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UPS Union Issues
The New Contract And Future Pension Contributions: Are We Ok. Or Are We Robbing Peter To Pay Paul?
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<blockquote data-quote="DELACROIX" data-source="post: 5793388" data-attributes="member: 49065"><p>Not really...Once a high seniority member retires a younger member has to move into their vacated position, the Company still has to pay the weekly monetary contributions except for those under a <strong>"Defined Pension Plan".</strong> That amount will still be same, over 500 dollars a week, no matter the seniority of member.</p><p></p><p>UPS would benefit if they can force their Union employees to retire closer to the age of 65, particularly if you are under the Central and Southern. Once a retired member reaches the age of 65 the Company reduces their obligations by how many years that member had under the Central States Pension Trust. Another factor is that those in the Central and Southern will generally be required to work closer to the mandatory age of 65 then those in the Western Conferences because of their part time service prior to going full time, those part time years will pay close to nothing compared to the full time service, unlike the Western.</p><p></p><p>Also any retiree's Health and Welfare Plans will save money when the retiree reaches the age of 65 or disability when they are required to sign up for Medicare. Again it benefits the Union for the most part to force their participants not to retire before age 65. I believe that you are not eligible for any retiree health and welfare benefits till you reach the required pension service levels at age 55, basically you are covered for 10 years before they boot you out.</p><p></p><p>Each area or conference has their own rules, some are worst, some are better..</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5793388, member: 49065"] Not really...Once a high seniority member retires a younger member has to move into their vacated position, the Company still has to pay the weekly monetary contributions except for those under a [B]"Defined Pension Plan".[/B] That amount will still be same, over 500 dollars a week, no matter the seniority of member. UPS would benefit if they can force their Union employees to retire closer to the age of 65, particularly if you are under the Central and Southern. Once a retired member reaches the age of 65 the Company reduces their obligations by how many years that member had under the Central States Pension Trust. Another factor is that those in the Central and Southern will generally be required to work closer to the mandatory age of 65 then those in the Western Conferences because of their part time service prior to going full time, those part time years will pay close to nothing compared to the full time service, unlike the Western. Also any retiree's Health and Welfare Plans will save money when the retiree reaches the age of 65 or disability when they are required to sign up for Medicare. Again it benefits the Union for the most part to force their participants not to retire before age 65. I believe that you are not eligible for any retiree health and welfare benefits till you reach the required pension service levels at age 55, basically you are covered for 10 years before they boot you out. Each area or conference has their own rules, some are worst, some are better.. [/QUOTE]
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The New Contract And Future Pension Contributions: Are We Ok. Or Are We Robbing Peter To Pay Paul?
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