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UPS Union Issues
"To all UPS Employees concerned about their pensions & Benefits" !!!!!!
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<blockquote data-quote="wkmac" data-source="post: 121563" data-attributes="member: 2189"><p>Pip,</p><p>I disagree as well and I'll give you an example. I have 25 years in currently, all FT, with CS. Based on the current rules, to gain the max benefit I've got just under 13 years to go but here's the difference as I understand it.</p><p> </p><p>With CS through age 62 or 13 more work years for a total of 38 years service.</p><p>Max benefit about $3200 and I'm being generous here from my understanding and somewhere between $500 to $1000 per month for insurance. That $3200 would also be reduced for spousal support upon my death so the benefit would actually be somewhat less, somewhere between $2500 and $3000 per month is I understand correctly. Right now based on my current 25 years service, if I left right now and didn't draw until age 62 I'd get just over $2000 per month. So for the next 13 or so years I'll gain an extra $1000 or so at the most.</p><p> </p><p>With APWA </p><p>I'll still have to draw for my 25 years service from CS barring APWA doing something in court but using their formula, over the next 13 years service I could earn a payout of $2600 per month because under their plan you get right at $200 per month for every year of service so 13x$200, you get the picture. Also at 62 CS work restrictions reduce drastically but as we saw a couple of years back, they could eliminate all retirement working under all conditions. APWA could as well but the likelyhood is remote because the same conditions and incentives for work restricitions are just not there with the APWA like it is with the IBT. </p><p> </p><p>Bottomline, at present I can stay where I'm at and gain maybe another $1000 per month or I can go with APWA and almost gain an amount equal to ($2600 per month)what I would with 38 years under the CS plan but do only after 13 years of service. Now I will admit the more time goes by this scenario for the APWA loses some of it's appeal but that's the way I see it at the present moment. There are pros and cons either way you go but at present I see nothing that the IBT can do to fix the situation so it will at best stay the same or there is the chance it could become worse as the babyboomers haven't really hit yet. It's not an easy decision but it's not a hard one either.</p><p> </p><p>JMO.</p></blockquote><p></p>
[QUOTE="wkmac, post: 121563, member: 2189"] Pip, I disagree as well and I'll give you an example. I have 25 years in currently, all FT, with CS. Based on the current rules, to gain the max benefit I've got just under 13 years to go but here's the difference as I understand it. With CS through age 62 or 13 more work years for a total of 38 years service. Max benefit about $3200 and I'm being generous here from my understanding and somewhere between $500 to $1000 per month for insurance. That $3200 would also be reduced for spousal support upon my death so the benefit would actually be somewhat less, somewhere between $2500 and $3000 per month is I understand correctly. Right now based on my current 25 years service, if I left right now and didn't draw until age 62 I'd get just over $2000 per month. So for the next 13 or so years I'll gain an extra $1000 or so at the most. With APWA I'll still have to draw for my 25 years service from CS barring APWA doing something in court but using their formula, over the next 13 years service I could earn a payout of $2600 per month because under their plan you get right at $200 per month for every year of service so 13x$200, you get the picture. Also at 62 CS work restrictions reduce drastically but as we saw a couple of years back, they could eliminate all retirement working under all conditions. APWA could as well but the likelyhood is remote because the same conditions and incentives for work restricitions are just not there with the APWA like it is with the IBT. Bottomline, at present I can stay where I'm at and gain maybe another $1000 per month or I can go with APWA and almost gain an amount equal to ($2600 per month)what I would with 38 years under the CS plan but do only after 13 years of service. Now I will admit the more time goes by this scenario for the APWA loses some of it's appeal but that's the way I see it at the present moment. There are pros and cons either way you go but at present I see nothing that the IBT can do to fix the situation so it will at best stay the same or there is the chance it could become worse as the babyboomers haven't really hit yet. It's not an easy decision but it's not a hard one either. JMO. [/QUOTE]
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"To all UPS Employees concerned about their pensions & Benefits" !!!!!!
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