So I thought I'd post this being that's been a year since the contract was ratified. The teamsters Union was desperately trying to get t-force into one of their pension plans. T Force agreed to go into one of the teamster multi-employer pension plans, but UPS would not agree to allow the years worked under the ups pension to stack with the teamster plans . So it fell through.
TForce | Inside baseball.
- Thread starter No port
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Correct me if I'm wrong but I believe UPS Teamsters in North Jersey have been under company managed pension plan for ages now. I even think the members themselves voted to keep the company managing the plan instead of Teamsters.
UPS wasn't going to pay into the teamsters pension . UPS would not agree to allow the combined years under the different plans to be counted together.
So if you had 20 years with freight , you couldn't add the years under the teamster pension to receive your pension before 65 years old, no matter how many years you had combined.
UPS paid about $1 billion dollars to the teamsters to withdrawal ups employees from the multi employer the same time it bought us from overnite back in 2007. UPS has no say in what tforce does with their pension they are completely separate.
I think that is why UPS threatened anyone who took retirement from ups and remained working for tforce, they claimed we would lose our seniority, it wasn’t until ups and tforce had a falling out that Alain Bedard came out and said anyone could claim the ups retirement and would not lose their seniority, he further said tforce would fight for that employees right to do so. The union also tried to prevent us from claiming the ups pension.
I think that is why UPS threatened anyone who took retirement from ups and remained working for tforce, they claimed we would lose our seniority, it wasn’t until ups and tforce had a falling out that Alain Bedard came out and said anyone could claim the ups retirement and would not lose their seniority, he further said tforce would fight for that employees right to do so. The union also tried to prevent us from claiming the ups pension.
You are only off by 5 billion.
I was offered a one-time lump sum offer by UPS to settle my Overnite pension. I took the money and ran and the markets have treated me well with that money over the last several years.