retirement

Discussion in 'UPS Union Issues' started by Shadow999, Oct 28, 2007.

  1. Shadow999

    Shadow999 Member

    In our local we are under the UPS insurance plan. This will be the same plan we will have when we retire. I know at this time retirees are paying $50 a month for both themselves and their spouses. After the first of the year they will be paying $114 a month. Will this amount stay the same if this contract is ratified? I know dollar amounts differ depending where you are located. We are under the Central States pension, but have UPS insurance. Our local is 238 in Iowa.
     
  2. iam

    iam New Member

    Shadow....I am a steward for an IAM group. The retirees in our area just were notified that their UPS health care would increase from $50 to $114 as of Jan. 1 also. If you read the Summary Plan Description (SPD) it has a clause that if " the cost of retiree health care exceeds "X" amount per year, per participant, (I don't know the exact figure right off), then all retirees will share in that overcost. So if the cost excedes "X" in 2008 it could increase again in 2009 and every year after that. But if by some chance it decreased the retirees part could decrease also. You can find the SPD on UPSers.com in the life and career section. Warning, it's 104 pages long. The good news is we have been under this plan since '97 and this is the first increase we have had. Hope this helps you.
     
  3. Shadow999

    Shadow999 Member

    I talked to a UPS rep today (1-800-1508) and I was told that as of January 1st that the cost of insurance for a retiree and their spouse would be $114.37 a month. This is up about $50.00. I asked if this could change if the contract were ratified and I was told, "It may". How are we able to make a decision as to how to vote if we do not have all the answers? It is good for a lot of UPSER's that the pension will be more secure, but it is the net amount that is received that is important. $3000.00 is not $3000.00 when it is possible that $400.00 will be taken out for medical benefits!
     
  4. kenco80233

    kenco80233 New Member

    I retired in Colorado from C.S. with UPS insurance paying $550. per month for me and my wife.I was told that even though we have ups insurance.We have to pay the same amount as the retirees in CS with CS insurance.I am wondering why your retirees in Iowa are getting it for$114.per month.I retired in 2003.
     
  5. insight

    insight New Member

    This just popped up with a couple of the guys I know - will retirees and those with the bulk of their pension benefits in the CS being left out to dry with the pullout of UPS and creation of the new joint pension system? Where's the promised guarantees under the CS for folks? What happens to them under that broken pension system now that UPS will be pulling out?
     
  6. sawdusttv

    sawdusttv Active Member

    Good or bad, they are left in CS hands!
     
  7. insight

    insight New Member

    So UPS and Teamsters no longer will have anything to do with these guys' pensions? Man, that's cold as dead fish on a Long Island pier. Not right - not right at all
     
  8. Shadow999

    Shadow999 Member

    From the literature that has been sent to us from UPS and the Teamsters: If the contract is ratified UPS will pay an amount that will bring the Central State pension up to 74 per cent. They state that it is now below 50 per cent. Any future retirees from UPS after the 1st of the year will be paid their entire pension by UPS until they are 65. Then CS will pay the amount that was earned while in CS and the rest by UPS. If the CS amount has to be reduced UPS will pick up the slack. The fact that CS will pay no benifits until 65 plus the amount UPS is to pay into the fund should give CS a chance to recover. There is also the new pension reform law that will force the employers in the fund to bring it up to 100% in a specified number of years.
     
  9. Shadow999

    Shadow999 Member

    This is the latest I got from my BA. If you are under the UPS health and welfare it will cost $50 for each person at retirement. That is $100 for a couple.
     
  10. oldupsman

    oldupsman Guest

    To those who may be interested,
    I have UPS health care. I called my local union and talked to my steward from my old center. Both told me that if this contract passes our monthly cost will remain at 50.00 a month. That's for both myself and my wife. There will be no increase on Jan. 1 and the 50.00 will remain the same for the life of the contract. I certainly hope they're right.