Unified pensions

[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.

They could do this on a weekly basis but I don't see why.

Kind of what I thought.

 

[PT Car Washer]

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

Could be such little bit of money that the paper work cost more then the benefit. Would you fund an employee that worked two hours or two weeks or two months? They draw the line at 5 years, fair or not.

 

[IVE GOTTA PACKAGE 4U]

Could be such little bit of money that the paper work cost more then the benefit. Would you fund an employee that worked two hours or two weeks or two months? They draw the line at 5 years, fair or not.

They around 3k a year into the part time pension. Thats not chump change.

 

[Pizza]

They around 3k a year into the part time pension. Thats not chump change.

Where do you get 3K?

 

[IVE GOTTA PACKAGE 4U]

Where do you get 3K?

I believe they contribute $60 a week into the pension fund. I might be plus or minus a couple of dollars. I'm sure someone can post the exact amount.

 

[BigUnionGuy]

Where do you get 3K?

What are your numbers ?


Inquiring minds.... want to know.

 

[PT Car Washer]

I believe they contribute $60 a week into the pension fund. I might be plus or minus a couple of dollars. I'm sure someone can post the exact amount.

The pay out is $60/mo. per year to a maximum of 35 years or $2100/month.

 

[IVE GOTTA PACKAGE 4U]

The pay out is $60/mo. per year to a maximum of 35 years or $2100/month.

I was in the ballpark

 

[PT Car Washer]

I was in the ballpark

Do you really think UPS is putting $2100 a month into a bank account for every current PT Union employee?

 

[IVE GOTTA PACKAGE 4U]

Do you really think UPS is putting $2100 a month into a bank account for every current PT Union employee?

No. $60 a week.

 

[Pizza]

What are your numbers ?


Inquiring minds.... want to know.

There is no set contribution amount.

 

[DELACROIX]

There is no set contribution amount.

Correct, the UPS Pension Plan for part timers in the Central States area is under Company control. It is called a defined pension fund, so no set monetary amount is going into the plan. A monetary contribution plan which I believe most of the Teamster's controlled pension funds are does have a set weekly amount set per Article 34 (Master). It could be that part timers under Peer 80 would get about 3000 a month or more, depends on the language of their SPD.

 

[BigUnionGuy]

There is no set contribution amount.

Correct, the UPS Pension Plan for part timers in the Central States area is under Company control. It is called a defined pension fund, so no set monetary amount is going into the plan. A monetary contribution plan which I believe most of the Teamster's controlled pension funds are does have a set weekly amount set per Article 34 (Master). It could be that part timers under Peer 80 would get about 3000 a month or more, depends on the language of their SPD.

The company is not paying a fixed contribution amount ?


Wow....

 

[saintrick]

The company is not paying a fixed contribution amount ?


Wow....

Are they not correct?

 

[brownIEman]

The company is not paying a fixed contribution amount ?


Wow....

Are they not correct?

Of course they are correct, this is one of those areas where the Teamsters and UPS actually show brotherly love and trust and demonstrate that we are all in this together against the non-union competition. The teamsters agree to let UPS contribute whatever they feel like into the pensions.


/s - I'll put this here for anyone that needs it...

 

[DELACROIX]

Of course they are correct, this is one of those areas where the Teamsters and UPS actually show brotherly love and trust and demonstrate that we are all in this together against the non-union competition. The teamsters agree to let UPS contribute whatever they feel like into the pensions.


/s - I'll put this here for anyone that needs it...

Especially during the a contract year you can just feel the brotherly love and trust among us Brothers and Partners. A defined pension plan does get a monetary contribution it is at the end of the year according to how much it takes to cover the benefits promised. The UPS Retirement Plan (management) and Pension plan (Part time union) are defined benefit plans, they do apparently have limits to vesting and service years and a locked amount that it will not go up no matter how many years you work. The monetary contribution plan (most teamster's plans) will go up or down according to their investments and is subject to article 34 weekly funding. By the way does anybody know just how much weekly pension contributions are going into a full time participant? I know that the Health and Welfare weekly monetary contribution from the company is about 430.

 

[rod]

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.

Why did the Union collect dues from temporary peak workers knowing full well they aren't going to be kept on after Christmas.

 

[Brownslave688]

I'll be expecting more than twice that.

By the time I hit 62 I'll have 40 years in and our pension never maxes out here.

That would be one hell of a cut for me.

 

[Dragon]

Where are you coming from? That is currently the part-time pension benefit formula. The starting point for any benefit with the full time years should be equal to what current management with the same service years qualify for. The formula under the UPS Retirement plan is more or less equal to half their best last 5 years, conservatively 75,000 with full medical no monthly co-pays. Look at your 401K if you have one, that growth is happening to everybody's pension and health and welfare plans. The money is there, should not settle with just crumbs from the banquet that is going on. Start educating yourselves about how pension plans are run, vested ratios and such, a pension plan that is 100 percent vested will basically be able to pay their participants on just the interest. The company will make a killing this year on their pension interests this year, also consider that the company eliminating making payments for their management in 2023. Do not fall for that victim mentality that is so prevalent with our members.

Please refrain from posting our "pension" payout..

Remember everything is horrible in management...we would like to keep the charade going.

 

[IVE GOTTA PACKAGE 4U]

Especially during the a contract year you can just feel the brotherly love and trust among us Brothers and Partners. A defined pension plan does get a monetary contribution it is at the end of the year according to how much it takes to cover the benefits promised. The UPS Retirement Plan (management) and Pension plan (Part time union) are defined benefit plans, they do apparently have limits to vesting and service years and a locked amount that it will not go up no matter how many years you work. The monetary contribution plan (most teamster's plans) will go up or down according to their investments and is subject to article 34 weekly funding. By the way does anybody know just how much weekly pension contributions are going into a full time participant? I know that the Health and Welfare weekly monetary contribution from the company is about 430.

Over $500