All the part timers in the Central and Southern are under the UPS Pension Plan (defined benefit plan), which is paid annually just enough to provide the promised benefit. It was created around l973 and is strictly controlled by the Company Board of Trustees, any improvements in that plan for the Part timers and current Full timers who have vested time for credited service has to be negotiated. The Company DOES NOT pay into the plan the same as those part timers in the West. They are under a (monetary contribution plan) and a subject to Article 34 (Master) funding requirements, which is currently about 10 dollars per hour that should be going toward their future pension benefits. Their Heath and Welfare contributions should be about the same also.
You are getting ripped off and most of the Full timers who have vested time under the UPS Pension Plan.
Here is why:
a. No service credit pass 35 years.
b. That five dollar increase in your pension is peanuts
compared to the also paltry 400 dollars increase that
was negotiated for the Full timers in the same region.
c. Any Full timer under the IBT/UPS pension plan got not
improvement for any of those years that they worked as
a part timer. Still under the 6 percent penalty prior to
age 65 and formulated at what you would get when you
left the plan.
d. That formulated service pension under the IBT/UPS only
credits those years under the Central Stares as a Full
timer. Your part time years are formulated separately
and then added on to your full time years for a final total
with your pension benefit. You can retire with 30 years in
with your part time and full time service credited, but
pension benefits will be reduce according to the times
that you worked under those plans. Big difference
compared to the Western's pension formula.
e. Even if you worked full time hours as a part time you will
never get extra credit on your pension benefit, also that
60 dollar per year benefit only applies to those years
after 2008, it does not go back to your original date of
hiring.
Yes..we are getting ripped off..