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UPS Partners
Whats the buzz in management?
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<blockquote data-quote="Cezanne" data-source="post: 98607" data-attributes="member: 5104"><p>Got you on that one, we all are speculating, but generally rumors at this company come into being. Really hard to keep a secret with todays media networking, it does line up with the early contract negotiations that might be happening in the coming months. The pension plan that most of us are vested in is separate from managements' so that will not be eliminated, would be great if they put some of those funds into that, it has been greatly underfunded compared to managements. If they are planning on increasing the monetary pay out for all those part time years combined with the teamster's plans it could help with our retirement years. I know of a combo person who checked into their benefit for 20+ years as a part timer and it came out at 100 dollars a month if he wanted to retire at 50 with 30 total years in, live off that if you will. You see they reduce your payout by 6 percent prior to age 65, the amount would not be 55 dollars per service year per contract that the current part timer workforce enjoys. Here is the formula: It is a percentage of a 30 year retirement at the time you left that plan, his would be 2/3 of roughly 1000, coming up to 750 at age 65. Now reduce that total by 80 percent for those years prior to 65 if you wanted to retire early and actually it is less that 100 per month for 20 years. People are you getting my drift!</p><p> </p><p>The full time years with the teamsters plans would be separate and added on to those part time years for vested purposes only. He would get 800 per year at 65 with his teamster retirement plan, subject to change.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 98607, member: 5104"] Got you on that one, we all are speculating, but generally rumors at this company come into being. Really hard to keep a secret with todays media networking, it does line up with the early contract negotiations that might be happening in the coming months. The pension plan that most of us are vested in is separate from managements' so that will not be eliminated, would be great if they put some of those funds into that, it has been greatly underfunded compared to managements. If they are planning on increasing the monetary pay out for all those part time years combined with the teamster's plans it could help with our retirement years. I know of a combo person who checked into their benefit for 20+ years as a part timer and it came out at 100 dollars a month if he wanted to retire at 50 with 30 total years in, live off that if you will. You see they reduce your payout by 6 percent prior to age 65, the amount would not be 55 dollars per service year per contract that the current part timer workforce enjoys. Here is the formula: It is a percentage of a 30 year retirement at the time you left that plan, his would be 2/3 of roughly 1000, coming up to 750 at age 65. Now reduce that total by 80 percent for those years prior to 65 if you wanted to retire early and actually it is less that 100 per month for 20 years. People are you getting my drift! The full time years with the teamsters plans would be separate and added on to those part time years for vested purposes only. He would get 800 per year at 65 with his teamster retirement plan, subject to change. [/QUOTE]
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