UPS Retirement plan statement

Discussion in 'UPS Freight' started by Skeeter, Oct 30, 2010.

  1. Apostolic

    Apostolic Super Moderator Staff Member

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    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.
     
    Last edited by a moderator: Nov 4, 2010
  2. tigerwitha88

    tigerwitha88 Member

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    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?
     
  3. BusterNite

    BusterNite Well-Known Member

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    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
     
  4. roadrnnr2007

    roadrnnr2007 Member

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    How long is the vesting period in the new UPSGF pension fund?
     
  5. BusterNite

    BusterNite Well-Known Member

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    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.
     
  6. sppollock

    sppollock Active Member

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    According to my statement I will be fully vested after five years.
     
  7. BusterNite

    BusterNite Well-Known Member

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    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.
     
  8. BusterNite

    BusterNite Well-Known Member

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    Any questions regarding your UPS Pension Plan.................E-mail...retirementdept@ups.com or mail at 55 Glenlake Parkway, Atlanta, GA 30328
     
  9. cavscoutdad

    cavscoutdad Active Member

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    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.
     
  10. BusterNite

    BusterNite Well-Known Member

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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.
     
  11. Skeeter

    Skeeter Well-Known Member

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    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.
     
  12. sppollock

    sppollock Active Member

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    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.
     
    Last edited by a moderator: Nov 7, 2010
  13. cavscoutdad

    cavscoutdad Active Member

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    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.
     
  14. BusterNite

    BusterNite Well-Known Member

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    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.
     
  15. Teamster

    Teamster Banned

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  16. sppollock

    sppollock Active Member

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    your welcome
     
  17. Skeeter

    Skeeter Well-Known Member

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

    BusterNite Well-Known Member

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    Yes, and a big thank you from me, All the years I have worked for this company I have never recieved a defined booklet on our pension. This Information was great and I printed out all 33 pages.
     
  19. BusterNite

    BusterNite Well-Known Member

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    And no complaints from me either.
     
  20. Roadrunner73

    Roadrunner73 Well-Known Member

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    My hands are gonna be in 5 different pension funds. Plus a few 401K's. Nothing like having the assets spread around lol.
     

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