Unified pensions

[PT Car Washer]

It stays in the pension plan. Just less they have to out in, in the future if it's fully funded. All part timers should have a 401k type pension plan. They earned that money.

A lot of PT do have a 401k pension plan. That way they can take their retirement plan with them to the next job.

 

[IVE GOTTA PACKAGE 4U]

A lot of PT do have a 401k pension plan. That way they can take their retirement plan with them to the next job.

True but.. they lose what was paid on their behalf if they didn't work at least 5 years

 

[PT Car Washer]

True but.. they lose what was paid on their behalf if they didn't work at least 5 years

You need to understand the rules before you play the game. Had one guy that worked 5 years and was offered like $30k or something for his pension buyout.

 

[brown_trousers]

It stays in the pension plan. Just less they have to out in, in the future if it's fully funded. All part timers should have a 401k type pension plan. They earned that money.

hmm. my pension statements show that I got to keep all the benefit from when i was PT. In fact nothing really changed, it is just a running dollar total of a yearly benefit. The only difference is that it increases faster with more FT hours

 

[IVE GOTTA PACKAGE 4U]

You need to understand the rules before you play the game. Had one guy that worked 5 years and was offered like $30k or something for his pension buyout.

But if you work less than 5 years, you aren't vested . You get nothing, even though the company paid money into the plan.

 

[PT Car Washer]

But if you work less than 5 years, you aren't vested . You get nothing, even though the company paid money into the plan.

You sure? If you are not vested, you are not a participant. Way above my pay level.

 

[IVE GOTTA PACKAGE 4U]

You sure? If you are not vested, you are not a participant. Way above my pay level.

You have to be a member of the plan for 5 years or more to be vested. Anything less than that you get nothing.

 

[IVE GOTTA PACKAGE 4U]

hmm. my pension statements show that I got to keep all the benefit from when i was PT. In fact nothing really changed, it is just a running dollar total of a yearly benefit. The only difference is that it increases faster with more FT hours

You have to be with the company for 5 years. Part tome or full-time doesn't matter.

 

[PT Car Washer]

You have to be a member of the plan for 5 years or more to be vested. Anything less than that you get nothing.

My point was why would the company have to pay into your pension if you are not vested? Only after 5 years would they have to pay up for the previous unfunded years.

 

[Benben]

And how much does the company pocket because many of them don't stay here 5 years?

It's my understanding that the company pays Teamsters a set amount per hour up to x hours per day for Health and Wellness and then another set amount per hour up to x hours per day for pensions. So if an employee leaves before they become vested, in theory the Teamsters would "pocket" the extra monies not being paid out. But this is one hell of a jaded view of happenings so take it for what its worth......an opinion!

 

[Coldworld]

But if you work less than 5 years, you aren't vested . You get nothing, even though the company paid money into the plan.

The union loves that...

 

[IVE GOTTA PACKAGE 4U]

It's my understanding that the company pays Teamsters a set amount per hour up to x hours per day for Health and Wellness and then another set amount per hour up to x hours per day for pensions. So if an employee leaves before they become vested, in theory the Teamsters would "pocket" the extra monies not being paid out. But this is one hell of a jaded view of happenings so take it for what its worth......an opinion!

I know the pensions are different everywhere but our part time pensions is held by UPS not the Teamsters

 

[BigUnionGuy]

It's my understanding that the company pays Teamsters a set amount per hour up to x hours per day for Health and Wellness and then another set amount per hour up to x hours per day for pensions. So if an employee leaves before they become vested, in theory the Teamsters would "pocket" the extra monies not being paid out. But this is one hell of a jaded view of happenings so take it for what its worth......an opinion!

Not quite. The Teamsters don't "pocket" anything.


The company makes negotiated contributions directly to the plans and funds

themselves. If an employee is not vested and leaves the company, the money

stays with the pension fund.... not the Teamsters per se. The same would be

true of monies paid into Health and Welfare plans. Just because an employee

doesn't use his benefits, doesn't mean the Teamsters would pocket the excess.



-Bug-

 

[upschuck]

Is that what your wife says!

Hey, this is the union issues forum, a place to be civil.

 

[IVE GOTTA PACKAGE 4U]

Hey, this is the union issues forum, a place to be civil.

Not a chance

 

[Inthegame]

But if you work less than 5 years, you aren't vested . You get nothing, even though the company paid money into the plan.

The union loves that...

The union gets no benefit from an employee leaving before vesting. Any monies contributed by an employer that has no obligation attached (an unvested participant) actually lowers the unfunded/withdrawal liabilities on the participating employers.

 

[Pizza]

But if you work less than 5 years, you aren't vested . You get nothing, even though the company paid money into the plan.

The company does not make regular contributions for full time or part time employees that are participants in the UPS plan.
It is just funds the plan as required by law.

 

[IVE GOTTA PACKAGE 4U]

The company does not make regular contributions for full time or part time employees that are participants in the UPS plan.
It is just funds the plan as required by law.

I'm just saying many part timers who only work here a short time are getting screwed out of pension money. I would love to see UPS put it in the 401k on their behalf

 

[BigUnionGuy]

The company does not make regular contributions for full time or part time employees that are participants in the UPS plan.
It is just funds the plan as required by law.

Prove it.

 

[Pizza]

Prove it.

(3)
The Employer will be responsible for funding the UPS Pension Plan as required to provide the benefits described above and will be responsible for maintaining the plan.

(5)
The Employer will be responsible for funding the UPS/IBT Plan
as required by applicable law.

They could do this on a weekly basis but I don't see why. If the plan is doing well they may have years where they do not fund at all.