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Brown Cafe UPS Forum
UPS Union Issues
Attention Teamsters in the central region.
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<blockquote data-quote="beentheredonethat" data-source="post: 999126" data-attributes="member: 4886"><p>No matter what I or anyone else in mgmt says, you won't believe us. Do as I suggested before. Go to a financial planner. Give to him\her the contributions UPS paid to the pension fund on your behalf for your pension. Then ask them if all they did was diversify in safe investments (SP500 Index fund) over the years, what would you have for a monthly annuity at retirement. Compare to what the teamster pension plan offers you. Do this, and you will see that a lot of money is missing. </p><p></p><p>I'm up in New England and we pay for both PT and FT union folks based on hours paid (max of 40) a set amount per hour (that increases each year). The hourly has to work 5 years to get vested. The hubs up here have pretty bad turnover (like many hubs). What % of PT hourlies do you think stay here for 5 years to get vested in the pension? I'm sure you will agree that percentage is small. ALL of that money contributed on their behalf stays in the pension fund. </p><p></p><p>Therefore... your pension should be much much larger then even what UPS contributed for you, since all that money contributed for non vested PT'ers who left should increase everyones pension. Yet, the pension is in critical status. </p><p></p><p>Also... you and others have mentioned the pension fund is comanaged by the company and teamsters. THat is misleading. INitially UPS did not have any representatives on the boards of the pension funds. We do now and have had for a while. However, the management portion of the board is from multiple companies. UPS in most boards has but a single vote.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 999126, member: 4886"] No matter what I or anyone else in mgmt says, you won't believe us. Do as I suggested before. Go to a financial planner. Give to him\her the contributions UPS paid to the pension fund on your behalf for your pension. Then ask them if all they did was diversify in safe investments (SP500 Index fund) over the years, what would you have for a monthly annuity at retirement. Compare to what the teamster pension plan offers you. Do this, and you will see that a lot of money is missing. I'm up in New England and we pay for both PT and FT union folks based on hours paid (max of 40) a set amount per hour (that increases each year). The hourly has to work 5 years to get vested. The hubs up here have pretty bad turnover (like many hubs). What % of PT hourlies do you think stay here for 5 years to get vested in the pension? I'm sure you will agree that percentage is small. ALL of that money contributed on their behalf stays in the pension fund. Therefore... your pension should be much much larger then even what UPS contributed for you, since all that money contributed for non vested PT'ers who left should increase everyones pension. Yet, the pension is in critical status. Also... you and others have mentioned the pension fund is comanaged by the company and teamsters. THat is misleading. INitially UPS did not have any representatives on the boards of the pension funds. We do now and have had for a while. However, the management portion of the board is from multiple companies. UPS in most boards has but a single vote. [/QUOTE]
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Attention Teamsters in the central region.
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