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Pensions cuts
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 754882" data-attributes="member: 12570"><p>We had our informational meeting today. Two representatives from the Pension fund gave a PowerPoint presentation which was very effective in translating the legalease. We were presented with a default schedule and 5 alternate schedules and were then asked to vote. Alternate schedule E, which sets a minimum retirement age of 55 with 30 years of service, received the most votes. These votes will be added to those locals who have already voted and the winning schedule will be adopted by the Pension fund.</p><p> </p><p>There will be a grandfather clause for those with 25 years of service as of 1/1/2011 to minimize the impact to their pensions.</p><p> </p><p>So-called ancillary benefits not essential to the pension have been cut. These include our disability benefit, 25 and out, 15 and out at age 60, and Supplemental Social Security benefit.</p><p> </p><p>This schedule has an aggressive contribution increase of 11.5% for 3 years. This will be paid by the contribution from UPS and from the members through the forfeiture of one of our split pay raises each year which will save the company as it will not have to include that payraise when paying us both straight and OT hours.</p><p> </p><p>These changes take affect 1/1/2011.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 754882, member: 12570"] We had our informational meeting today. Two representatives from the Pension fund gave a PowerPoint presentation which was very effective in translating the legalease. We were presented with a default schedule and 5 alternate schedules and were then asked to vote. Alternate schedule E, which sets a minimum retirement age of 55 with 30 years of service, received the most votes. These votes will be added to those locals who have already voted and the winning schedule will be adopted by the Pension fund. There will be a grandfather clause for those with 25 years of service as of 1/1/2011 to minimize the impact to their pensions. So-called ancillary benefits not essential to the pension have been cut. These include our disability benefit, 25 and out, 15 and out at age 60, and Supplemental Social Security benefit. This schedule has an aggressive contribution increase of 11.5% for 3 years. This will be paid by the contribution from UPS and from the members through the forfeiture of one of our split pay raises each year which will save the company as it will not have to include that payraise when paying us both straight and OT hours. These changes take affect 1/1/2011. [/QUOTE]
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