Pensions cuts

Discussion in 'UPS Discussions' started by brownlif23, Jun 16, 2010.

  1. brownlif23

    brownlif23 New Member

    I HEARD upstate NEW YORK IS DOING AWAY WITH WITH 25 AND 30 OUT. IT WILL BE GONE by end of this year.. due too under funded plans in the red zone. i wonder if the rest of the country will cut back. i am in the western conf plan...
     
  2. grgrcr88

    grgrcr88 No It's not green grocer!

    They did that in Central States plan a few years back, we got it all back with the new UPS/Teamster plan in the last contract.
     
  3. brownlif23

    brownlif23 New Member

    how good is your new plan???
     
  4. Old International

    Old International Now driving a Sterling

    Now it starts.......
     
  5. brett636

    brett636 Well-Known Member

    I'm wondering if the 710 pension fund is going to do the same. Just got a letter a couple weeks ago stating that the pension fund is 75% funded and the by law they have to make changes to correct the problem.
     
  6. grgrcr88

    grgrcr88 No It's not green grocer!

    25yrs any age=$2500
    30ys any age=$3000
     
  7. JonFrum

    JonFrum Member

    According to Article 34, 25yrs any age=$2000

    The new plan lacks reciprocity with other Teamster plans and doesn't cover UPSers who retired or left the company before 1/1/2008. It was rated poorly by TDU in comparison to all the other Teamster plans. See this article and chart:
    http://www.tdu.org/pensiondivide
     
  8. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The NYS Teamster Pension Plan is undergoing some changes due to the critical fund status. We never had 25 and out. We currently have 30 and out at any age--this is being revised with a minimum retirement age, either 55 or 57, by the end of this year. There has been no talk of a grandfather clause, which I think is unfair as you may have some employees who are within 5 years of retirement who may have to work beyond their 30 to receive their Normal Pension, which is roughly 4K/month. I have a couple of younger co-workers who may have to work 5 to 7 years longer to receive a lower pension than I will receive when I get my 30. We have also been told that the Plan will stop contributing to our pensions and will rely solely on company contributions and investment performance.

    The reason for this change is there is more money being paid out than they have coming in which has left our plan in critical status, meaning it is severely underfunded.
     
  9. TheKid

    TheKid Well-Known Member

    We had 30 and out for a long time but it was amended about 5 yrs. ago to a min. age of 57. We had a bunch of guys that are gonna have to put in more years now but they will get more $$$.
     
  10. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Are you sure about that last part?
     
  11. TheKid

    TheKid Well-Known Member

    Yes....because they get credit for working more years. Instead of retiring at 52 with 30 yrs....they will be 57 with 35 yrs....they will get more $$. They have to work longer but at least they are earnong something....do not get me wrong....nobody was too happy.
     
  12. jimstud

    jimstud Banned

    every year you work over 30 you earn 100 dollars a month over the 4k with a max of 4500 a month. at least that is the new england pension.
     
  13. tieguy

    tieguy Banned

    I think part of the problem is many pension plans have over committed when times are good with 25 and outs and super bonuses. They then get hurt the first time the market turns sour and have to cut benifits.

    I also have to wonder if declining membership is calculated in the equation.
    In any case the partys over and the new laws are forcing pension plans to do a better overall job.
     
  14. TheKid

    TheKid Well-Known Member

    Thank you Stud
     
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Working 5 extra years for an extra $6K/year ($54K instead of $48K (before taxes)) would make me sit back and think about it for a minute. OK, I'm done---I'm gone at 30.
     
  16. jimstud

    jimstud Banned

    i agree the minute i can go i'm gone.
     
  17. Ghost in the Darkness

    Ghost in the Darkness Active Member

    That is exactly my situation, although the rumors I've heard is that the 5 extra years I work to get to 57 won't get me any more money which I hope isn't true. But if thats the case it sucks that we who started young get shafted in the end. I heard a lot of talk about losing a percentaage fothey leaving before the age they establish even if over 30 years in. Also for guys who don't make it to 30 and reach 57 and want out will lose a hefty percentage per year they are under 30.
     
  18. TheKid

    TheKid Well-Known Member

    I can't see how you don't get more money....you get the money according to your age and time....at least in NE
     
  19. JonFrum

    JonFrum Member

    The maximum is $4,700.

    The increases for each year of additional work beyond thirty are more than $100, but it varies with your age.

    See Table 11:
    http://www.nettipf.com/table11.htm

    Other Tables are here:
    http://www.nettipf.com/table_menu.htm
     
  20. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I received the information packet on the proposed changes yesterday. There is a grandfather clause--if you have 25 years or more of service on 1/1/2011 your pension benefit will not be affected as much as those with less than 25 years. This is a multi-employer pension plan. There are 5 different Alternative Schedules presented with minimum retirement ages ranging from 55 to 65; unfortunately, the mailing did not link employer and schedule so I don't know which one applies to us. They will be holding informational sessions on these proposed changes locally before the end of the year as these changes are set to take effect 1/1/2011. Rumor has it that our minimum retirement age will either be 55 or 57.