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UPS Retirement Topics
Pension for p/t sup
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<blockquote data-quote="DELACROIX" data-source="post: 3889443" data-attributes="member: 49065"><p>I imagine that any long term part time supervisor knows the score. Really look around and see that they are rarer than hen's teeth, for that matter the same can be said for their Union counterparts. The goal is to become full time as soon as possible it has always been, primarily for Management with the added perks (MIP and such). The UPS Retirement Plan is a defined benefit plan set up to provide High Salary, High Level Management people first. The more you make in your last 5 years of service the fatter your pension will be, they will not suffer when this pension stop vesting in 2023, that is a guarantee and a given.</p><p></p><p>The Western region has a good pension pay out but if you compare it to what the long term full time managers it is still peanuts to what they will enjoy. Add that to free full medical coverage till 65 for themselves and their spouses, that is why you do not see too many of our management people with the service requirement of 25 years hanging around after 55. In fact most of them can live off they stock sell backs quite comfortably.</p><p></p><p>I often wonder why UPS is still keeping the UPS Pension Plan for their active part time Union employees anymore. It takes 5 years to become vested and the turnover ratio among our part time workforce is pathetic. Why is it not on the chopping block with the UPS Retirement Plan. The only reason I believe that it is a money maker considering the low percentages of those vested to even collect a adequate pension. In the Central most of our full timers have vested interest under the UPS Pension Plan as part timers, different from you guys in the Western. Those prior vested years have not been improved over the last several contracts, the plans only pays for those years as a part timer with the percentage of a 30 year pension. That is added to the current IBT/UPS (Central States) formula and that is your monetary benefit when you retire. </p><p></p><p>Bottom line is that it is a (defined benefit plan) and only pays an annual contribution to pay for the benefits promised. Unlike the Western (monetary contribution plan) the company has no responsibility to pay according to Article 34 (Master) a weekly monetary contribution per collective bargaining member (part time or full time).</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3889443, member: 49065"] I imagine that any long term part time supervisor knows the score. Really look around and see that they are rarer than hen's teeth, for that matter the same can be said for their Union counterparts. The goal is to become full time as soon as possible it has always been, primarily for Management with the added perks (MIP and such). The UPS Retirement Plan is a defined benefit plan set up to provide High Salary, High Level Management people first. The more you make in your last 5 years of service the fatter your pension will be, they will not suffer when this pension stop vesting in 2023, that is a guarantee and a given. The Western region has a good pension pay out but if you compare it to what the long term full time managers it is still peanuts to what they will enjoy. Add that to free full medical coverage till 65 for themselves and their spouses, that is why you do not see too many of our management people with the service requirement of 25 years hanging around after 55. In fact most of them can live off they stock sell backs quite comfortably. I often wonder why UPS is still keeping the UPS Pension Plan for their active part time Union employees anymore. It takes 5 years to become vested and the turnover ratio among our part time workforce is pathetic. Why is it not on the chopping block with the UPS Retirement Plan. The only reason I believe that it is a money maker considering the low percentages of those vested to even collect a adequate pension. In the Central most of our full timers have vested interest under the UPS Pension Plan as part timers, different from you guys in the Western. Those prior vested years have not been improved over the last several contracts, the plans only pays for those years as a part timer with the percentage of a 30 year pension. That is added to the current IBT/UPS (Central States) formula and that is your monetary benefit when you retire. Bottom line is that it is a (defined benefit plan) and only pays an annual contribution to pay for the benefits promised. Unlike the Western (monetary contribution plan) the company has no responsibility to pay according to Article 34 (Master) a weekly monetary contribution per collective bargaining member (part time or full time). [/QUOTE]
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