TForce | Pension Summary and Balance

jdk1600

TB Regular
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Does anyone know if UPS plans to send out a letter showing where each of us stands with the new pension and account balances (i.e. years accrued, earned payout-to-date and current balance)?
 
I don't believe they send you 1 until you have reached vesting. However they do include all years of service for instance in my case I have had 4 separate times of employment with Overnite/UPS Freight and they included all the time spent working so while I'm still in progression until August of 2014 I am fully vested in the pension as of 2 Decembers ago. Hope that helps you out.
 
As far as I know it will. That wording is still in the contract but UPSF doesnt follow the contract half the time anyway so until you start getting a statement I would be doubtful of anything and question everyone.
 
$105.00 per year with the cap lifted after 30 years... Before it stop after 30 years. Now $105.00 per year no matter how many years you work. Glad I already have 30 years. $105.00 is a joke...

Yes but as you know some of us are grandfathered with the pension formula we have always had which is good. I am looking at $4700.00 per month with 30 years of service, if I were to work over 30 years would I still get an additional $105.00 per month added to my 30 year formula?
 
Yes but as you know some of us are grandfathered with the pension formula we have always had which is good. I am looking at $4700.00 per month with 30 years of service, if I were to work over 30 years would I still get an additional $105.00 per month added to my 30 year formula?

Yes, indeed I know and am thankful. But the ones starting out won't be as lucky as us. But then they have future contracts to get it increased...
 
Yes, indeed I know and am thankful. But the ones starting out won't be as lucky as us. But then they have future contracts to get it increased...

Yes, but $3150 per month with contract increases is not a bad deal either. We live in a time where pensions are a benefit of the past. More and more companies are terminating their pension plans. This should be the employees main focus at every contract negotiation. This is one benefit you never want to give up.
 
Yes, but $3150 per month with contract increases is not a bad deal either. We live in a time where pensions are a benefit of the past. More and more companies are terminating their pension plans. This should be the employees main focus at every contract negotiation. This is one benefit you never want to give up.

I think as hard as we work and the danger involved UPS could come up with something close to what Overnite offered. But there are future contracts...
 
I think as hard as we work and the danger involved UPS could come up with something close to what Overnite offered. But there are future contracts...

Not to far off from what parcel gets. But I do agree with you. I think all employees should have had the choice between both pension plans regardless of what their FAC was before 12/31/13
 
From a management perspective I can understand wanting to lock it down to a set $ amount per year of service. I also see how some of the guys including myself would have come out better under the old plan. As far as getting both that is a negative you get whatever is better either locked out this year plus $105 per year for every year going forward or the old plan all together via grandfathered. I'm stuck with what I have locked in now plus $105 because I do not qualify for the grandfathering due to still being in progression and not being able to hold a bid. (I have a unique situation)
 
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