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UPS Retirement Topics
UPS subsidizing non ups pensions
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<blockquote data-quote="Cezanne" data-source="post: 122189" data-attributes="member: 5104"><p>Is this why the company and union agreed to start with early negotiations? From my understanding the law does not fully go nto effect till January 2008. Is this next contract going to be settled before that date to bypass any federal involvement? How much would it take hourly increases into the Teamsters' pension and health and welfare funds to get at a 100 percent vested ratio in these underfunded plans?</p><p> </p><p>Another truth is that any union job at UPS are not designed for individuals to work past 60 years of age. Members are breaking down, sometimes permanently, the cost for disability insurance has to be going through the roof. With most of us starting under the UPS Pension plan for part timers for basically the first 10 years of our employment, we are starting out in the Central States plan in our 30's, 40's and 50's, we are not physically going to last long enought to enjoy any reasonable retirement. Basically we are in a hole compared to other union companies that have employees contribution since their early twenties. Maybe UPS will raise the monetary benefit for those past years to help their union retirees, all it would take is to switch annual contributions from the management plan (UPS Retirement plan) to the part time plan (UPS Pension plan). What do you think, will this happen considering the company's apparent concern over our plight?</p></blockquote><p></p>
[QUOTE="Cezanne, post: 122189, member: 5104"] Is this why the company and union agreed to start with early negotiations? From my understanding the law does not fully go nto effect till January 2008. Is this next contract going to be settled before that date to bypass any federal involvement? How much would it take hourly increases into the Teamsters' pension and health and welfare funds to get at a 100 percent vested ratio in these underfunded plans? Another truth is that any union job at UPS are not designed for individuals to work past 60 years of age. Members are breaking down, sometimes permanently, the cost for disability insurance has to be going through the roof. With most of us starting under the UPS Pension plan for part timers for basically the first 10 years of our employment, we are starting out in the Central States plan in our 30's, 40's and 50's, we are not physically going to last long enought to enjoy any reasonable retirement. Basically we are in a hole compared to other union companies that have employees contribution since their early twenties. Maybe UPS will raise the monetary benefit for those past years to help their union retirees, all it would take is to switch annual contributions from the management plan (UPS Retirement plan) to the part time plan (UPS Pension plan). What do you think, will this happen considering the company's apparent concern over our plight? [/QUOTE]
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