"Cut out the middle man" will now be refered to as "The Plan". CS UPSer's here it goes. The details have been finalized. Here is what I came up with. Its Debatable. If you have anything to add or subtract please feel free to respond. I'll try and make it short.
The "Buy Out"
Whats fair is fair. UPSers(active workers) that are presently in the CS plan should recieve all contributions made on their behalf during their present tenure at UPS. UPS full timers should get what UPS has put into the CS fund. Earnings and losses should not count against or for the employee. Crisis. Reason being, they(the employee) had no input on how and where his or hers contributions should have been invested, thus no liability should be taken against him/her.
"Choice"
The Full time employee should exercise his/her right to have a say in the matter of his/her future or pension. Thus a choice concerning the lump sum. For all intents and purposes I'll use the rounded out figure of $10,000 a year per buy out. Example, a 10 year ft driver would recieve a $100,000. Than that UPSer would have the choice to put it in the existing Teamster-UPS 401K(which is not like Enron, 2 identities is watching the other over your stash of cash),Roth IRA or a Plan IRA. I might add these funds can not be touched intill you reach the age of 59 1/2.
Also, in the choice factor. Those that wish or feel more comfortable in the CS mep can choose to stay in it. Its what you the UPSers feel most comfortable with. That is the buy out.
"Future Contributions"
All future UPS weekly pension contributions will be negiotiated by the Teamsters at contract due times.
Each UPS full time employee will have the CHOICE in where his UPS weekly pension contributions will be deposited in. Teamster-UPS 401k, Roth IRA or conviencal IRA.
Being Vested would no longer exist. New ft drivers after reaching their 40 day probational period will make the CHOICE on where his future UPS weekly pension contributions will be deposited into. If the UPS ft driver decides to leave and pursue other occupational interest. His monies will go with him/her. Transferrable.
As of now in the CS mep plan only 40 cents of every dollar amount contributed by UPS goes to the UPSer ft employee upon retirement. Thus one year in "The Plan" equals 2 1/5 years in the CS mep plan. For those that start driving ft at a later year in life, such as 45 or 50 years of age this will have its advantages.
President Jim Hoffa Jr., as you can see this puts the common labor interest at an advantage. Isn't that what the Teamster's is all about? Putting the power back in the "Common Laborer". Jim Jr. do what is "Right". Go with "The Plan".
In closing, It appears on the 10 member CS pension council its 50/50. So, there is some blame to be spread. UPS will pay its share of blame on the investment decisions of the pension monies. I might have some reservations about this. If the fund is based on the Idividual pension contributions than I feel that UPS has meet its obligation. If its based on the entire fund. Which I believe it is not fair to UPS than it is under funded. Why should UPS be held accountable for other companies employees. Its just not FAIR!!!!!!! UPS has a creditable and legal concern about this Practice.
Well, I tried and brain storm the whole problem Put it in a nut shell that is easily understandable by all people. Take care area 43
The "Buy Out"
Whats fair is fair. UPSers(active workers) that are presently in the CS plan should recieve all contributions made on their behalf during their present tenure at UPS. UPS full timers should get what UPS has put into the CS fund. Earnings and losses should not count against or for the employee. Crisis. Reason being, they(the employee) had no input on how and where his or hers contributions should have been invested, thus no liability should be taken against him/her.
"Choice"
The Full time employee should exercise his/her right to have a say in the matter of his/her future or pension. Thus a choice concerning the lump sum. For all intents and purposes I'll use the rounded out figure of $10,000 a year per buy out. Example, a 10 year ft driver would recieve a $100,000. Than that UPSer would have the choice to put it in the existing Teamster-UPS 401K(which is not like Enron, 2 identities is watching the other over your stash of cash),Roth IRA or a Plan IRA. I might add these funds can not be touched intill you reach the age of 59 1/2.
Also, in the choice factor. Those that wish or feel more comfortable in the CS mep can choose to stay in it. Its what you the UPSers feel most comfortable with. That is the buy out.
"Future Contributions"
All future UPS weekly pension contributions will be negiotiated by the Teamsters at contract due times.
Each UPS full time employee will have the CHOICE in where his UPS weekly pension contributions will be deposited in. Teamster-UPS 401k, Roth IRA or conviencal IRA.
Being Vested would no longer exist. New ft drivers after reaching their 40 day probational period will make the CHOICE on where his future UPS weekly pension contributions will be deposited into. If the UPS ft driver decides to leave and pursue other occupational interest. His monies will go with him/her. Transferrable.
As of now in the CS mep plan only 40 cents of every dollar amount contributed by UPS goes to the UPSer ft employee upon retirement. Thus one year in "The Plan" equals 2 1/5 years in the CS mep plan. For those that start driving ft at a later year in life, such as 45 or 50 years of age this will have its advantages.
President Jim Hoffa Jr., as you can see this puts the common labor interest at an advantage. Isn't that what the Teamster's is all about? Putting the power back in the "Common Laborer". Jim Jr. do what is "Right". Go with "The Plan".
In closing, It appears on the 10 member CS pension council its 50/50. So, there is some blame to be spread. UPS will pay its share of blame on the investment decisions of the pension monies. I might have some reservations about this. If the fund is based on the Idividual pension contributions than I feel that UPS has meet its obligation. If its based on the entire fund. Which I believe it is not fair to UPS than it is under funded. Why should UPS be held accountable for other companies employees. Its just not FAIR!!!!!!! UPS has a creditable and legal concern about this Practice.
Well, I tried and brain storm the whole problem Put it in a nut shell that is easily understandable by all people. Take care area 43