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UPS Union Issues
2023 contract
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<blockquote data-quote="35years" data-source="post: 5438986" data-attributes="member: 60822"><p>You hit the nail on the head.</p><p>Those under the IBT/UPS plan...Central and Southern regions+... had better wake up.</p><p>$170 credit in 2013...Only $175 in 2023.</p><p>Adjusted for inflation, that should be $216 in 2022 and $233 for 2023.</p><p>25% reduction in buying power.</p><p></p><p>The 30 and 35 and out methods actually faired worse...33% reduction in buying power.</p><p></p><p>Plain and simple, those in the IBT/UPS fund were sold out.</p><p>That's why it was written into the Master. No voting down the supplement like every other region.</p><p></p><p>To rectify what Hoffa did:</p><p>The IBT/UPS pension is currently figured by two methods...</p><p>1. Accrual method:</p><p>Inflation adjustment indicates an immediate 25% increase, but also retroactive increases in pension credit for the last 10 years for an extra $176 cumulative. That is only to make up for inflation.</p><p>2. (30 or 35 and out method)</p><p>Inflation adjustment indicates 30 and out should be $5,400 not the current $3,900</p><p>Inflation adjustment indicates 35 and out should be $6,500 not the current $4,300</p><p></p><p>These should actually increase over the contract as well...This is just the inflation adjusted starting point for the first year.</p><p></p><p></p><p>If these increases seem large, remember they only reflect inflation.</p><p> That is how badly the Central and South are currently getting screwed.</p><p></p><p>If you retire at 62 you will get 20 years of pension on avg.</p><p>$6,500 vs $4,300 a month totals an extra $528,000</p><p>WAKE UP!!!</p></blockquote><p></p>
[QUOTE="35years, post: 5438986, member: 60822"] You hit the nail on the head. Those under the IBT/UPS plan...Central and Southern regions+... had better wake up. $170 credit in 2013...Only $175 in 2023. Adjusted for inflation, that should be $216 in 2022 and $233 for 2023. 25% reduction in buying power. The 30 and 35 and out methods actually faired worse...33% reduction in buying power. Plain and simple, those in the IBT/UPS fund were sold out. That's why it was written into the Master. No voting down the supplement like every other region. To rectify what Hoffa did: The IBT/UPS pension is currently figured by two methods... 1. Accrual method: Inflation adjustment indicates an immediate 25% increase, but also retroactive increases in pension credit for the last 10 years for an extra $176 cumulative. That is only to make up for inflation. 2. (30 or 35 and out method) Inflation adjustment indicates 30 and out should be $5,400 not the current $3,900 Inflation adjustment indicates 35 and out should be $6,500 not the current $4,300 These should actually increase over the contract as well...This is just the inflation adjusted starting point for the first year. If these increases seem large, remember they only reflect inflation. That is how badly the Central and South are currently getting screwed. If you retire at 62 you will get 20 years of pension on avg. $6,500 vs $4,300 a month totals an extra $528,000 WAKE UP!!! [/QUOTE]
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