The New Contract And Future Pension Contributions: Are We Ok. Or Are We Robbing Peter To Pay Paul?

[Just A UPS Guy]

Another $0.50/hr won’t due much on top of the $14/hr they are already paying.

If the fund was not healthy, it could help. Oh, that’s right, the money went to the funds that were failing. The way it should be.

You're clearly versed in financial compounding.

 

[UnionStrong]

Don’t tell them that the wcpt doesn’t only represent companies in the western 13 states but companies in like 30 states…we’re poaching companies that in another time would historically go with the areas teamster pension plan…keep this on the down low.

Thieving bastards!

 

[Just A UPS Guy]

That is finally a statement that I cannot disagree with, and actually do agree with and will be standing right next to you next contract trying to fix it.

This you can complain about for the next 5 years and I won’t say a word.

It's what I, personally, have been bitching about the whole time, thanks for finally reading.

 

[Coldworld]

And I haven't been bitching about the simplicity of not getting increases. I was pissed about the chest pounding over raises, raises that pension contribution increases were diverted to. Not just mine, more than a dozen across the country. I don't know a single career Teamster that said "I want a raise and I don't care if it's at the expense of my pension." The biggest raises are going to guys that won't be here next peak. It's bull and it cost career Teamsters in the future, just to make a bunch of pothead gamers happy for a few minutes.

Especially since the company has shown time and again that they can pay MRA’s at 25, 26,27, and 28 bucks an hour to get people in the door.

 

[Trucker Clock]

It's what I, personally, have been bitching about the whole time, thanks for finally reading.

I may have misunderstood. I thought it was about others getting a pension contribution increase and not you.

I agree the contributions should not have gone to raises.

I may have been wrong and apologize.

 

[Coldworld]

Thieving bastards!

That’s actually something I didn’t know until recently. Think it has more to do with nationwide shops that want to just deal with one pension fund…for example Costco.

 

[Coldworld]

I agree the contributions should not have gone to raises.

I may have been wrong and apologize.

Kiss and make up you two….

 

[Wally]

You're entirely incorrect. It was put out there that if your pension fund can stay in the green, you will not get contribution increases, that money will go to raises. It wasn't a conversation, it wasn't open for debate.

What dictator put that out there?

 

[IVE GOTTA PACKAGE 4U]

They "invested" in a campaign to get raises. Their return is making a fortune on new dues rates.

2 and a half hours times your hourly rate...

Big money

 

[Coldworld]

2 and a half hours times your hourly rate...

Big money

Go grab me a slim Jim and loco…and put the damn bunker up for sale…thanks buddy

 

[Just A UPS Guy]

2 and a half hours times your hourly rate...

Big money

My god you're awful.

 

[IVE GOTTA PACKAGE 4U]

My god you're awful.

Perhaps

 

[Wally]

My god you're awful.

Higher wages mean more dues flowing in, pension contributions not so much.

 

[IVE GOTTA PACKAGE 4U]

Higher wages mean more dues flowing in, pension contributions not so much.

More money into your 401k?

 

[Wally]

More money into your 401k?

Union dues won't change.

 

[IVE GOTTA PACKAGE 4U]

Union dues won't change.

No they will go up but you have more money on your paycheck and you can invest that money yourself
Make your own retirement plan

 

[Over70irregs]

And why does that matter as far as contributions go. It is not one national plan. Every pension fund should receive equal funding as negotiated, whatever that pie size is, every pension fund gets an equally sized slice.

Bad fund management?

 

[Trucker Clock]

Bad fund management?

Not necessarily.

The Western Conference of Teamsters Pension Trust (WCTPT) has advantages that other pensions do not have. The WCTPT is the largest multi-employer pension in the country with over $50B in assets. It covers 223,000 active participants with more than 1400 employers in 13 States. They bring in over $2.5B in contributions per year. Compare that to the UPS/IBT pension fund with only 65,000 active participants.

The WCTPT lost between 9% and 12% in 2022, but still maintained a credit balance. This means they took in more in contributions and investments than it paid out in benefits and administrative costs.

They have so much of a credit balance, they granted a 33% pension bonus for 2021-2023 to members. They increased the accrual from 1.2% to 1.6% for those years.

They also expects to have huge credit balances in the years to come. I do think that their investment strategy helps, but is not the only factor.

It has PT employees paying into the fund, most of whom will quit and never receive that money. Free money to the pension fund. UPS pays 14/hr in contributions into the WCTPT, and may get a little more this contract. Compare that to the New England Fund, which gets $6.20 per hour in contributions. More than double. Yes, the New England fund was raised to $11.15/hr this contract, but still almost $3/hr less in contributions than the Western. The figures are not calculated yet, but that $14/hr could go up a little.

If every pension fund received $14/hr in contributions, we would all be sitting pretty. But, I do not blame the West for getting those contributions. More power to them. I am glad for them. But they are still going to get $300/mo increase in their pension every year of the contract, even if the contribution rate is not increased.

The WCTPT has the best pension because they receive more in contributions than anyone else. And this remains true even with this contract. They may not get a pension contribution increase, but they still receive the highest contribution rate of anyone else. Their investment strategy also helps a little. Although, they did lose money last year. But, more in, more paid out.

Here is their projected credit balance for the years to come. This will be their yearly net increase, over and above the $50B in the plan, after paying benefits and administrative fees. We should all be so lucky to get into that plan. They still have the best pension plan in the country, because they have the highest contribution rate.

 

[Over70irregs]

Not necessarily.

The Western Conference of Teamsters Pension Trust (WCTPT) has advantages that other pensions do not have. The WCTPT is the largest multi-employer pension in the country with over $50B in assets. It covers 223,000 active participants with more than 1400 employers in 13 States. They bring in over $2.5B in contributions per year. Compare that to the UPS/IBT pension fund with only 65,000 active participants.

The WCTPT lost between 9% and 12% in 2022, but still maintained a credit balance. This means they took in more in contributions and investments than it paid out in benefits and administrative costs.

They have so much of a credit balance, they granted a 33% pension bonus for 2021-2023 to members. They increased the accrual from 1.2% to 1.6% for those years.

They also expects to have huge credit balances in the years to come. I do think that their investment strategy helps, but is not the only factor.

It has PT employees paying into the fund, most of whom will quit and never receive that money. Free money to the pension fund. UPS pays 14/hr in contributions into the WCTPT, and may get a little more this contract. Compare that to the New England Fund, which gets $6.20 per hour in contributions. More than double. Yes, the New England fund was raised to $11.15/hr this contract, but still almost $3/hr less in contributions than the Western. The figures are not calculated yet, but that $14/hr could go up a little.

If every pension fund received $14/hr in contributions, we would all be sitting pretty. But, I do not blame the West for getting those contributions. More power to them. I am glad for them. But they are still going to get $300/mo increase in their pension every year of the contract, even if the contribution rate is not increased.

The WCTPT has the best pension because they receive more in contributions than anyone else. And this remains true even with this contract. They may not get a pension contribution increase, but they still receive the highest contribution rate of anyone else. Their investment strategy also helps a little. Although, they did lose money last year. But, more in, more paid out.

Here is their projected credit balance for the years to come. This will be their yearly net increase, over and above the $50B in the plan, after paying benefits and administrative fees. We should all be so lucky to get into that plan. They still have the best pension plan in the country, because they have the highest contribution rate.


View attachment 445101

Great response.

 

[Wally]