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Brown Cafe UPS Forum
UPS Union Issues
Biggest scam is on all UPS hourly employees
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<blockquote data-quote="Bill" data-source="post: 174222" data-attributes="member: 5483"><p>The best case scenario at this point would be UPS contributing $214 a week into each of our 401K plans (instead of the pension fund), but the Teamsters are giving our money to retirees of other companies, as well as using it for themselves. In Central States alone, there are 55,586 current employees in UPS,Yellow,Conway, Roadway, and ABF contributing to 35,468 retirees. You do the math. Assuming that these 5 companies contribute as much as UPS ($214 per week X 52 weeks = $11,128 per year.) $11,128 X 55,586 employees = $618,561,008. Divide this by the ;number of retirees and we arrive at $17,440 per retiree per year divided by 12 months = $1,453 per retiree per month. We know that other companies don't contribute as much as UPS , so the number would actually be lower. Each year as more people retire, we now have more retirees, and the same number of contributors. By this reasoning, the Central States fund is diminishing each year. The fund at its current level is only 55% funded. As each year passes, more cuts will be needed just to maintain the current level. The APWA has a solution, the Teamsters have none.</p></blockquote><p></p>
[QUOTE="Bill, post: 174222, member: 5483"] The best case scenario at this point would be UPS contributing $214 a week into each of our 401K plans (instead of the pension fund), but the Teamsters are giving our money to retirees of other companies, as well as using it for themselves. In Central States alone, there are 55,586 current employees in UPS,Yellow,Conway, Roadway, and ABF contributing to 35,468 retirees. You do the math. Assuming that these 5 companies contribute as much as UPS ($214 per week X 52 weeks = $11,128 per year.) $11,128 X 55,586 employees = $618,561,008. Divide this by the ;number of retirees and we arrive at $17,440 per retiree per year divided by 12 months = $1,453 per retiree per month. We know that other companies don't contribute as much as UPS , so the number would actually be lower. Each year as more people retire, we now have more retirees, and the same number of contributors. By this reasoning, the Central States fund is diminishing each year. The fund at its current level is only 55% funded. As each year passes, more cuts will be needed just to maintain the current level. The APWA has a solution, the Teamsters have none. [/QUOTE]
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Biggest scam is on all UPS hourly employees
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