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UPS Union Issues
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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<blockquote data-quote="Mugarolla" data-source="post: 2190964" data-attributes="member: 8481"><p>Yes it does. Let's look at Len. His 30 year pension is $4452, with a maximum $3.25/hr rate and $214.29 benefit.</p><p></p><p>Some of the UPS plans have triple that rate. The current Ohio rate is $10.50/hr and $305.40 benefit, with years prior being a few percentage points less, and future years most likely going up a few percentage point.</p><p></p><p>So someone with say, 15 years in, is right about in the middle of the decreased past benefits and increased future benefits. So multiplying the current benefit by 30 years is a fairly close estimate of his 30 year pension.</p><p></p><p>Someone with 20 years in will give roughly the same amount just multiplying the 30 years, assuming the future rate will continue to go up.</p><p></p><p>Mechanics who already have 30 years in may be a little less, due to the decreased benefits in years past.</p><p></p><p>Bottom line, a $9000 30 year pension from the IAMNPF is realistic, at least in some areas that have the higher contributory rate.</p><p></p><p>I just noticed that Oakland has a $3.40/hr $133.07 benefit. There is no way they will see anything close to $9000/mo. Maybe $4000 if they are lucky.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2190964, member: 8481"] Yes it does. Let's look at Len. His 30 year pension is $4452, with a maximum $3.25/hr rate and $214.29 benefit. Some of the UPS plans have triple that rate. The current Ohio rate is $10.50/hr and $305.40 benefit, with years prior being a few percentage points less, and future years most likely going up a few percentage point. So someone with say, 15 years in, is right about in the middle of the decreased past benefits and increased future benefits. So multiplying the current benefit by 30 years is a fairly close estimate of his 30 year pension. Someone with 20 years in will give roughly the same amount just multiplying the 30 years, assuming the future rate will continue to go up. Mechanics who already have 30 years in may be a little less, due to the decreased benefits in years past. Bottom line, a $9000 30 year pension from the IAMNPF is realistic, at least in some areas that have the higher contributory rate. I just noticed that Oakland has a $3.40/hr $133.07 benefit. There is no way they will see anything close to $9000/mo. Maybe $4000 if they are lucky. [/QUOTE]
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Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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