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Brown Cafe UPS Forum
UPS Retirement Topics
Potential New Hire & Pension
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<blockquote data-quote="hondo" data-source="post: 4992510" data-attributes="member: 8661"><p>[USER=92827]@Davo53209[/USER] : contact page for the local union:<a href="http://www.local344.org/index.cfm?zone=/unionactive/contact.cfm" target="_blank">Teamsters Local 344</a></p><p></p><p>I don't know if they have their own pension fund, or perhaps are part of a some larger fund. The above link would be an excellent place for you to start.</p><p></p><p>As far as your question about potential pension benefit, there are many variables/assumptions/projections you'd have to make. Some of the main ones: will you have a full 20 years of credits (or will there be some partial years), and marital status (now and in the future), and the financial health of the pension fund itself. To keep it simple, you should try and find out the current <em>accrual rate</em>. The (<em>accrual rate</em>)*(years of service credits)=(monthly payment to you). For example an accrual rate of $112.40 * 20 years = $2,248/month</p><p></p><p><a href="https://teamster.org/ups-and-ups-freight-agreements-2018-2023/" target="_blank">UPS and UPS Freight Agreements, 2018 – 2023</a>: this is a link to the National Master Contract, Central Region Supplement, and Local 344 Rider. All of which would be applicable to you. (I took a quick look, I didn't see the accrual rate in there-not that I expected it to be)</p></blockquote><p></p>
[QUOTE="hondo, post: 4992510, member: 8661"] [USER=92827]@Davo53209[/USER] : contact page for the local union:[URL='http://www.local344.org/index.cfm?zone=/unionactive/contact.cfm']Teamsters Local 344[/URL] I don't know if they have their own pension fund, or perhaps are part of a some larger fund. The above link would be an excellent place for you to start. As far as your question about potential pension benefit, there are many variables/assumptions/projections you'd have to make. Some of the main ones: will you have a full 20 years of credits (or will there be some partial years), and marital status (now and in the future), and the financial health of the pension fund itself. To keep it simple, you should try and find out the current [I]accrual rate[/I]. The ([I]accrual rate[/I])*(years of service credits)=(monthly payment to you). For example an accrual rate of $112.40 * 20 years = $2,248/month [URL='https://teamster.org/ups-and-ups-freight-agreements-2018-2023/']UPS and UPS Freight Agreements, 2018 – 2023[/URL]: this is a link to the National Master Contract, Central Region Supplement, and Local 344 Rider. All of which would be applicable to you. (I took a quick look, I didn't see the accrual rate in there-not that I expected it to be) [/QUOTE]
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