Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
UPS, Teamsters to Restructure New England Pension Plan
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="over9five" data-source="post: 1018094" data-attributes="member: 1401"><p>I'm just back from the meeting at the union hall regarding this. A lot of information! Here are some of the points I remember (should have taken notes):</p><p></p><p></p><p>We will continue to receive an accrual of $248/month ($124 for p/t) for a pension. We have been getting this for the last 7-10 years, and it is guaranteed to continue for the next 10 years. UPS cannot pull out of this for ten years, and will most likely NOT pull out even then because there is a huge pull-out penalty.</p><p></p><p>It is seamless in that even though you are now in the new liability pool, all your time in the old pool still counts ie you will get one pension check each month.</p><p></p><p>If you are already retired, you are in the old pool and have nothing to do with the new. Might not have been any retirees there, cuz no-one got up to question that.</p><p></p><p>20 other companies have expressed interest, or are currently negotiating to also do this.</p><p></p><p>The attorney said locals from all over the country have been calling him asking how we did it, because UPS won't even talk to them about it.</p><p></p><p>I was the observer to the vote count, so I can tell you it passed 152 to 8. Seems like a crap turnout, but it is a holiday weekend AND we only got a few days notice of the meeting. It all has to be approved by Sept 16. After Sept, UPS's withdrawal fee gets a lot bigger.</p><p></p><p>If y'all have any questions, I'll try to answer. I'm actually hoping JonFrum was there, cuz he's wikked good at this stuff!</p></blockquote><p></p>
[QUOTE="over9five, post: 1018094, member: 1401"] I'm just back from the meeting at the union hall regarding this. A lot of information! Here are some of the points I remember (should have taken notes): We will continue to receive an accrual of $248/month ($124 for p/t) for a pension. We have been getting this for the last 7-10 years, and it is guaranteed to continue for the next 10 years. UPS cannot pull out of this for ten years, and will most likely NOT pull out even then because there is a huge pull-out penalty. It is seamless in that even though you are now in the new liability pool, all your time in the old pool still counts ie you will get one pension check each month. If you are already retired, you are in the old pool and have nothing to do with the new. Might not have been any retirees there, cuz no-one got up to question that. 20 other companies have expressed interest, or are currently negotiating to also do this. The attorney said locals from all over the country have been calling him asking how we did it, because UPS won't even talk to them about it. I was the observer to the vote count, so I can tell you it passed 152 to 8. Seems like a crap turnout, but it is a holiday weekend AND we only got a few days notice of the meeting. It all has to be approved by Sept 16. After Sept, UPS's withdrawal fee gets a lot bigger. If y'all have any questions, I'll try to answer. I'm actually hoping JonFrum was there, cuz he's wikked good at this stuff! [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
UPS, Teamsters to Restructure New England Pension Plan
Top