How can APWA offer a monthly pension that almost meets your monthly gross?
The dollars and cents or it doesn't add up.
UPS pays a weekly amount to the Teamsters that would not increase with the APWA without re-negioating.
Lets see 300 per week times 4 is 1200 per month to the teamters
times 12 is 14,400 per year after thirty years that 432,000 comtributed on your behalf.
APWA is going to pay you 7000 per montly, 84,000 annually.
If you live 10 years into rewtirenent thats 840,000.
Where does the extra 412,000 come from?
Sorry guys for the mess up. For some reason my reply wasn't attached.
Teamster 251, I understand totally where you are comeing from. Alot of sceptics are that way for the very same reason you are.
It is simple MATH as well as COMPOUNDING interest that makes it possible. What the Teamsters aren't telling you is that only 40% of what UPS is contributing on each full time employees behalf is going to the fund. Why is this? The APWA is going to contribute all 100% of the UPS contribution on your behalf. After all it is YOURS and not the TEAMSTERS or the APWA's for that matter. This is what UPS has wanted for us since the strike of 97.
Take that same figure and do the math yourself. Only for yourself, the interest alone makes it possible to have a little at retirement. Multiply this by the BILLIONS of dollars that will be in the fund from all the participants and the interest money ALONE will allow the APWA to be able to do what they say they will. If you look at all the money put into the several pension funds overseed by the IBT over all the years with interest, the IBT should have been able to pay WAY more than they have been in all the funds. EVEN BEFORE 9,11 and post 9,11.
Do the math for yourself. There are several major retirement funds agencies available on line that allows you to put in any figure youu want on there web sites and then figure out the payments after 10, 15, 20 years. Of course they will tell you, figures could change for the worse or for the better.
Guys, it's up to US to take BACK control of YOUR future. This is going to be the last chance to take it back. That is why I am a supporter of the APWA. We need a UNION that is OF the PEOPLE and represents its' people. Somewhere along the line I think the TEAMSTERS have forgotten that. IT"S all ABOUT THE MONEY guys.
Mark my words here also. If the APWA is not voted in, you will see how much the TEAMSTERS is for YOU. They WILL find a way to make sure the TEAMSTERS can no longer be challenged by it's own members who are fed up with the way they are CONTROLLING YOUR future. This will happen at the next contract, IF it is negotiated by the IBT.
IT"S YOUR PENSION!!!! NOT THE TEAMSTERS!