UPS, Teamsters to Restructure New England Pension Plan

Mr Sincerity

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[h=2]UPS, Teamsters to Restructure New England Pension Plan[/h]

UPS (NYSE: UPS) today announced an agreement with the New England
Teamsters and Trucking Industry Pension Fund (NETTI) to restructure
pension liabilities for approximately 10,200 UPS employees.
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UpstateNYUPSer(Ret)

Well-Known Member
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.
 

OVERBOARD

Don't believe everything you think
Does this mean we are longer in a multi employer pension fund or is it still consider a multi employer fund
 

anonymous4

Well-Known Member
What is the totality of implications associated with this move? Specifically, for high seniority employees? To stay with the CT theme, "the timing of this is funny".
 

anonymous4

Well-Known Member
Now, a peer 80 retirement option. I will have nearly 40 years in by the time I am 57. Wow, that is a long time. My body will be less than a shell of its current self.
 

UpstateNYUPSer(Ret)

Well-Known Member
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.

Other than knowing that you add your age and years of service, I do not know any of the particulars of either the Peer 80 or 85. Soberups has discussed both of these retirement plans and I believe he mentioned that he has to pay in addition to what the company pays each week in to the Peer 80.
 
Does this mean we are longer in a multi employer pension fund or is it still consider a multi employer fund
" 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."

That's what i Assume it means, i guess we will find out when it is officially done.
 

DorkHead

Well-Known Member
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:peaceful:
 

UpstateNYUPSer(Ret)

Well-Known Member
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:peaceful:

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.
 

DorkHead

Well-Known Member
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.
 

HEFFERNAN

Huge Member
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 !!!
 

UpstateNYUPSer(Ret)

Well-Known Member
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.

Much like Obamacare, we should read it to know what's in it.

My only concern would be our pension plan becoming insolvent. UPS stepping in and "bailing out" UPSers would protect us from insolvency.
 

UpstateNYUPSer(Ret)

Well-Known Member
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 !!!

They're not "handing all that money out"--it is to be paid over a 50 year period--but I do agree that this is great news for New England UPSers.
 
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