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UPS Retirement Topics
UPS subsidizing non ups pensions
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<blockquote data-quote="Cezanne" data-source="post: 122084" data-attributes="member: 5104"><p>Know what you mean when you say that active employees have a hard time fully responding to the debates on this forum. Half the time I sleep walk through mine, sure shows with the grammar and spelling. Only so much time to a day and besides that are we making any real improvements with the problems quoted on this site, basically a soapbox spouting off information that most of the viewers are not getting. Your statement about unclaimed funds, I presume you are talking about the participants in the pension plans that leave before the five year vesting. I believe that those ex employees get a lump sump when they quit. In my area (Central States) the turnover of part timers is out of control. To keep UPS from paying that requirement from my understanding that there is a agreement that for the first two or three years of hire they are not required to put any monetary contribution to cover the part time years. By law you become vested by five, can understand this would save alot of record keeping and money.</p><p> </p><p>Since you are under the New England fund, can you tell us how they handle the part time years considering that the part timers are in the Teamster's plans instead of the company's? I do know that the improvements in vesting in Master lanuage only covered the part time years under company control, so your part time years are reduced as far as when you start vesting age 25 and the hours required to get a full vested year.</p><p> </p><p>The question to why the company is claiming that the drain with these defunct companies will drive them to bankruptcy. Again I do not see it, with this pension reform act just around the corner and the requirement to plans to be 100 percent vested in seven years, is it an attempt to by pass additional monetary contributions to get those benefit plans up to federal mandates?</p><p> </p><p>Off to work I go, later<img src="/community/styles/default/xenforo/smilies/group1/thumbup1.gif" class="smilie" loading="lazy" alt=":thumbup1:" title="Thumbup1 :thumbup1:" data-shortname=":thumbup1:" /></p></blockquote><p></p>
[QUOTE="Cezanne, post: 122084, member: 5104"] Know what you mean when you say that active employees have a hard time fully responding to the debates on this forum. Half the time I sleep walk through mine, sure shows with the grammar and spelling. Only so much time to a day and besides that are we making any real improvements with the problems quoted on this site, basically a soapbox spouting off information that most of the viewers are not getting. Your statement about unclaimed funds, I presume you are talking about the participants in the pension plans that leave before the five year vesting. I believe that those ex employees get a lump sump when they quit. In my area (Central States) the turnover of part timers is out of control. To keep UPS from paying that requirement from my understanding that there is a agreement that for the first two or three years of hire they are not required to put any monetary contribution to cover the part time years. By law you become vested by five, can understand this would save alot of record keeping and money. Since you are under the New England fund, can you tell us how they handle the part time years considering that the part timers are in the Teamster's plans instead of the company's? I do know that the improvements in vesting in Master lanuage only covered the part time years under company control, so your part time years are reduced as far as when you start vesting age 25 and the hours required to get a full vested year. The question to why the company is claiming that the drain with these defunct companies will drive them to bankruptcy. Again I do not see it, with this pension reform act just around the corner and the requirement to plans to be 100 percent vested in seven years, is it an attempt to by pass additional monetary contributions to get those benefit plans up to federal mandates? Off to work I go, later:thumbup1: [/QUOTE]
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