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UPS Retirement Topics
Western conference fund %100 funded ?
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<blockquote data-quote="PADriver" data-source="post: 155177" data-attributes="member: 8351"><p>I have recently read (on the Western Conference Web site) that we of the Western Conference have reached fully funded status again. With that full funding the trust will timidly begin raising accruals again. For 2007 the accrual will go from 1.2% to 1.65%. I would like to see more, but I am realistic. I have seen many companies take over their employee pension funds and then wipe them out leaving the employees with nothing. I will be eligible to retire with Teamsters and UPS at age 51. I will not have work restrictions if I work in a non-Teamsters covered field. Additionally I have been advised to notify the Trust about my work intentions before beginning the work. This gives the Trust time to let me know if my intended work choice will violate the pension rules of the Trust.Based on my annual statement and doing the math with the new accrual and UPS's annual payment into the Trust on my behalf I will be drawing close to $5,000.00 per month at 51. That is not so bad, now is it? And the thing is I don't have to retire at 51 if I don't want to. I make way more working that I will in retirement. I get 7 weeks paid vacation every year. I have a nice bid route. My college age kids get their medical paid for by UPS. We have maintanance of benefits here, so no medical cost increases. The company has paid for it all. All of the senior drivers that I work with, myself included own at least two houses, or a nice house and a motorhome. Everyone has nice cars and takes nice vacations. The company in general allows us to work as much OT as we want so if money gets tight we can catch up easy. And no lay offs, most senior drivers with bid routes are pretty much going to work every day. About the only reason to retire is that you don't want to do the work any more or you want to make room for some of the kids coming up through the ranks. And just so you know I am not a company management plant or anything, I am actually the shop steward in my building and by working within the confines of the contract that we agreed to I have had a pretty darn good life at UPS.As far as merging all of the pension trusts into one, I strongly oppose. The West took the right steps at the right time to protect the Trust. All of the other Pension Trusts need to do the same. We out here in the West forfitted a lot by reducing the accruals. I will work longer because of it. But I am thankfull that the Trust was prudent and that I will have a strong pension when I do choose to retire.</p></blockquote><p></p>
[QUOTE="PADriver, post: 155177, member: 8351"] I have recently read (on the Western Conference Web site) that we of the Western Conference have reached fully funded status again. With that full funding the trust will timidly begin raising accruals again. For 2007 the accrual will go from 1.2% to 1.65%. I would like to see more, but I am realistic. I have seen many companies take over their employee pension funds and then wipe them out leaving the employees with nothing. I will be eligible to retire with Teamsters and UPS at age 51. I will not have work restrictions if I work in a non-Teamsters covered field. Additionally I have been advised to notify the Trust about my work intentions before beginning the work. This gives the Trust time to let me know if my intended work choice will violate the pension rules of the Trust.Based on my annual statement and doing the math with the new accrual and UPS's annual payment into the Trust on my behalf I will be drawing close to $5,000.00 per month at 51. That is not so bad, now is it? And the thing is I don't have to retire at 51 if I don't want to. I make way more working that I will in retirement. I get 7 weeks paid vacation every year. I have a nice bid route. My college age kids get their medical paid for by UPS. We have maintanance of benefits here, so no medical cost increases. The company has paid for it all. All of the senior drivers that I work with, myself included own at least two houses, or a nice house and a motorhome. Everyone has nice cars and takes nice vacations. The company in general allows us to work as much OT as we want so if money gets tight we can catch up easy. And no lay offs, most senior drivers with bid routes are pretty much going to work every day. About the only reason to retire is that you don't want to do the work any more or you want to make room for some of the kids coming up through the ranks. And just so you know I am not a company management plant or anything, I am actually the shop steward in my building and by working within the confines of the contract that we agreed to I have had a pretty darn good life at UPS.As far as merging all of the pension trusts into one, I strongly oppose. The West took the right steps at the right time to protect the Trust. All of the other Pension Trusts need to do the same. We out here in the West forfitted a lot by reducing the accruals. I will work longer because of it. But I am thankfull that the Trust was prudent and that I will have a strong pension when I do choose to retire. [/QUOTE]
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