar amounts? I have gotten regular reports from NWADMIN, which administers the pension plan in the west for many years now, but they are always formatted to show benefit estimates, beneficiaries etc. Never have I seen a report with my actual deposits from UPS and earnings from investments. Even more important now to know if UPS is going to make the new payment amounts AND the retro pension deposits. So...has anyone ever seen their pension $$ account balance/deposits, and how difficult will it be to verify that we are all being credited with the new pension increases?

Good question. But I bet you will see your business agent driving a brand new Crown Vic.

 

[MC4YOU2]

I just got off the phone with the union hall. If i drew it at 57 i would get 226 a month. If i wait till I'm 67 i will get 2375.00 a month. You can call and get your pension payout from your local.

I've been following my estimated payout for 25 years, but what I'm curious about is what's being paid in.Is it the correct amount? I get an annual accounting of hours that are credited to my retirement. They cap off at 2080. Our hourly benefit has changed over the years, like our hourly pay rate has. So I'm wanting to know if anyone has ever seen their actual amounts credited and if we can verify if and when UPS kicks in the increase for this year with retro. So far no one has. That seems troubling somewhat.

 

[MC4YOU2]

Good question. But I bet you will see your business agent driving a brand new Crown Vic.

Not here. Ours is managed by a third party. Northwest Administrators. The Local is not directly involved.

 

[Coldworld]

I've been following my estimated payout for 25 years, but what I'm curious about is what's being paid in.Is it the correct amount? I get an annual accounting of hours that are credited to my retirement. They cap off at 2080. Our hourly benefit has changed over the years, like our hourly pay rate has. So I'm wanting to know if anyone has ever seen their actual amounts credited and if we can verify if and when UPS kicks in the increase for this year with retro. So far no one has. That seems troubling somewhat.

The nice thing about the west coast pension is all part time years count towards your 80 and out. If you had lots of double shifting and air driving when part time then you received even larger contributions toward the pension.

 

[Inthegame]

Good question. But I bet you will see your business agent driving a brand new Crown Vic.

If you're inferring an illegal shifting of money, which is exactly what you are inferring, at least get the fairytale right and put the BA's in better cars than Crown Vics.

 

[oldngray]

Our BA's all drive shiny new Crown Vics. I guess they thought Caddys would have been a little over the top. A couple do have Town Cars though (mostly the ones too large to fit comfortable in a Crown Vic).

 

[Anonymous 11]

If you're inferring an illegal shifting of money, which is exactly what you are inferring, at least get the fairytale right and put the BA's in better cars than Crown Vics.

Yeah like a Bugatti

 

[Anonymous 11]

Who drives a freakin crown Vic anymore?

 

[Inthegame]

Who drives a freakin crown Vic anymore?

Cops

 

[realbrown1]

Ok, so now the raise has officially kicked in and we are waiting for retro checks and pension increases, I am curious to know if anyone has ever seen their own pension account balance in actual dollar amounts? I have gotten regular reports from NWADMIN, which administers the pension plan in the west for many years now, but they are always formatted to show benefit estimates, beneficiaries etc. Never have I seen a report with my actual deposits from UPS and earnings from investments. Even more important now to know if UPS is going to make the new payment amounts AND the retro pension deposits. So...has anyone ever seen their pension $$ account balance/deposits, and how difficult will it be to verify that we are all being credited with the new pension increases?

You will never get a dollar amount on these types of accounts. Defined BENEFIT plans will only give you numbers on your monthly pension and survivor benefits or pay offs.

And if you did, it wouldn't be accurate.

The WCW Pension is currently funded at 91.5%. So that's not bad.

If you want a number, you could do what I have done. Go back on all your pension yearly statements and add up all the contributions to your pension.

After 25 plus years, as of Dec 31, 2012 (last statement) I have over $175k invested for me.

 

[IVE GOTTA PACKAGE 4U]

You will never get a dollar amount on these types of accounts. Defined BENEFIT plans will only give you numbers on your monthly pension and survivor benefits or pay offs.

And if you did, it wouldn't be accurate.

The WCW Pension is currently funded at 91.5%. So that's not bad.

If you want a number, you could do what I have done. Go back on all your pension yearly statements and add up all the contributions to your pension.

After 25 plus years, as of Dec 31, 2012 (last statement) I have over $175k invested for me.

Our pension fund Is 47% funded. Part of our raise has to go into the pension fund. Im real happy that hoffa and Hall didnt give us any chance of fixing it this contract! Thankyou for not letting me vote and declaring and impasse!

 

[oldngray]

I just got statements in the mail today. I'm in Central States and the UPS pension plan (for my part time years) is 91.79% funded. The UPS/IBT Full Time Pension Plan is 105.45% funded.

 

[Ouch]

You should be able to get that info from the union. You should be able to request a printout of what is paid in to your account.

 

[JM_UPS2005]

How do you start a pension plan? I've been part time for 9 years and never thought about the future or had the knowledge of how to do it.

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[UpstateNYUPSer(Ret)]

How do you start a pension plan? I've been part time for 9 years and never thought about the future or had the knowledge of how to do it.

You don't start anything----the union takes care of this for you.