switching jobs

[gray squirrel]

I have a friend who is a ups employee, teamster, and is thinking of taking a job with a different company. The other company is also teamster union. How does this work. Does his union time, pension, etc transfer? What about his 401K? he has 15 plus years in. thanks.

 

[klein]

I personally switched jobs, from 1 Teamster job to another.
From my own experience : No, none of the above !

Every company has thier own bargaining contract, and he might even change locals.
I basically kept my old pension, andd it's in a whole different local and account.
I can withdraw from it at age 55 and on.

I was a few months short with UPS to be vested into a new temsters pension fund, but it would have went seperatly into a new one.
The only benefit he'll get , is that he won't need to pay union intuition fees.
I guess he can be proud to be a long term teamster, but it comes with no additional bennies (no job seniorty).

401K, I have no clue, since I'm Canadian, but would think it's transferable, or he can simply start up a new one, too.

 

[dannyboy]

Your friend needs to talk to the new company he is interested in working for. They would be the ones that would be able to give him exact answers to all the questions you ask. Everything here would be pure speculation.

d

 

[menotyou]

I only know what I have seen locally. Two drivers in our building came from others companies and kept their pension time. Same local, though.

 

[klein]

Thing is other companies have different pension plans.
My last one paid far more then UPS, and so did our company pay more into it.
And you can withdraw from it at age 55 already (but only 50%) and age 60 it's 95%.

Even though it was with Teamsters, it's a whole different company plan.
No harm in haven more then 1 pension fund. I see it as a benefit myself.
I still have 2 union pensions (UPS would have been a 3rd). 1 with Teamsters the other with UFCW.
Plus, a German government pension and ofcourse Canada Pension.
I'm set.

 

[rod]

If the other company was represented by the same local - yes. If not-- no. Have him call his own local to verify. DON"T second guess questions about your pension or believe anything you see on an internet forum.

 

[hondo]

I have a friend who is a ups employee, teamster, and is thinking of taking a job with a different company. The other company is also teamster union. How does this work. Does his union time, pension, etc transfer? What about his 401K? he has 15 plus years in. thanks.

Many good questions here. Unfortunately I'm just going to add to the list of q's, mostly.

• First off, will he be in the same Local? That's the best possible scenario. If so, 1 stop shopping for answers to your questions. Talk to business agents/reps. for UPS and new employer, and pension fund office.
• Union time: I assume you mean seniority. No. He'll lose seniority, start from scratch at new co.
• Pension: Is he vested in a Teamster multi-employer fund (like Central States), or are we talking about the part-time UPS employee fund, or maybe the UPS-Teamsters single employer fund? If he is vested in a Teamsters MEPF, and new employer is also in that fund, then maybe it's all good: perhaps after another vesting period with new co. Or maybe the new pension fund has some reciprocity agreement with his current fund. Try to get answers in writing from old & new funds.
• Health insurance: All I can say is: generally the UPS coverage is the best he's going to get. Anywhere else will be a downgrade.
• 401K: I really don't what I'm talking about here, but from what I've gleaned from headlines and advertising over the years, roll it over into an IRA, couldn't say if he'll want a traditional or Roth.
• If the jobs are not in the same Local, he should get a withdrawal card from the UPS local (little or no cost). He should save on some or all of the initiation fee in the new Local..

 

[JonFrum]

I personally switched jobs, from 1 Teamster job to another.
From my own experience : No, none of the above !

Every company has thier own bargaining contract, and he might even change locals.
I basically kept my old pension, andd it's in a whole different local and account.
I can withdraw from it at age 55 and on.

I was a few months short with UPS to be vested into a new temsters pension fund, but it would have went seperatly into a new one.
The only benefit he'll get , is that he won't need to pay union intuition fees.
I guess he can be proud to be a long term teamster, but it comes with no additional bennies (no job seniorty).

401K, I have no clue, since I'm Canadian, but would think it's transferable, or he can simply start up a new one, too.

Made me smile.

 

[Anonymous 10]

Made me smile.

Me too