Re: upstates 10,000 post
In response to the Pension Cut thread, it is true that the NYS Teamster Fund Penion Plan is being changed. We never had 25 and out. 30 and out is being revised. Currently you can retire at any age with 30 years of service and receive what they call a Normal Pension, which is roughly $4K/month. The Plan trustees will be implementing a minimum retirement age (either 55 or 57--this has not been decided or, if it has, has not been disclosed to the members). The Plan, which is a multi-employer plan, will also discontinue its contributions to the Fund and will rely solely on the contributions from the participating employers. We have been told that we will not lose our current projected pension but should not expect to have a whole lot added to it prior to retirement. There has been no talk of a grandfather clause for current employees, which I personally feel is not fair, especially if you are within 5 years of retiring and are less than 50 or 52 years of age. I know of a couple of co-workers who will end up working 5 to as many as 10 years longer to receive their Normal Pension. I will be 58 when I get my 30 so I am all set.
We have a meeting in early July on this-Local118. This is what our steward has told us so far
A few corrections, first, two members retired within last two months at $4900.00 to $5400.00 per month.
Minimum retirement age will be anywhere from 55 to 62. The union will most likely try for 62 ( more money contributed for longer time)
There will be grandfathering. You must have 25 yrs in by 1/1/2011. If you do, when you retire, you will receive 1 to 3% less , if you retire before the target year of 55 to 62. EX: 55yrs old-target age 62=7 yrs x 3% = 21% less of your projected retirement amount.
If you don`t have 25 yrs. in on 1/1/2011 it will be 5 to 8% per year
All this is for UPS members only and has to be voted on. Other companies will have their own adjustments.
I will keep you posted on what happens at the meeting
