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Brown Cafe UPS Forum
UPS Retirement Topics
Part time retirement question
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<blockquote data-quote="DELACROIX" data-source="post: 4767090" data-attributes="member: 49065"><p>It also was the perfect storm for the Central States Pension fund, unlike in the Western conferences were the part timers continue to contribute financially into the full timers pension plan the Central never had that luxury. When these trucking firms started to go under because on deregulation UPS knew they were going to be stuck with a ton of pension fund liabilities. They really started to negotiate out of the Central back in”93”, that was the time that Carey was running for office under the platform of raising the retirement benefits in the Central.</p><p></p><p>The Western Conferences were far more diversified in their contributors, other industries besides just trucking. Right now they are at 92 % vested, the Central in at 65 % and will be insolvent by 2025. Their benefit levels with the same amount of service years under the Western is roughly 2x as much as the IBT/UPS pension plan in the Central, their part time years are formulated into their full time benefits according to how many hours they worked. Bottom lune is that by the company controlling our part time service years in the Central and Southern we will never reach the same superior benefits as those in the Western Conferences. </p><p></p><p>Another thorn in the side is that the Central and Southern pension formulas are written in the Master. So even if we could reject our supplemental language over this pension diversity it will still pass under the Master nationwide.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4767090, member: 49065"] It also was the perfect storm for the Central States Pension fund, unlike in the Western conferences were the part timers continue to contribute financially into the full timers pension plan the Central never had that luxury. When these trucking firms started to go under because on deregulation UPS knew they were going to be stuck with a ton of pension fund liabilities. They really started to negotiate out of the Central back in”93”, that was the time that Carey was running for office under the platform of raising the retirement benefits in the Central. The Western Conferences were far more diversified in their contributors, other industries besides just trucking. Right now they are at 92 % vested, the Central in at 65 % and will be insolvent by 2025. Their benefit levels with the same amount of service years under the Western is roughly 2x as much as the IBT/UPS pension plan in the Central, their part time years are formulated into their full time benefits according to how many hours they worked. Bottom lune is that by the company controlling our part time service years in the Central and Southern we will never reach the same superior benefits as those in the Western Conferences. Another thorn in the side is that the Central and Southern pension formulas are written in the Master. So even if we could reject our supplemental language over this pension diversity it will still pass under the Master nationwide. [/QUOTE]
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