UPS, Teamsters to Restructure New England Pension Plan

Discussion in 'UPS Discussions' started by Mr Sincerity, Aug 24, 2012.

  1. Mr Sincerity

    Mr Sincerity Your Friend

    [h=2]UPS, Teamsters to Restructure New England Pension Plan[/h]

    UPS (NYSE: UPS) today announced an agreement with the New England
    Teamsters and Trucking Industry Pension Fund (NETTI) to restructure
    pension liabilities for approximately 10,200 UPS employees.
    [​IMG]

    More...
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    This is good news for those within that pension fund.

    I hope they do the same for the New York State Teamsters Pension Fund, which is also a multi-employer plan.
     
  3. disgruntled

    disgruntled New Member

    this will make us New England teamsters less disgruntled.
     
  4. OVERBOARD

    OVERBOARD Active Member

    Does this mean we are longer in a multi employer pension fund or is it still consider a multi employer fund
     
  5. anonymous4

    anonymous4 Active Member

    What is the totality of implications associated with this move? Specifically, for high seniority employees? To stay with the CT theme, "the timing of this is funny".
     
  6. Big Babooba

    Big Babooba Well-Known Member

    Yes, now we will be more gruntled!!!
     
  7. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I hope UPS takes the Mass Pike west to Syracuse and does the same to our pension fund.
     
  8. anonymous4

    anonymous4 Active Member

    Now, a peer 80 retirement option. I will have nearly 40 years in by the time I am 57. Wow, that is a long time. My body will be less than a shell of its current self.
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Other than knowing that you add your age and years of service, I do not know any of the particulars of either the Peer 80 or 85. Soberups has discussed both of these retirement plans and I believe he mentioned that he has to pay in addition to what the company pays each week in to the Peer 80.
     
  10. disgruntled

    disgruntled New Member

    " this structure allows the company to freeze its liability in the original pool, establish its payment obligations and move UPS employees into the new pool."

    That's what i Assume it means, i guess we will find out when it is officially done.
     
  11. DorkHead

    DorkHead Active Member

    I believe it would be wise and wait to see the details of their plan. Plus it has to voted on and passed by the membership. Be careful what you hope for:peaceful:
     
  12. bluehdmc

    bluehdmc Well-Known Member

    Sounds very similar to what happened with Central States.
     
  13. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    With YRC faltering and Penn Traffic gone UPS is by far the major contributor to our pension fund yet retirees from all of the participating employers continue to receive their same pension payments uninterrupted. Something has to give and while I would feel bad for those retirees we have to take care of our own.
     
  14. trickpony1

    trickpony1 Well-Known Member

    ....are you talking about when 6 billion dollars slid across the table and the Teamsters became even more impotent than they were before?
     
  15. DorkHead

    DorkHead Active Member

    If you remember, the retirees, by law, can`t have their benefits changed unless we are forced into the government pension. I`m sure there will be give and take in this proposal. Let`s see what is offered. Remember, the Devil is in the details.
     
  16. HEFFERNAN

    HEFFERNAN Huge Member

    As a driver in New England, this is great news and eases one of the great fears we faced. I heard this rumor in June by one of my stewards and find the timing very funny. You would think UPS would use this as a condition in labor negotiations instead of just handing all that money out.

    By all accounts, the Teamsters negotiating team will probably have to give UPS what it wants in our new deal !!!
     
  17. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Much like Obamacare, we should read it to know what's in it.

    My only concern would be our pension plan becoming insolvent. UPS stepping in and "bailing out" UPSers would protect us from insolvency.
     
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    They're not "handing all that money out"--it is to be paid over a 50 year period--but I do agree that this is great news for New England UPSers.
     
  19. bbsam

    bbsam Moderator Staff Member

    What's a pension?
     
  20. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    It's the annuity that you are funding by exploiting others.