TForce | UPS Retirement plan statement

One nice thing about being a Teamsters in my earlier years of LTL.
Was the pension followed me from one union company to another.
I worked for 15 different LTL's 13 union,Overnite was the 14th,which became the freight division of UPS.

So prior to Overnite I had 20 plus years vested from credit of my hours of service with the combination of the 13 companies.
We all know this would be very difficult now days with the scarcity of union LTL companies that remain in the NMFA.

Yes I will be the first to say I'm very blessed the way things worked out for me regarding my pensions.
At the time which was right after deregulation kicked in.
LTL companies were going bankrupt at an alarming rate.
We union drivers never knew who to try to get full time work with as all these companies I worked for back in the day,are now all history.
With the exception of Yellow who I was just able to get occasional work with,because there were so many other drivers from failed companies,competing for the same jobs.
The remaining union LTL's would not have to hire anyone,they could use whoever they wanted for a few days,then pick someone else where our time would expire for full time work at one place.

Those were very bad times,to wake up with a phone list of union LTL companies,and call in to see if any had work for me.
However looking back at being a Teamster in the NMFA at least I had a good pension that followed me from one union company to the other.

I know you youngsters can't relate to any of the old days,which in my opinion,you are better off keeping your noses clean and sticking with one company for your pay,and bennies.
 
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UPS purchased the pension plan from Overnite's holding company, as to why it froze and then reopened under the UPS pension plan, I do not know, I'm sure there were many legal issues UPS had to abide by and it may have been beneficial to the company. It does not effect the employee in any negative way other than receiving two separate pension checks at the time of retirement. The funding and dollar ratios used to make up the plan has never changed between the Overnite and the UPS pension plans. The Central states pension funds never had anything to do with the Overnite/UPSF Pension plans.

Wonder why the two seperate checks if there is just one pension fund? Doesn't make any sense as to why if both are drawn from the same fund and the terms have not changed. Getting two checks means your not getting 100% of either. Anyone know someone just retiring under this two check system?
 
Actually they are two pension funds. The Overnite pension fund was frozen when UPS purchased Overnite these funds will no longer grow as it was froze. UPS then started the UPS pension fund. You will receive a monthly pension check for your vested years of service with Overnite. You will also receive a pension check for your years of service with UPSF, these funds will grow each year you work for UPSF. The terms, vesting, ratio, years of service, ect. of our original pension fund remains with the UPS pension fund. UPS has control of both pension funds/plans so at retirement you will receive two separate pension checks from UPS. Hope this helps. And yes, I know people that have recently retired receiving two pension checks from UPS as I have explained. I am starting to confuse my self.....lol
 
How long is the vesting period in the new UPSGF pension fund?

For employee's that were not vested in the Overnite Pension plan (new employee with UPSF) I believe it takes one year to be 100% vested in the UPS pension plan. For employees that were vested in the Overnite pension plan, there was no vesting period under the new UPS pension plan.
 
According to my statement I will be fully vested after five years.

Wow, 5 years? I was trying to remember way back what my vesting period was. If that is what your statement says it must be 5 years to 100% vesting. This must have been what it was for me when I first started with the company as the terms to the UPS pension has not changed. Thanks for the Info. Its to bad that there is not a whole lot of Information regarding our pension plan, like a booklet or a web page to our individual pension plan.
 
Actually they are two pension funds. The Overnite pension fund was frozen when UPS purchased Overnite these funds will no longer grow as it was froze. UPS then started the UPS pension fund. You will receive a monthly pension check for your vested years of service with Overnite. You will also receive a pension check for your years of service with UPSF, these funds will grow each year you work for UPSF. The terms, vesting, ratio, years of service, ect. of our original pension fund remains with the UPS pension fund. UPS has control of both pension funds/plans so at retirement you will receive two separate pension checks from UPS. Hope this helps. And yes, I know people that have recently retired receiving two pension checks from UPS as I have explained. I am starting to confuse my self.....lol
Actually Buster, what used to be the old Overnite pension fund is still being funded to some degree because we still have a few non - union terminals. Those employees are still in the old fund and are not in any way connected to the union pension plan.
 
Actually Buster, what used to be the old Overnite pension fund is still being funded to some degree because we still have a few non - union terminals. Those employees are still in the old fund and are not in any way connected to the union pension plan.

I wonder how that works as the Overnite pension plan was frozen?? Possibly only frozen for the union employee's that went into the UPS Pension Plan? I am sure all of management and office personal were in the old Overnite pension plan also. I would think if a plan is frozen, it would be completely frozen.......Interesting.
 
Wow, 5 years? I was trying to remember way back what my vesting period was. If that is what your statement says it must be 5 years to 100% vesting. This must have been what it was for me when I first started with the company as the terms to the UPS pension has not changed. Thanks for the Info. Its to bad that there is not a whole lot of Information regarding our pension plan, like a booklet or a web page to our individual pension plan.

When I first started with Overnite it was 10 years to be vested. Then I forget what year it was but it changed to 5 years.
 
Wow, 5 years? I was trying to remember way back what my vesting period was. If that is what your statement says it must be 5 years to 100% vesting. This must have been what it was for me when I first started with the company as the terms to the UPS pension has not changed. Thanks for the Info. Its to bad that there is not a whole lot of Information regarding our pension plan, like a booklet or a web page to our individual pension plan.

http://www.brownave.com/showthread.php?169-UPS-Retirement-Plan_Freight-complete-33-page-plan-summary

This is a link to the ups retirement plan.
 
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I wonder how that works as the Overnite pension plan was frozen?? Possibly only frozen for the union employee's that went into the UPS Pension Plan? I am sure all of management and office personal were in the old Overnite pension plan also. I would think if a plan is frozen, it would be completely frozen.......Interesting.
The plan, itself, wasn't frozen. The employees at terminals that went union were frozen at the date their terminal ratified the contract. The employee's seniority status in the non-union fund ended on that day and their benefit status was frozen at whatever level they had attained. At retirement it should work out to be the same amount either way, you'll just get money from two "pockets" instead of one.
 
The plan, itself, wasn't frozen. The employees at terminals that went union were frozen at the date their terminal ratified the contract. The employee's seniority status in the non-union fund ended on that day and their benefit status was frozen at whatever level they had attained. At retirement it should work out to be the same amount either way, you'll just get money from two "pockets" instead of one.

Yes, I have friends that have retired over the last few years and they are getting exactly what they expected for monthly pension payments, The only difference is they are receiving two checks from the two funds from UPS. Thanks for the Info.
 
Yes, I have friends that have retired over the last few years and they are getting exactly what they expected for monthly pension payments, The only difference is they are receiving two checks from the two funds from UPS. Thanks for the Info.

With Social Security it's going to be a very decent retirement for me.... No complaints!
 
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