Retro pension increase

[teamster 804]

Just curious any word on recent retirees retro pension increase.Just opened letter from 804 I.B.T and local 447 I.A.M multi employer pension ,and all i keep reading through the pages are about our critical status and what can be reduced and eliminated, and what at this time will not be reduced.Just find it a little odd that nothing is mentioned about a pension increase in our most recent letter regarding the status of our pension fund.There is nothing mentioned on locals website either.

 

[UpstateNYUPSer(Ret)]

Part of the contract settlement are lump sum retro payments to each locals H&W and pension funds.

 

[bottomups]

My locals fund is in the green and pension increased $440 a month at age 60. Have an ex-coworker who retired back in January and is due 4 months backpay on his pension that will be paid May 1st.

 

[UpstateNYUPSer(Ret)]

Why is he due pension back pay?


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[Anonymous 11]

Why is he due pension back pay?


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Probably because the increases started after you work a day in the 2014 calendar year.

 

[bottomups]

Why is he due pension back pay?


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Pension increase was not in effect until ratification of new contract.

 

[member6045]

The board stated that this was a done deal! What's done is? new monies added we are only at 67% and we have been in a rehab plan since 2010! You guaranteed a pension increase and keeping the 25 and out! Let's see what stays!!! You are all gone if anything gets cut.

 

[UpstateNYUPSer(Ret)]

If you are in a rehab plan and are still only 67% funded you can kiss 25 and out goodbye.

 

[teamster 804]

I don't like what I am hearing.All B/S better be speculation.But like I said before I am surprised nothing mentioned in pension letter.All I am reading is what can get cut what can't get cut and that we are in critical status nothing about trustees agreeing to any pension increase.If anyone has any solid info on here good or bad let's hear it.I am not interested in rumors just to slam current board.

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[Xexys]

If you are in a rehab plan and are still only 67% funded you can kiss 25 and out goodbye.

At the time of my retirement, our plan was only 67% funded (almost exactly that) and I still got the 25 and out. My local still has 25 and out and we are still in the Red (critical status).

You wouldn't have had to work in 2014 to receive retro retirement bennies either. You could've retired anytime after Aug 1, 2013 to receive retro bennies in L177 as the retirement went up $402.00/month.

 

[member6045]

At the time of my retirement, our plan was only 67% funded (almost exactly that) and I still got the 25 and out. My local still has 25 and out and we are still in the Red (critical status).

You wouldn't have had to work in 2014 to receive retro retirement bennies either. You could've retired anytime after Aug 1, 2013 to receive retro bennies in L177 as the retirement went up $402.00/month.

177 gave up portions if not all of there raises correct? If you guys did! We are in trouble and door is open for the board to ask for our raises at next meeting.

 

[Inthegame]

I don't like what I am hearing.All B/S better be speculation.But like I said before I am surprised nothing mentioned in pension letter.All I am reading is what can get cut what can't get cut and that we are in critical status nothing about trustees agreeing to any pension increase.If anyone has any solid info on here good or bad let's hear it.I am not interested in rumors just to slam current board.

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The pension letter you're referring to is the Annual Funding Notice. That notice never had any info on personal accrurals or individual benefit amounts. Since the UPS agreement is now in place you should be notified about the improvement, or you could contact your plan administrator for your current status and benefit numbers.

 

[Coldworld]

Ups got their wish this contract with the healthcare..next contract they will go after the pensions and pull us all out of the multi employers and stick us in one. Then up the years of service to 35 fulltime driving to be eligible for a 2000 dollar a month pension....then after we turn 65 subtract the social security from the pension.

 

[Xexys]

177 gave up portions if not all of there raises correct? If you guys did! We are in trouble and door is open for the board to ask for our raises at next meeting.

You do know you could find this information out yourself by just going to the Local's website? But to answer your question, no, the raise is still in the contract.