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UPS subsidizing non ups pensions
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<blockquote data-quote="JonFrum" data-source="post: 135859"><p>In a nut shell . . .</p><p></p><p>Regardless of which type of pension plan you are in, multi-employer or single-employer, your benefit checks are taxable. If you are married, you must, by law, share your pension with your spouse unless he/she gives up this right in writing. The surviving spouse option will reduce your pension further. You may also have to share your pension with an ex-spouse. Then you must pay all or part of your health insurance in retirement. The premium may be deducted from your monthly check. Some single-employer plans may also reduce your benefit amount if you are collecting Social Security.</p><p></p><p>If you never got Vested, you aren't entitled to a pension at all! If you did get Vested, but just barely, you must wait until you're in your mid sixties to begin collecting what will be, by then, a modest monthly check. If you have enough additional Pension Credits, you qualify for Early Retirement, which lets you begin collecting checks in your mid-fifties, although at a much reduced amount. If you have 25 or 30 or more years of Pension Credit you are in better shape. But even then, you must actually live long enough to enjoy it. Some retirees will live to be 100 or more, some will drop dead walking to the mailbox to get their first check. Most will fall somewhere in the middle.</p><p></p><p>Many UPSers find they are not entitled to some or all of the monies their employer contributed in their name because they fail to meet one or more of the plan's retirement criteria. UPS seems to make it harder to qualify for retirement benefits than any other company and the proof is in the pitifully small number of UPS retirees actually collecting checks. For one reason or another, many UPSers either fail to qualify for retirement, or qualify for only a modest benefit amount. Transfering to a UPSers-only fund will not fix this problem. If you don't qualify in one plan, you probably wouldn't qualify in another plan either. If you are among the huge number of UPSers who quit voluntarily, are fired, or pressured to quit by injury, illness, or circumstances, prior to achieving five-year Vesting Status, for example, you would not be entitled to a pension, period. Not even in a UPSers-only plan. If you believe UPSers are only receiving 40% of the contributions that UPS makes on behalf of UPSers as a group, that is irrevelant. Pensions are calculated on an individual basis, not a group basis. You, as an individual, in this example, don't even qualify for a portion of the 40%, much less the other 60%.</p><p></p><p>You have no legal basis to claim entitlement to monies contributed on behalf of other employees. Just because you worked at the same company does not entitle you to the monies contributed in their name, just as you have no legal claim to their paycheck, even if they never claim their paycheck themselves. If your best friend at UPS, or your roommate, were to die and leave a stack of vacation checks uncollected, you could not legally get those checks. Not even if your deceased friend had no known heirs. Legally, it's simply not your money. Let's face it, if you're not even entitled to all the monies UPS contributed to the fund in your name, (because you failed to meet certain retirement qualifications), how on earth are you going to convince a judge you're entitled to some other guy's contributions. NETPIC tried all the arguements being used today, back in 1991 and lost on every one of them. This is all the more alarming since Judge Harrington accepted as true all the facts as presented by NETPIC. Even the other side, for the most part, did not dispute the truth of the facts as presented by the plaintiffs. In short, the Good Guys had the moral high ground and were supported by an actuarial study they comissioned that backed up everything they claimed with documented charts and graphs. But that wasn't enough. The Law wasn't on their side. </p><p></p><p>[ As usual, I'm not approving of the predicament we all find ourselves in, just trying to make everyone aware of all the relevant details, however unpleasant. ]</p><p>- - - - - -</p><p>Every pension fund files a form 5500 financial report annually. The full report can be obtained by mail by requesting a copy from the fund or the government, as explained in the two page Summary Annual Report the fund sent you. You must pay copying costs! A shorter version of the form 5500 report is available online for the last two plan years at Free ERISA dot com. It's free! But you do have to register.</p><p><a href="http://freeerisa.benefitspro.com/" target="_blank">http://freeerisa.benefitspro.com/</a></p></blockquote><p></p>
[QUOTE="JonFrum, post: 135859"] In a nut shell . . . Regardless of which type of pension plan you are in, multi-employer or single-employer, your benefit checks are taxable. If you are married, you must, by law, share your pension with your spouse unless he/she gives up this right in writing. The surviving spouse option will reduce your pension further. You may also have to share your pension with an ex-spouse. Then you must pay all or part of your health insurance in retirement. The premium may be deducted from your monthly check. Some single-employer plans may also reduce your benefit amount if you are collecting Social Security. If you never got Vested, you aren't entitled to a pension at all! If you did get Vested, but just barely, you must wait until you're in your mid sixties to begin collecting what will be, by then, a modest monthly check. If you have enough additional Pension Credits, you qualify for Early Retirement, which lets you begin collecting checks in your mid-fifties, although at a much reduced amount. If you have 25 or 30 or more years of Pension Credit you are in better shape. But even then, you must actually live long enough to enjoy it. Some retirees will live to be 100 or more, some will drop dead walking to the mailbox to get their first check. Most will fall somewhere in the middle. Many UPSers find they are not entitled to some or all of the monies their employer contributed in their name because they fail to meet one or more of the plan's retirement criteria. UPS seems to make it harder to qualify for retirement benefits than any other company and the proof is in the pitifully small number of UPS retirees actually collecting checks. For one reason or another, many UPSers either fail to qualify for retirement, or qualify for only a modest benefit amount. Transfering to a UPSers-only fund will not fix this problem. If you don't qualify in one plan, you probably wouldn't qualify in another plan either. If you are among the huge number of UPSers who quit voluntarily, are fired, or pressured to quit by injury, illness, or circumstances, prior to achieving five-year Vesting Status, for example, you would not be entitled to a pension, period. Not even in a UPSers-only plan. If you believe UPSers are only receiving 40% of the contributions that UPS makes on behalf of UPSers as a group, that is irrevelant. Pensions are calculated on an individual basis, not a group basis. You, as an individual, in this example, don't even qualify for a portion of the 40%, much less the other 60%. You have no legal basis to claim entitlement to monies contributed on behalf of other employees. Just because you worked at the same company does not entitle you to the monies contributed in their name, just as you have no legal claim to their paycheck, even if they never claim their paycheck themselves. If your best friend at UPS, or your roommate, were to die and leave a stack of vacation checks uncollected, you could not legally get those checks. Not even if your deceased friend had no known heirs. Legally, it's simply not your money. Let's face it, if you're not even entitled to all the monies UPS contributed to the fund in your name, (because you failed to meet certain retirement qualifications), how on earth are you going to convince a judge you're entitled to some other guy's contributions. NETPIC tried all the arguements being used today, back in 1991 and lost on every one of them. This is all the more alarming since Judge Harrington accepted as true all the facts as presented by NETPIC. Even the other side, for the most part, did not dispute the truth of the facts as presented by the plaintiffs. In short, the Good Guys had the moral high ground and were supported by an actuarial study they comissioned that backed up everything they claimed with documented charts and graphs. But that wasn't enough. The Law wasn't on their side. [ As usual, I'm not approving of the predicament we all find ourselves in, just trying to make everyone aware of all the relevant details, however unpleasant. ] - - - - - - Every pension fund files a form 5500 financial report annually. The full report can be obtained by mail by requesting a copy from the fund or the government, as explained in the two page Summary Annual Report the fund sent you. You must pay copying costs! A shorter version of the form 5500 report is available online for the last two plan years at Free ERISA dot com. It's free! But you do have to register. [url]http://freeerisa.benefitspro.com/[/url] [/QUOTE]
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