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UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 134373"><p>If you're in the New England Teamsters and Trucking Industry Pension Fund, and you still haven't received your annual statement from the Fund reporting your Hours Credited for 2005, it's probably because you have over 25 years of Pension Credit. Aparently the Fund has a new policy of not sending annual statements to those with 25 or more years!!! You can still go online and get your statement, or you can call the Fund and ask them to send you one. They won't send it automatically anymore, and they won't tell you that they won't be sending it. </p><p>- - - -</p><p>UPS contributes money on your behalf to the New England fund up to a maximum of 40 hours per week. Once you have earned 1800 hours of contributions in a calendar year, you have earned your One Full Pension Credit for that year. Any additional contributions do not earn you anything more. All contributions above 1800 hours, up to the maximum yearly contribution of 2080 hours is forfeited to the fund. A full-timer, for example, who earns 40 hours pay each week has already earned his full year's Pension Credit once he has worked 45 weeks. The contributions made in the remaining 7 weeks of the year are a gift to the fund. This year started on January 1, 2006, convienently enough, and has 52 weeks. So anyone who has earned a 40-hour or more paycheck every week so far, will have earned their one full year Pension Credit by the end of this week, November 11. (Saturday also happens to be Veterans' Day.) The remaining three weeks of November and the four weeks of December are a Christmas Season gift to the fund. </p><p></p><p>At the current contribution rate of $5.06 per hour, times 40 hours per week, that's $202.40 per week, times seven weeks, that's $1,416.80 generously donated to the fund, times the number of 40-hour-a-week full-timers, no strings attached. UPS makes lots of generous gifts to the various Teamsters' pension funds. The details are spelled out in New England Suplement Article 69 of your UPS contract, and the Summary Plan Description of your pension plan. It's all there in black and white. The Law assumes you read and understand and agree to these provisions and that UPS does to. If you didn't agree, The Law assumes you would have done something about it. </p><p></p><p>If you think UPS and individual UPSers give a lot to the United Way, that's peanuts compared to the gifts UPS bequeaths to the pension funds in your name. Usually it's known in advance that the UPSer will never claim the money for himself. I call that a pure gift, no strings attached. Sometimes the UPSer may later qualify for pension benefits, or a higher level of pension benefits, but this may not be known at the time of the bequest. I call that a gift with strings attached, a contingent gift. Some contingent gifts later convert to no-strings-attached gifts, when the UPSer who might have qualified for a pension, if fact, fails to do so. Unrestricted gifts can be used by the fund for whatever purpose it chooses, like to fund the retirement of workers from other companies. UPS, as the gift donor, has no legal basis for complaining how the money is spent or asking for it's money back. </p><p></p><p>There are several other situations where UPS is moved to share it's bounty with the pension funds, but the major ones are the huge group of temporary workers hired during summer and especially winter free periods, and the huge group of regular workers that never achieve Vesting Status.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 134373"] If you're in the New England Teamsters and Trucking Industry Pension Fund, and you still haven't received your annual statement from the Fund reporting your Hours Credited for 2005, it's probably because you have over 25 years of Pension Credit. Aparently the Fund has a new policy of not sending annual statements to those with 25 or more years!!! You can still go online and get your statement, or you can call the Fund and ask them to send you one. They won't send it automatically anymore, and they won't tell you that they won't be sending it. - - - - UPS contributes money on your behalf to the New England fund up to a maximum of 40 hours per week. Once you have earned 1800 hours of contributions in a calendar year, you have earned your One Full Pension Credit for that year. Any additional contributions do not earn you anything more. All contributions above 1800 hours, up to the maximum yearly contribution of 2080 hours is forfeited to the fund. A full-timer, for example, who earns 40 hours pay each week has already earned his full year's Pension Credit once he has worked 45 weeks. The contributions made in the remaining 7 weeks of the year are a gift to the fund. This year started on January 1, 2006, convienently enough, and has 52 weeks. So anyone who has earned a 40-hour or more paycheck every week so far, will have earned their one full year Pension Credit by the end of this week, November 11. (Saturday also happens to be Veterans' Day.) The remaining three weeks of November and the four weeks of December are a Christmas Season gift to the fund. At the current contribution rate of $5.06 per hour, times 40 hours per week, that's $202.40 per week, times seven weeks, that's $1,416.80 generously donated to the fund, times the number of 40-hour-a-week full-timers, no strings attached. UPS makes lots of generous gifts to the various Teamsters' pension funds. The details are spelled out in New England Suplement Article 69 of your UPS contract, and the Summary Plan Description of your pension plan. It's all there in black and white. The Law assumes you read and understand and agree to these provisions and that UPS does to. If you didn't agree, The Law assumes you would have done something about it. If you think UPS and individual UPSers give a lot to the United Way, that's peanuts compared to the gifts UPS bequeaths to the pension funds in your name. Usually it's known in advance that the UPSer will never claim the money for himself. I call that a pure gift, no strings attached. Sometimes the UPSer may later qualify for pension benefits, or a higher level of pension benefits, but this may not be known at the time of the bequest. I call that a gift with strings attached, a contingent gift. Some contingent gifts later convert to no-strings-attached gifts, when the UPSer who might have qualified for a pension, if fact, fails to do so. Unrestricted gifts can be used by the fund for whatever purpose it chooses, like to fund the retirement of workers from other companies. UPS, as the gift donor, has no legal basis for complaining how the money is spent or asking for it's money back. There are several other situations where UPS is moved to share it's bounty with the pension funds, but the major ones are the huge group of temporary workers hired during summer and especially winter free periods, and the huge group of regular workers that never achieve Vesting Status. [/QUOTE]
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