Teamsters CS DVD

[scratch]

I just finished watching a DVD that the IBT sent to employees covered under Central States. It came in the mail today along with my Ballot. It is 45 minutes long, and starts out with Ken Hall explaining what happened with the negotiations. Then, a Teamster Pension lawyer explains the details. I learned a lot from it and it explained a lot of things. THIS IS A VERY GOOD PENSION PLAN. If you work one hour on January 1, 2008, you are on the new Plan. There are actually two different plans, some people will qualify to draw from both of them. The Service (25, 30, 35 and out) is restored from the 2003 CS cuts. The Accrued Plan will pay out more if you are a younger employee. There are no Social Security offsets. If I retire with a $3000 a month pension, when I get my $1600 Social Security, then I will get $4600 a month total.

I am amazed at the bad info posted in this forum. I hope that everyone studies the real facts and ask questions from people that know what they are talking about. I am not crazy about a lot of things in this Contract Proposal, but some of it looks good.

[1989]

Good to know scratch. The CS doesn't affect me, so I don't know the details. I've been holding out my vote on this issue.

[pkgdriver]

Scratch the Pension does seem good.

No post retirement work restrictions either.

[satellitedriver]

Originally Posted by scratch

I just finished watching a DVD that the IBT sent to employees covered under Central States. It came in the mail today along with my Ballot. It is 45 minutes long, and starts out with Ken Hall explaining what happened with the negotiations. Then, a Teamster Pension lawyer explains the details. I learned a lot from it and it explained a lot of things. THIS IS A VERY GOOD PENSION PLAN. If you work one hour on January 1, 2008, you are on the new Plan. There are actually two different plans, some people will qualify to draw from both of them. The Service (25, 30, 35 and out) is restored from the 2003 CS cuts. The Accrued Plan will pay out more if you are a younger employee. There are no Social Security offsets. If I retire with a $3000 a month pension, when I get my $1600 Social Security, then I will get $4600 a month total.

I am amazed at the bad info posted in this forum. I hope that everyone studies the real facts and ask questions from people that know what they are talking about. I am not crazy about a lot of things in this Contract Proposal, but some of it looks good.

Scratch,
I hope people listen to your voice of reason.
I really am kind of suprised you didn't realize
what was being offered before now. Printed material is sometimes hard to comprehend when written in legalese(sp).
Since I am no longer a teamster, I will not get the video or get to vote, but I have read the proposal and I have also been amazed at the supposed enlightened posts made by people who wish to derail the negotiated contract offer.

I will live and thrive with whatever decision that is reached, but I have to say, if this is rejected, it will be the worst mistake since 97'.
PAX

[Cezanne]

Scratch,

Please study the partial pension formula if you have any years under as a part timer under the UPS Pension Plan. The monetary benefit has not changed it is still at a percentage of a standard thirty year pension at the time you left that plan. It does not pay 55 dollars per vested part time year which most everybody is assuming. This works out for anybody who has alot of years under the Central States trust, but consider the driver or combo full time member who has over 20 years vesting as a part timer. If that employee worked those 20 years and another 10 years as a full timer under the Central States fund/IBT UPS fund, their retirement benefit would equal 1,750 with the assumption that any of those years are not subject to any six percent deduction.

I believe that the 25 or 30 service benefit under the new plan is based on credit years, so your part time years are not going to count as a full vested service year (1801 straight houring hours). For example if you worked 10 years as a part timer you will only get credit for about 7 full service years, it all depends on how many hours you worked per year as a part time employee. Most of us in the Central States area have a good part of our vesting years as part time employees, it will take an additional 3 to 5 years to collect any service benefit.

This is not misinformaton, trust me...Still alot of unanswered question out there that need to be addressed.

[trickpony1]

Originally Posted by scratch

If you work one hour on January 1, 2008, you are on the new Plan. ..............I am not crazy about a lot of things in this Contract Proposal, but some of it looks good.

Then it sounds like the pension part is a "done deal" and there is no changing it. We can then go back to the table and change some of the language that alot of people "....am not crazy about....". I can think of several articles like 14, 34, 26 and 36.

[30andout]

Originally Posted by trickpony1

Then it sounds like the pension part is a "done deal" and there is no changing it. We can then go back to the table and change some of the language that alot of people "....am not crazy about....". I can think of several articles like 14, 34, 26 and 36.

Pension is NOT a done deal, it must pass the vote along with the rest of the contract. Why would you think its a DONE deal??? CS people need this contract to pass to get back into a good pension plan, even though some of the rest of the contract doesn't look so great its not that bad.

[pretender]

Originally Posted by Cezanne

Scratch,

Please study the partial pension formula if you have any years under as a part timer under the UPS Pension Plan. The monetary benefit has not changed it is still at a percentage of a standard thirty year pension at the time you left that plan. It does not pay 55 dollars per vested part time year which most everybody is assuming. This works out for anybody who has alot of years under the Central States trust, but consider the driver or combo full time member who has over 20 years vesting as a part timer. If that employee worked those 20 years and another 10 years as a full timer under the Central States fund/IBT UPS fund, their retirement benefit would equal 1,750 with the assumption that any of those years are not subject to any six percent deduction.

I believe that the 25 or 30 service benefit under the new plan is based on credit years, so your part time years are not going to count as a full vested service year (1801 straight houring hours). For example if you worked 10 years as a part timer you will only get credit for about 7 full service years, it all depends on how many hours you worked per year as a part time employee. Most of us in the Central States area have a good part of our vesting years as part time employees, it will take an additional 3 to 5 years to collect any service benefit.

This is not misinformaton, trust me...Still alot of unanswered question out there that need to be addressed.

I could be wrong, but I am almost positive that a vested part time year will count the same as a full time vested year, when determining years of service. That is a key point however, regarding the the actual benefit paid--It is also my understanding that it is a percentage of whatever the benefit was when you left the plan. Does anyone know how to find out the different benefit amounts over the past 30+ years?

[dammor]

Originally Posted by scratch

I just finished watching a DVD that the IBT sent to employees covered under Central States. It came in the mail today along with my Ballot. It is 45 minutes long, and starts out with Ken Hall explaining what happened with the negotiations. Then, a Teamster Pension lawyer explains the details. I learned a lot from it and it explained a lot of things. THIS IS A VERY GOOD PENSION PLAN. If you work one hour on January 1, 2008, you are on the new Plan. There are actually two different plans, some people will qualify to draw from both of them. The Service (25, 30, 35 and out) is restored from the 2003 CS cuts. The Accrued Plan will pay out more if you are a younger employee. There are no Social Security offsets. If I retire with a $3000 a month pension, when I get my $1600 Social Security, then I will get $4600 a month total.

I am amazed at the bad info posted in this forum. I hope that everyone studies the real facts and ask questions from people that know what they are talking about. I am not crazy about a lot of things in this Contract Proposal, but some of it looks good.

Where have you been Scratch? That very same video has been available to download from the teamster website for 2 weeks now. Many of us have have posted on several of these threads the importance of veiwing the video. Seems very few cared enough or took the time to do so. Many are more concerned about the GPS launguage than about having a decent pension. At my age and years of service the pension and healthcare are more important than UPS knowing where I am at all times. Hell, they already know where we are.
If you are doing your job correctly why all the worry? I'm glad you watched the video though. We asked for a better pension and that is what is being offered. We will never get everything we want, but a decent pension will get a yes vote from me.

[scratch]

"Where have I been?"

This is the first time I have watched this video, I knew before that a video has already been posted by the IBT. The earlier threads regarding the new pension have been filled with a lot of rumors and just bad information. After a while, a lot of the Labor Forum Threads have gotten extremely repetitive, so there are quite a few I do not read. A lot of people are pushing their own agenda and are distorting a lot of issues. I am aware of TDU's campaign, I have actually listened in on one of their conference calls. I have been taking my time and trying to learn as much as I can. The earlier written info regarding this plan were written in a confusing way to me, as I don't mind stating that I am no legal expert. I am still not 100% positive about how it will effect me regarding my personal situation. I started with this company 32 years ago and am presently 49. No matter how you look at this plan, it is far superior to what Central States is offering us presently. The GPS issue and raises mean nothing to me. I don't think Feeder Drivers have anything to worry about. My Hub has been running Feeder Schools every week for almost two years. UPSF is being organized. The only thing that I don't like is how the Part Time people have been treated for the last couple of decades. I was there in the good times when the starting pay was twice the minimum wage. Thats where I see the real problem.

[derf3733]

Originally Posted by scratch

I am still not 100% positive about how it will effect me regarding my personal situation. I started with this company 32 years ago and am presently 49.

Before you Vote you might want to check out the Fact you will not be able to buy the Insurance until you are age 57. So if you retire at age 50 you will have 7 years without health coverage from the new plan.

We were told this at our local meeting by Bill Lichtenwald President of Local 20 and Union Chair, Ohio Rider Committee who sat in during most of the negotiations.

Look at the back page of the booklet sent out to you about the pension titled UPS/IBT Full-Time Employee Pension Plan Highlights Guide.

The back page in the small print paragraph 2 sentence 2, "UPS and the IBT trustees reserve the right to amend or discontinue any employee benefits or plans at any time for any reason."

That sure sounds like they are going to take care of our future. NOT!!!!!!!

[Braveheart]

Good point! And the $3000 they keep talking about is a SINGLE LIFE ANNUITY.

What is my benefit if I want survivor benefits? How much of a cut do I take?

What is the cut on the 25 and out? These seem to be real important questions and yet there was ZILCH in the brochures about it!!!!!!!!!

[dammor]

Scratch, How many years of your 32 were part time?

[speedbug]

Originally Posted by Braveheart

Good point! And the $3000 they keep talking about is a SINGLE LIFE ANNUITY.

What is my benefit if I want survivor benefits? How much of a cut do I take?

What is the cut on the 25 and out? These seem to be real important questions and yet there was ZILCH in the brochures about it!!!!!!!!!

Great questions, I wish we could get some answers. I call the ups/teamster ph # in the packet we recieved and could not get answers.

[scratch]

Originally Posted by dammor

Scratch, How many years of your 32 were part time?

I have 8.25 years credit under the Reciprocal Agreement. And 23 years FT in CS. According to a statement I got from Corporate about the UPS Pension Plan, (not the new one), I will get $206 a month extra at age 65. We have our Contract Meeting for Local 728 at 10 AM tomorrow, I will be there with my questions,

Originally Posted by 1989

Good to know scratch. The CS doesn't affect me, so I don't know the details. I've been holding out my vote on this issue.

If you received a ballot, the Central States "solution" most definately does affect you. You'll be paying for it!!! $6.1 billion is a huge amount of money to take from the rest of the bargaining unit and "give" to the Central Staters, and just the full-timers at that. In addition, there is the billions that will be put in the new fully-funded pension plan for full-time Central Staters. Someone's got to pay for all this. Ideally it should be the stockholders of UPS, or Central Staters themselves, but the nationwide Contract consessions seems to say it's the whole bargaining unit, especially part-timers, that will pay. It's particularly shocking for someone like myself in the New England Pension Plan. Our plan is in as bad a shape as Central States, (though without the excessive number of current retirees drawing benefits,) and we had our benefits cut just like almost everyone else across the country. When the dust settles, I predict a nationwide backlash will grow against this deal. Our cuts have not been restored. We are even paying to restore 20-and-out for Central Staters when we don't even have that for ourselves!
- - - - -
At our recent Contract explanation meeting, my Local's President spoke of an additional $8 billion UPS has "in reserve," above and beyond the $6.1 billion. Does anyone know what this sum refers to? Could it be the potential cost of fully-funding the new plan for Central Staters? Please post if you've heard anything. Thanks.

[my2cents]

This is purely speculative thinking on my part, but chances are this extra 8 billion is possibly earmarked as an extra cash infusion, if indeed, Central States hits the wall. Moreover, there are 20 other multi-employer plans and I would surmise about 10 of them or so are below the 75% funding level. Once the Pension Protection Act kicks in on January 1st, 2008, no doubt extra cash will have to be kicked into these underfunded plans over the life of this proposed contract. In regards to the New England Fund, I have no idea how much extra money UPS will have to pay into this Fund to meet the provisions of the law.

I don't think these extra billions are something the Teamsters nor UPS wants to publicize. From the IBT's standpoint, it's simply embarrassing and the company doesn't want to scare Wall Street with pension liability numbers. I believe part of the reason Scott Davis was selected to be the next CEO is because of his financial background. Navigating these pension waters over the next several years will be a challenge for the next CEO.

[derf3733]

Originally Posted by JonFrum

- - - - -
At our recent Contract explanation meeting, my Local's President spoke of an additional $8 billion UPS has "in reserve," above and beyond the $6.1 billion. Does anyone know what this sum refers to? Could it be the potential cost of fully-funding the new plan for Central Staters? Please post if you've heard anything. Thanks.

We were told at our meeting if vote no and stay in the CS pension plan the Federal Govt will like make UPS contribute upwards of $22 BILLION to bring CS up to adequate funding levels. All other Employers still in CS would also have to put in Billions.