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UPS/Teamster negotiations moving fast
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<blockquote data-quote="Cezanne" data-source="post: 237521" data-attributes="member: 5104"><p>Krash,</p><p> </p><p>I would imagine that the Health and Welfare active and retirees' would be handled through the company. In my area the current retirees under the company plan pay only 50 dollars a month for coverage, that includes yourself, wife and any dependents. With the current monetary contributions still in place there should be no reason for the company to demand concessions in that area. </p><p> </p><p>I totally agree with the international's newsletter about members getting off their duffs and start getting involved and educated over this major issue. Whatever benefit package comes off the line we better start reading the fine print, "the devil is in the details". Presuming that it fall somewhere around the attempted take over in l997. The only information provided back then was very vague and appeared to be rushed. The good news is that apparently the union will have co-ownership in this trust and believe it or not that is a major selling point. If any good news that came out of this Central States underfunding it gave all of us first hand information on how pension trustees can affect your future retirement benefits. </p><p> </p><p>Off my head here is a couple of items to watch out for:</p><p> </p><p>a. (Social security offset) that is when a trust can reduce your monetary benefit by whatever amount you start collecting when you become eligible at age 65 or older. </p><p> </p><p>b. (Age requirements for pension and Health and Welfare benefits). Currently in the Central States area a part timer under the UPS Pension Plan with thirty years in can retire as early as age 50 with full medical.</p><p> </p><p>c. (Spousal reduction) From my understanding currently the Central States reduces your benefit about 500 dollars a month if you want your wife covered for 50 percent of your benefits if you kick the bucket.</p><p> </p><p>Now if the withdraw liability of 6,000,000,000 dollars is fact and that I saw somewhere that UPS pays 600,000 for their participants in the Central States trust annually. Do some simple math equations and that will give Central States 10 additional years without feeling the loss of UPS funding. If the trustees can not right the ship by then with that kind of money, they got alot of explaining to do not only to the members still in the Central States trust but to the feds. </p><p> </p><p>It is amazing to me how this new pension reform bill that apparently becomes active in January "08" is effecting this contract. Look for a contract settlement before the new year. (Mark my Words All you People).<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: 237521, member: 5104"] Krash, I would imagine that the Health and Welfare active and retirees' would be handled through the company. In my area the current retirees under the company plan pay only 50 dollars a month for coverage, that includes yourself, wife and any dependents. With the current monetary contributions still in place there should be no reason for the company to demand concessions in that area. I totally agree with the international's newsletter about members getting off their duffs and start getting involved and educated over this major issue. Whatever benefit package comes off the line we better start reading the fine print, "the devil is in the details". Presuming that it fall somewhere around the attempted take over in l997. The only information provided back then was very vague and appeared to be rushed. The good news is that apparently the union will have co-ownership in this trust and believe it or not that is a major selling point. If any good news that came out of this Central States underfunding it gave all of us first hand information on how pension trustees can affect your future retirement benefits. Off my head here is a couple of items to watch out for: a. (Social security offset) that is when a trust can reduce your monetary benefit by whatever amount you start collecting when you become eligible at age 65 or older. b. (Age requirements for pension and Health and Welfare benefits). Currently in the Central States area a part timer under the UPS Pension Plan with thirty years in can retire as early as age 50 with full medical. c. (Spousal reduction) From my understanding currently the Central States reduces your benefit about 500 dollars a month if you want your wife covered for 50 percent of your benefits if you kick the bucket. Now if the withdraw liability of 6,000,000,000 dollars is fact and that I saw somewhere that UPS pays 600,000 for their participants in the Central States trust annually. Do some simple math equations and that will give Central States 10 additional years without feeling the loss of UPS funding. If the trustees can not right the ship by then with that kind of money, they got alot of explaining to do not only to the members still in the Central States trust but to the feds. It is amazing to me how this new pension reform bill that apparently becomes active in January "08" is effecting this contract. Look for a contract settlement before the new year. (Mark my Words All you People).:thumbup1: [/QUOTE]
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