GLAD TO BE_UPSF
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That is one of those grey areas that needs clarification.
One would assume you will get credit for your years of service since we are still in the UPS Pension and not in the teamsters pension.
TForce | 401K, Pensions
- Thread starter pissweed
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One would assume you will get credit for your years of service since we are still in the UPS Pension and not in the teamsters pension.
wassesname
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thats a good question pw. youre vested in one plan or fund. do you need to be vested, 5 years, in the other to collect... anybody?
BusterNite
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Union or not, Your pension years of service remain the same and will continue to build even if you go union. The only difference is, Your Pension is locked in for the term of the contract and can not be taken away.
It is not just a matter of collecting, it is a matter of how much you collect. The longer you are in a pension plan, the more you will collect. Generally, it is based on the average of the best five years of your last ten years worked. Somewhere in the formula, it takes into consideration how many years you have been in the pension plan. So this is really a very important issue that I think everyone seems to overlook and no one has a concrete answer for.
When someone has a very clear and documented answer, please let us all know. If you are young, it won't matter as much, but even if you are young, you need to think now about your future, because we, the baby-boomers are spending all of your social security money now!:smilie_132::smilie_132:
When someone has a very clear and documented answer, please let us all know. If you are young, it won't matter as much, but even if you are young, you need to think now about your future, because we, the baby-boomers are spending all of your social security money now!:smilie_132::smilie_132:
That doesn't really answer my questions, but thanks. Also, everything that I have read tonight, taken as a whole, has helped. And your input, Overnite, has been great. So has Glad to be UPS_F (or whatever his name was), and no Skeeter, "pissweed" is not my CB handle. I don't even own a CB..pissweed is my ornery black cat! I have to go to bed....some of us have to work in the morning....:smilie_132::smilie_132::smilie_132:
That doesn't really answer my questions, but thanks. Also, everything that I have read tonight, taken as a whole, has helped. And your input, Overnite, has been great. So has Glad to be UPS_F (or whatever his name was), and no Skeeter, "pissweed" is not my CB handle. I don't even own a CB..pissweed is my ornery black cat! I have to go to bed....some of us have to work in the morning....:smilie_132::smilie_132::smilie_132:
You got to admit that is some name. LOL! Just giving you a hard time. Have a good work day tomorrow. :smilie_132:
galaxy99dx
,,,,,dispatch
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SECTION 3. 401(k) Plan
No later than sixty (60) days after ratification of this Agreement, all full and casual employees shall be eligible to participate in the Teamsters UPS National 401(k) Tax Deferred Savings Plan in accordance with the terms of that Plan. The Employer shall withhold from an employee’s earnings, amounts mutually agreed between the Employer and the employee, and deposit such monies into a 401(k) account in the employee’s name in compliance with the Internal Revenue Code and ERISA.
The only thing you loose is the company match.
Pension:
SECTION 6. Retirement
Effective upon ratification, full-time and casual employees shall cease to be covered by the UPS Retirement Plan and shall instead be covered by the UPS Pension Plan. The UPS
Pension Plan will be amended to cover the employees based on the terms set forth in this subsection. The benefit formula for current and future full-time and casual employees will remain unchanged from the benefit formula in effect for the UPS Retirement Plan at the time of ratification of this Agreement.
The UPS Pension Plan is governed by the terms of the plan document and trust agreement, both of which are incorporated herein by reference. Any claims for benefits are subject to resolution solely through the UPS Pension Plan administrative claims process.
There are 63 pages. I can see how that seemed like a bit much for ya
And then they decide later who will be in which plan,,Central, western, or whatever?
teamster elvis
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I am glad we didn't go into a treamster pension
Some people would of been mightly pissed off.
Local 355 Members Get Answers on Pension Questions | Teamsters for a Democratic Union
Some people would of been mightly pissed off.
Local 355 Members Get Answers on Pension Questions | Teamsters for a Democratic Union
O,
TDU, as I'm sure you're aware, will do anything or spin any situation to suit their political agenda which is to be in control of the Teamsters. They're not very often a good source for the truth. Also, didn't you post this in the Union vs. non Union Forum in the 401K vs. Pension thread? That's multiple posting. One of them should be deleted.
TDU, as I'm sure you're aware, will do anything or spin any situation to suit their political agenda which is to be in control of the Teamsters. They're not very often a good source for the truth. Also, didn't you post this in the Union vs. non Union Forum in the 401K vs. Pension thread? That's multiple posting. One of them should be deleted.
accelerator
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The TDU, well they are the equivelent of the Holy Bible of UNION.
There are 3 threads like this going on why not just delete 2 of the threads.
Of course the tdu will spin things there way, just as the teamsters do and UPS does. You can't get your info from just one place.
Without opposition you have tyranny.
Where would the NMFA be without the TDU?
accelerator
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Thats true.
BusterNite
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I have 22 years with Overnite and 3 years with UPSF. If I retired right now I would get a 25 year UPS Company paid pension.
micro brew
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What no company match means.
Ran some numbers here and I found them interesting.
From what I understand the company match was 1/2 of 7%. Now they do not match due to the union pension. Someone correct me here if I am wrong..
If you make 75k for the next 20 years (very conservative) you will personally contribute 105,000. At 8% (again, historically conservative) you would have about 259,000 in your 401k.
If you have your contributions with the match and the same conservative figures, you would have 389,000.
If the money contributed to your pension (240.00 per week.. correct me if I am wrong) was instead contributed to your 401k with your 7% you would have 875,900 in your 401k.
I work for the evil empire known as Conway and with their 6% 100% match I would have 440,800 based on these same conservative figures. If you factor in catch up contributions no pension can match the income potential of a 401k.
For those who say it can go down,(which it can) let me ask you this.. How does a company sustain a pension fund?? Answer.. The same way an Insurance company makes money. They have a board of financial directors who invest the (your) money. They reap the benefits.. Do you?? I think you guys have an incredible opportunity to retire better than your executives at UPSF. When you get the next contract push for more 401k contributions. This will help YOU, and UPSF in the long term.
Ran some numbers here and I found them interesting.
From what I understand the company match was 1/2 of 7%. Now they do not match due to the union pension. Someone correct me here if I am wrong..
If you make 75k for the next 20 years (very conservative) you will personally contribute 105,000. At 8% (again, historically conservative) you would have about 259,000 in your 401k.
If you have your contributions with the match and the same conservative figures, you would have 389,000.
If the money contributed to your pension (240.00 per week.. correct me if I am wrong) was instead contributed to your 401k with your 7% you would have 875,900 in your 401k.
I work for the evil empire known as Conway and with their 6% 100% match I would have 440,800 based on these same conservative figures. If you factor in catch up contributions no pension can match the income potential of a 401k.
For those who say it can go down,(which it can) let me ask you this.. How does a company sustain a pension fund?? Answer.. The same way an Insurance company makes money. They have a board of financial directors who invest the (your) money. They reap the benefits.. Do you?? I think you guys have an incredible opportunity to retire better than your executives at UPSF. When you get the next contract push for more 401k contributions. This will help YOU, and UPSF in the long term.
SECTION 3. 401(k) Plan
No later than sixty (60) days after ratification of this Agreement, all full and casual employees shall be eligible to participate in the Teamsters UPS National 401(k) Tax Deferred Savings Plan in accordance with the terms of that Plan. The Employer shall withhold from an employee’s earnings, amounts mutually agreed between the Employer and the employee, and deposit such monies into a 401(k) account in the employee’s name in compliance with the Internal Revenue Code and ERISA.
The only thing you loose is the company match.
Pension:
SECTION 6. Retirement
Effective upon ratification, full-time and casual employees shall cease to be covered by the UPS Retirement Plan and shall instead be covered by the UPS Pension Plan. The UPS
Pension Plan will be amended to cover the employees based on the terms set forth in this subsection. The benefit formula for current and future full-time and casual employees will remain unchanged from the benefit formula in effect for the UPS Retirement Plan at the time of ratification of this Agreement.
The UPS Pension Plan is governed by the terms of the plan document and trust agreement, both of which are incorporated herein by reference. Any claims for benefits are subject to resolution solely through the UPS Pension Plan administrative claims process.
There are 63 pages. I can see how that seemed like a bit much for ya
I for the live of me can't figure out why this is so difficult for some people.
