What's new

TForce | UPS Freight Retirement Plan Explained (sort of)

I

imported_Old School

TB Lurker
Credits
0
UPS Retirement Plan

Participant Information
Name:***********
Date of Birth:********
Employee ID:*******
Original Date of Employment********
Region/District****
Full Time/ Part Time FT
Vesting Service as of 12-31-05 29 yrs
Benefit Service as of 12-31-05 29 yrs
Calculation Marital Status Married

Calculation Information

Date of Termination 12-31-06
Benifit Start Date 01-01-07
Age at Benifit Start Date 57
Estimated Vesting Service at Benefit Start Date 30
Estimated Benefit Service at Benefit Start Date 30

Estimated Final Average Compensation
$71,006.35

This estimate assumes that you will continue full-time active employment until the requested termination date. Final Average Compensation is computed using current information on record.
 
continuing

Your Payment Options

Single Life Annuity $3,062.15

Single Life Certain Annuity
w/10 year Certain Guarantee $2,984.07

Qualified Joint & 50% Surviving spouse Annuity OR Joint Survivor Annuity
To you for your lifetime $2,822.36
To your beneficiary after
your death $1,405.68

Joint & 100% Survivor Annuity
To you for your Lifetime $2,598.54
To your beneficiary after
your death $2,598.54

Social Security Leveling Option-age 62
before age 62 $3,956.05
after age 62 $2,595.05

Social Security Leveling Option-age 65
before age 65 $3,880.15
after age 65 $2,213.15

I'll try to show you how this SS Leveling works in next post. This is from an actual paper sent to full time employee, I just couldn't get it to paste and make any sense so I typed it on here myself.
 
continuing

If the link doesn't work GOOGLE Institutional Investors Magazine American Edition,Rich Plan, Poor Plan. Go down to the link that has Rich Plan, Poor Plan and click on it. The whole article is very interesting and I realize it talks about UPS Parcel but we are in the same plan so the chances of it being the same for us is pretty good.
 
Old School said:
If the link doesn't work GOOGLE Institutional Investors Magazine American Edition,Rich Plan, Poor Plan. Go down to the link that has Rich Plan, Poor Plan and click on it. The whole article is very interesting and I realize it talks about UPS Parcel but we are in the same plan so the chances of it being the same for us is pretty good.
Click to expand...
Thats is ok but we are two different entities,We'll never have the same contract.....:biglaugh:
 
Old School said:
To explain the SS leveling go to www.dailyii.com/article.asp?PositionID=3195&Article=1025826&issueID=50359&pub=519
then go to page 5 and read paragraphs 1 and 2.
Click to expand...

Here it is again,http://www.dailyii.com/article.asp?ArticleID=1025826, What I am seeing is what I have been saying rite along. Although the teamsters pentions are underfunded, and they are ,due to the shortfall of paying employers and the squadering of related funds by mobsters, The restructuring plans envolved are gaining in %'s, and the funds are doing in most cases 1-2 % above and beyond expected gains Therefore promoting a closing of a apperent gap of underfunding.

The kicker here is to maintain this % increase over a period of 10 years to close the underfunding and rebound to a back in black status, without having to increase employer contributions promoting dramatic inflation, and not having to decrease benifits to members or increased dues.

This will be quite the balancing act for the teamster's and hope to hell no more companies go under in the meantime increasing these percentages of inflation.

I will defenatly keep up with this.

My new jobclass is "Freight Redundancy Specialist".

This Person will have the ability
to tolerate mentally challenged dispatchers
who excell in the art of ignorance redundancy,
and can withstand driving 18 wheelers at
top end speeds in circles.
 
Old School said:
UPS Retirement Plan

Participant Information
Name:***********
Date of Birth:********
Employee ID:*******
Original Date of Employment********
Region/District****
Full Time/ Part Time FT
Vesting Service as of 12-31-05 29 yrs
Benefit Service as of 12-31-05 29 yrs
Calculation Marital Status Married

Calculation Information

Date of Termination 12-31-06
Benifit Start Date 01-01-07
Age at Benifit Start Date 57
Estimated Vesting Service at Benefit Start Date 30
Estimated Benefit Service at Benefit Start Date 30

Estimated Final Average Compensation
$71,006.35

This estimate assumes that you will continue full-time active employment until the requested termination date. Final Average Compensation is computed using current information on record.
Click to expand...


Doing some calculations here Old School, and if its not too much to ask for, could you give the Birth Date of this guy?
 
Accelerator said:
The kicker here is to maintain this % increase over a period of 10 years to close the underfunding and rebound to a back in black status, without having to increase employer contributions promoting dramatic inflation, and not having to decrease benifits to members or increased dues.
Click to expand...

I think thats the goal of any plan non or Union.

Dues have no bearing on the retirement.
 
serta said:
I think thats the goal of any plan non or Union.

Dues have no bearing on the retirement.
Click to expand...

Yes true sorry ,About the dues. But with a widening gap of contributors, they will need 10 years of crapshooting over expected projections in order to close the gap prior to making a profit. It is essentially going down the same path as Social Security. You cannot get water from a rock... All plans create some sort of significant gap, during investing, But on the other hand when the percentage of contributors get smaller and smaller how do you save grace in a sluggish world economy, Particularly when there is a projected continuing 4-6 years of sluggishness and who now's who else will go out of business!!!!. This is simple math.

Now in 5 years email me and I will have to say I told you so!!!!!!.
 
To the best of my knowledge, CS was the only plan experiencing trouble. And it wasnt becuase of "Mobster's"
Now, the Teamster's negotiate contributions from the employer's, CS administer's where it's invested.
 
krash said:
To the best of my knowledge, CS was the only plan experiencing trouble. And it wasnt becuase of "Mobster's"
Now, the Teamster's negotiate contributions from the employer's, CS administer's where it's invested.
Click to expand...

I am not debating weather it was mobster's or not, but according to this article, and many other's in circulation , there was money laundering going on . I am not in a position of coarse to argue these accusation's, and niether is the article.

And you are correct that cs is in trouble, which the article explains, but they are also describing the teamsters as a whole. And you must admit, and I am not downing the teamsters at this point, but there is a gap in contributor's now in comparison 2 twenty years ago. Hence deficit contributors.

My new jobclass is "Freight Redundancy Specialist".

This Person will have the ability
to tolerate mentally challenged dispatchers
who excell in the art of ignorance redundancy,
and can withstand driving 18 wheelers at
top end speeds in circles.
 
The "loan's" where on the up and up. And they were all paid back, with intrest. And some early. CS has also adjusted to get outta trouble. I cant get many of my co-workers to realize it's better to work a lil' longer and draw a pension than to not have one at all. Too many wanna draw longer than they put in. And they dont care how its done just as long as they get there's. I feel we have a great job, pay, beni's, holidays, vacation time, etc, etc and such. All this to drive a truck or deliver a pkg. Am I the only one that look's at the many positives and not the few negative's? Oop's, starting to ramble.

What article are you referring to Accelerator?
 
krash said:
The "loan's" where on the up and up. And they were all paid back, with intrest. And some early. CS has also adjusted to get outta trouble. I cant get many of my co-workers to realize it's better to work a lil' longer and draw a pension than to not have one at all. Too many wanna draw longer than they put in. And they dont care how its done just as long as they get there's. I feel we have a great job, pay, beni's, holidays, vacation time, etc, etc and such. All this to drive a truck or deliver a pkg. Am I the only one that look's at the many positives and not the few negative's? Oop's, starting to ramble.

What article are you referring to Accelerator?
Click to expand...

I will have to find it again , I am almost positive the article is a link I posted here in this topic. I also am not saying I suffer from a closed mind.

My new jobclass is "Freight Redundancy Specialist".

This Person will have the ability
to tolerate mentally challenged dispatchers
who excell in the art of ignorance redundancy,
and can withstand driving 18 wheelers at
top end speeds in circles.
 
I just talked with a union driver thats just checked on..

his retirement benefits two weeks ago.
He said he will draw more than he makes in 8 hour per day weeks driving now.

Also he said if he works another complete year after his 30 he's offered a $10,000.00 bonus,and that again for each year up to 5 more years after his 30.

He says he may take his 30 year retirement and do something else because he's to young to collect social security benefits.

Now heres my question who is working on his behalf to cover his retirement?
He said theres enough money in the fund that he doesn't have to worry about that.

Well there maybe enough at this present time,but he's still a young man,in his mid 50's,if he lives to a ripe old age,and draws this amount all those years,I'm sure a lot of someones will have to be working to cover his intire package.

Its a really fantasic retirement but its not realistic in my way of thinking,how can the Teamsters offer this to everyone retiring?
 
I recieved a flyer in the mail from UPS Freight, explaining retirement benifits, and giving the calculations for expected benefits at retirement. Long story short, If I put in 30 years, based on an average of $70,000 a year, Ill bring home $2013.77. This includes $120.00 a month for vested service with M.C. Can anyone tell me what they think the union might be able to negotiate int the way of pension benefits. $2000+ wont go very far 30 years from now!
 
You must log in or register to reply here.
Top