Teamster Pensions way low

Discussion in 'UPS Union Issues' started by BrownBoner, Feb 23, 2008.

  1. BrownBoner

    BrownBoner Guest

    Why will my Teamster Pension be so low compared to Mechanics ?......
  2. scratch

    scratch Least Best Moderator Staff Member

    Mainly because the IAM runs a much better pension fund. The Teamsters have been losing members for decades with all these union companies going out of business. So there are more retirees taking money out of the pension funds than current employees putting money in. Plus a few bad investment decisions by people running the pension funds. And in the past, organized crime used some of these funds like a piggybank. We used to have someone in my Local drawing four Teamster Pensions and salaries while supposedly holding four different offices. He didn't work 160 hours a week either...............
  3. 705red

    705red Browncafe Steward

    Scratch i guess it has nothing to do with the mechanics taking a pay freeze and diverting that money into their retirement by any chance. I will agree with a declining memebership, but when you compare the iam to the teamsters they are not a stronger union at least here in my neck of the woods. We have no idea what the pension will look like 10, 15 years down the road. Only the money that gets put into the pension plans are negioated during contracts, the pension payment can change one way or the other at any time during the life of the agreement.
  4. BrownBoner

    BrownBoner Guest

    ....Do you think we will ever get the same type of deal that UPS Management get with the increased matching 401k portable plan ?.......I hear that UPS is going to get out of the old time pension business and started this year with the revamped portable pension for its management people..........I would sure like that option so I wouldnt be chained to either the Teamsters or UPS.....
  5. rapidrandall

    rapidrandall slow but sure

    Do the mechanics get to stay in their group health plan and if so is that insurance at a reduced rate as it is in my Teamster pension? This could account for quite a bit of the differential.
  6. BrownBoner

    BrownBoner Guest info says that UPS pays their health care 100% plus their monthly pension is adjusted yearly for inflation.......
  7. pkg-king

    pkg-king New Member

    The Teamsters would never, ever allow this to happen. Then again, I thought the same thing when rumors of the CS withdraw were floating around:wink2: