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<blockquote data-quote="DELACROIX" data-source="post: 5002214" data-attributes="member: 49065"><p>I can see the Company trying to get out of the “UPS Pension Plan” for part timers under the Central and Southern, they have total control of that (defined pension plan). The fact is not many of our part timers are hanging around past 5 years to become vested.</p><p></p><p>There is a reason why the Company is eliminating vesting in the “UPS Retirement Plans” in 2023 which corresponds to to end of 2018 contract agreement. They want out of financing their defined pension plans, they are expecting or projecting severe increases in maintaining and insuring these plans.</p><p></p><p>Just study what is happening to most of the pension trusts in America today, most of the corporations are bailing out and going to a 401k match. These 401k’s do have the ability to transfer, whereas vested time under a traditional pension plan are limited and hard to get to, most are conditioned to start when the employe turns 65 and are not transferable.</p><p></p><p>For the members who are under most of the Multi Employer Teamster controlled “Monetary Contribution Pension Trusts” like the Western and some parts of the East nothing will change. They will receive the weekly monetary contributions and will grow and provide increases for all their participants, as membership grows in those those areas and their investments continue to return good results those members can expect a possible 300 plus per service year pension benefit.</p><p></p><p>My opinion is that this 2023 Contract will all about (PENSIONS).. remember also that the pilots and the airline mechanics contract expires at the same time as the Teamsters.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5002214, member: 49065"] I can see the Company trying to get out of the “UPS Pension Plan” for part timers under the Central and Southern, they have total control of that (defined pension plan). The fact is not many of our part timers are hanging around past 5 years to become vested. There is a reason why the Company is eliminating vesting in the “UPS Retirement Plans” in 2023 which corresponds to to end of 2018 contract agreement. They want out of financing their defined pension plans, they are expecting or projecting severe increases in maintaining and insuring these plans. Just study what is happening to most of the pension trusts in America today, most of the corporations are bailing out and going to a 401k match. These 401k’s do have the ability to transfer, whereas vested time under a traditional pension plan are limited and hard to get to, most are conditioned to start when the employe turns 65 and are not transferable. For the members who are under most of the Multi Employer Teamster controlled “Monetary Contribution Pension Trusts” like the Western and some parts of the East nothing will change. They will receive the weekly monetary contributions and will grow and provide increases for all their participants, as membership grows in those those areas and their investments continue to return good results those members can expect a possible 300 plus per service year pension benefit. My opinion is that this 2023 Contract will all about (PENSIONS).. remember also that the pilots and the airline mechanics contract expires at the same time as the Teamsters. [/QUOTE]
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