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<blockquote data-quote="Bill" data-source="post: 207688" data-attributes="member: 5483"><p>As far as concessions go, is it true or not true that if UPS has control of the pension in Central states, will our social security benefits be deducted from our pension. In other words, if we receive a $3000 pension, and our social security benefit is $1500 per month, then will UPS only give us $3000-$1500=$1500 per month. Every year after that , if our SS benefit goes up, our contribution from UPS will go down. $3000 will be worth less and less each year as the cost of living goes up. That is what UPS proposed back in 1997. </p><p>After working 30 years or however many years one chooses to work, they should receive the full amount of the pension. This should be separate from the government's SS check. The ideal solution is for an independent entity (neither UPS or the Teamsters) to control our pension. As I have stated in earlier posts, the reasons are clear. The Teamsters are currently taking $120,000,000 per year in administration fees from our pension (this number can be found in the 5500 annual report). In 2005, an additional $61,434,532 were taken out of our health and welfare benefits for administration fees (schedule H, line i4). This report classifies this as other administration fees, without giving a breakdown on what it is used for. Just a thought, but do you think that the Teamsters have their hands in this fund too?</p></blockquote><p></p>
[QUOTE="Bill, post: 207688, member: 5483"] As far as concessions go, is it true or not true that if UPS has control of the pension in Central states, will our social security benefits be deducted from our pension. In other words, if we receive a $3000 pension, and our social security benefit is $1500 per month, then will UPS only give us $3000-$1500=$1500 per month. Every year after that , if our SS benefit goes up, our contribution from UPS will go down. $3000 will be worth less and less each year as the cost of living goes up. That is what UPS proposed back in 1997. After working 30 years or however many years one chooses to work, they should receive the full amount of the pension. This should be separate from the government's SS check. The ideal solution is for an independent entity (neither UPS or the Teamsters) to control our pension. As I have stated in earlier posts, the reasons are clear. The Teamsters are currently taking $120,000,000 per year in administration fees from our pension (this number can be found in the 5500 annual report). In 2005, an additional $61,434,532 were taken out of our health and welfare benefits for administration fees (schedule H, line i4). This report classifies this as other administration fees, without giving a breakdown on what it is used for. Just a thought, but do you think that the Teamsters have their hands in this fund too? [/QUOTE]
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