UPS/IBT pension funding

tape

Member
Artificially low interest rates maintained by the Federal Reserve has destroyed pension funds. ZIRP is theft by deception.
 

Over70irregs

Well-Known Member
That and I believe the lack of understanding how our pension actually works. Even I still don't fully understand it and just a few years ago didn't know anything about it really.
I’m sure people on high are eyeing the western pension, ready to jack it over like the other pensions. Aug 1 is coming time to put aside more.
 

DELACROIX

In the Spirit of Honore' Daumier
Speaking for someone who works in one of the most expensive places in the U.S. all while I essentially make what drivers do in the South and the Central States area, why is it now that inequities in compensation a concern?

One could argue that my pensions health is the counter balance to the pay disparity. To clarify my position, my obligation to the other unhealthy pensions in UPS is as much as the other areas feeling of obligation to the blatant inequalities in our pay structure.
If our pension and health and welfare benefits are tied into our individual compensation per (Article 34, Master) weekly monetary contributions into those plans then why are there so many disparities with each one of those benefit plans across the nation?

I personally know of a recent Teamster member who retired at age 70 with over 50 full time years who will be getting just 2150 a month under a company controlled pension plan with the current union leadership's blessing. The question should be answered to what happen to his monetary contributions and why was he and others singled out?


I do not want to rob Peter to pay Paul with the Western's pension plan, you deserve to have a great pension and it should not be affected by other underfunded conferences. The problem I and many others have is those under the Central and Southern conferences will always maintain pension benefits considerably inferior than those in the Western and several other Teamster controlled pension plans just because of the potential future Central States collapse. The Company does not want anymore increase in benefits because they would be liable to cover additional costs associated with the Central defaulting with their actives and current retirees.
 

DELACROIX

In the Spirit of Honore' Daumier
Is Western that much better? How?

Thanks for asking...Study "Monetary Contribution Plans" which for the most part the Western is under. That is why the leadership in the West are fighting this "Grow Act". The Western is paying it's retirees more because it has been growing over the years by added new younger participants with each one adding weekly monetary contributions into their plan per Article 34. Another factor is that all the part timers under the Western are included not so with the Central and Southern were all the Part Timers are under a company controlled plan called (The UPS Pension Plan), that is what you call a "Defined Pension Plan" it is NOT funded in the same way. At the end of the year the contributor only has to pay a certain amount to maintain the benefit's promised, so if the plan's investments grow like with the Western's last year at 17% the company only has to contribute the difference to cover the required vested ratio to keep it from red lining.

I know it is complicated, the whole ERISA act needed to be fixed or fine tuned many moons ago before this pension fiasco...Sad thing about this is that everybody's pension plan is going to be targeted, most of the corporations will be bailing out and will make their employees pay for their own individual 401K retirement plans, similar to what is going to happen with our Management employees at UPS in 2023.
 

Over70irregs

Well-Known Member
Technology needs to be used in high intensity in order to get the word out. All political avenues must be touched. Have to be aggressive on this GROW adventure.
 

tape

Member
Artificially low interest rates maintained by the Federal Reserve has destroyed pension funds. ZIRP is theft by deception.
 

Ancient Alien

UPS Vacation
Things could definitely change. The Western has never missed a payment since 1955. That's a pretty solid track record. Take olroadbeech, She's approaching $250,000 of pension. Management tries to spin the stock market is better head to head. Yet, boil down a 401k and subtract what you personally put into it out of your pocket. Olroady is only 5-years of pension drawing and basically equals a 401k of $400,000 minus contributions & taxes. This during the greatest stock market rise in history for 12-years. It's great to have both and other investments too.

I don't think they can keep the stocks artificially inflated forever. Cramer on Mad Money said a couple weeks ago... since April. Every single S&P 500 (the 500 largest stocks) are up... April to early June. ALL 500 of them. Businesses closing, unemployment skyrocketing. China & Russia pushing us around. International trade & tourism way down...OPEC & Russia manipulating crude output/prices.

The Feds can only print up so many trillions to inflate global economies. I say it's not just the IBT. We're all in for a world of hurt in the not so distant future.
 

Inthegame

Well-Known Member
That and I believe the lack of understanding how our pension actually works. Even I still don't fully understand it and just a few years ago didn't know anything about it really.
You're not the lone ranger. Very few members have any understanding of why some pensions work and some struggle, including some posters who think they do.
 
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