this will make us New England teamsters less disgruntled.
Now, a peer 80 retirement option. I will have about 40 years in by the time I am 57. Wow, that is a long time. My body will be less than a shell of it's current self.
" this structure allows the company to freeze its liability in the original pool, establish its payment obligations and move UPS employees into the new pool."Does this mean we are longer in a multi employer pension fund or is it still consider a multi employer fund
This is good news for those within that pension fund.
I hope they do the same for the New York State Teamsters Pension Fund, which is also a multi-employer plan.
I believe it would be wise and wait to see the details of their plan. Plus it has to voted on and passed by the membership. Be careful what you hope for
Sounds very similar to what happened with Central States.
With YRC faltering and Penn Traffic gone UPS is by far the major contributor to our pension fund yet retirees from all of the participating employers continue to receive their same pension payments uninterrupted. Something has to give and while I would feel bad for those retirees we have to take care of our own.
If you remember, the retirees, by law, can`t have their benefits changed unless we are forced into the government pension. I`m sure there will be give and take in this proposal. Let`s see what is offered. Remember, the Devil is in the details.
As a driver in New England, this is great news and eases one of the great fears we faced. I heard this rumor in June by one of my stewards and find the timing very funny. You would think UPS would use this as a condition in labor negotiations instead of just handing all that money out.
By all accounts, the Teamsters negotiating team will probably have to give UPS what it wants in our new deal !!!
What's a pension?