Register

If this is your first visit, please click the Sign Up now button to begin the process of creating your account so you can begin posting on our forums! The Sign Up process will only take up about a minute of two of your time.

Follow us on Facebook Follow us on Twitter Watch us on YouTube
sponsored links


Page 5 of 6 FirstFirst ... 3456 LastLast
Results 41 to 50 of 51
Like Tree20Likes

Thread: Pension Formula

  1. #41
    Walleye's Avatar
    Walleye is offline Senior Member
    Join Date
    Aug 2010
    Posts
    401
    sponsored links
    Quote Originally Posted by BIG BROWN View Post
    I have been with the company for 4 years. Will that time be lost for me with the new formula?
    Yes,............

    Because you nor I are "vested" in the current plan,...............

  2. #42
    Skeeter's Avatar
    Skeeter is offline Senior Member
    Join Date
    Apr 2006
    Posts
    4,428
    These pukes even want to give us less retirement... UPS and the teamsters were made for each other...
    Roadrunner73 and BusterNite like this.

  3. #43
    Roadrunner73's Avatar
    Roadrunner73 is offline Senior Member
    Join Date
    Aug 2010
    Posts
    1,848
    Quote Originally Posted by Skeeter View Post
    These pukes even want to give us less retirement... UPS and the teamsters were made for each other...
    Our pension is 100% funded according to what UPS sent us. And they want to cut it? I think they got numbers mixed up. It should read $150 per month for each year of service insyead of $105. That would make a bit more sense with a 100% funded pension. Then 30 years would get an employee $4500 per month. For putting up with this crap for 30 years, I still think it's too little.
    BusterNite likes this.

  4. #44
    BusterNite is offline Senior Member
    Join Date
    Aug 2010
    Posts
    4,685
    Quote Originally Posted by BusterNite View Post
    The question is, does the 25 years at age 60 and 30 years at 55 with no reduction (penalty) roll over to the new contract? Or as stated in the new contract pension benefit is payable at normal retirement age and that's it. Under our current contract the normal retirement age is 71 1/2
    There is no way to vote on this contract without a (SPD) summery plan description on health care and on the pension. For me the subcontracting issues and LHD classification is a NO VOTE alone.
    I am sorry I gave you the wrong retirement date. Under our current pension plan our "normal retirement date is 65 years of age. But you may retire earlier than your normal retirement date and begin to receive a reduced monthly retirement benefit as early as age 55, provided you have completed at least 10 years of vesting service (5% reduction per year) Or if you have completed 30 years of benefit service and are at least 55, Or have completed at least 25 years of benefit service and you are at least 60 years of age, there is no reduction in benefits. This is a nice feature, the question is, does this roll over to the new contract pension benefit? We will not really know with out seeing an SPD (summary plan description of the new pension changes. VOTE NO!

  5. #45
    eatups is offline Senior Member
    Join Date
    Aug 2010
    Posts
    126
    Quote Originally Posted by BusterNite View Post
    I am sorry I gave you the wrong retirement date. Under our current pension plan our "normal retirement date is 65 years of age. But you may retire earlier than your normal retirement date and begin to receive a reduced monthly retirement benefit as early as age 55, provided you have completed at least 10 years of vesting service (5% reduction per year) Or if you have completed 30 years of benefit service and are at least 55, Or have completed at least 25 years of benefit service and you are at least 60 years of age, there is no reduction in benefits. This is a nice feature, the question is, does this roll over to the new contract pension benefit? We will not really know with out seeing an SPD (summary plan description of the new pension changes. VOTE NO!
    Thats my question. 30 years at 55 years old can you still retire?. BA is checking on it. Still voting NO either way. 5 Years later and this is the best they can do?????

  6. #46
    Skeeter's Avatar
    Skeeter is offline Senior Member
    Join Date
    Apr 2006
    Posts
    4,428
    Quote Originally Posted by eatups View Post
    Thats my question. 30 years at 55 years old can you still retire?. BA is checking on it. Still voting NO either way. 5 Years later and this is the best they can do?????
    According to the teamsters we got everything we wanted. This is a outstanding contract...
    Roadrunner73 likes this.

  7. #47
    BusterNite is offline Senior Member
    Join Date
    Aug 2010
    Posts
    4,685
    Quote Originally Posted by Skeeter View Post
    According to the teamsters we got everything we wanted. This is a outstanding contract...
    This is an outstanding contract for UPS & the Teamsters. Its the members (employees) that really lose here.
    Skeeter and upsfer like this.

  8. #48
    BusterNite is offline Senior Member
    Join Date
    Aug 2010
    Posts
    4,685
    Quote Originally Posted by BusterNite View Post
    The question is, does the 25 years at age 60 and 30 years at 55 with no reduction (penalty) roll over to the new contract? Or as stated in the new contract pension benefit is payable at normal retirement age and that's it. Under our current contract the normal retirement age is 71 1/2
    There is no way to vote on this contract without a (SPD) summery plan description on health care and on the pension. For me the subcontracting issues and LHD classification is a NO VOTE alone.
    Correction, normal retirement age under our current plan is 65 years of age.

  9. #49
    Nitetrain is offline Senior Member
    Join Date
    Jan 2011
    Posts
    168
    Quote Originally Posted by BusterNite View Post
    I am sorry I gave you the wrong retirement date. Under our current pension plan our "normal retirement date is 65 years of age. But you may retire earlier than your normal retirement date and begin to receive a reduced monthly retirement benefit as early as age 55, provided you have completed at least 10 years of vesting service (5% reduction per year) Or if you have completed 30 years of benefit service and are at least 55, Or have completed at least 25 years of benefit service and you are at least 60 years of age, there is no reduction in benefits. This is a nice feature, the question is, does this roll over to the new contract pension benefit? We will not really know with out seeing an SPD (summary plan description of the new pension changes. VOTE NO!
    You are also eligible for retirement (under current plan) if you have a combined 80 years...ex. 50 years old plus 30 years service- 50 +30= 80..Also, when UPS bought overnite, everyone recieved 1 year of service added...

  10. #50
    BusterNite is offline Senior Member
    Join Date
    Aug 2010
    Posts
    4,685
    sponsored links
    Quote Originally Posted by Nitetrain View Post
    You are also eligible for retirement (under current plan) if you have a combined 80 years...ex. 50 years old plus 30 years service- 50 +30= 80..Also, when UPS bought overnite, everyone recieved 1 year of service added...
    That one year of service was not from the purchase of Overnite. Under our current pension formula we only have to earn 750 hours of service per year. Most of the people I know that have retired and I know quite a few, They earned well over 750 hours of service which gave them an extra credited year of service. 750 hours of service is a nice deal, retiring a year early is a good deal. To bad under the new contract you will have to attain double that at 1500 hours of service per year. You will not see an extra free year under this formula.
    driverman likes this.


Page 5 of 6 FirstFirst ... 3456 LastLast

LinkBacks (?)

  1. 05-08-2013, 10:07 AM
  2. 05-08-2013, 10:06 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
All times are GMT -4. The time now is 10:01 AM.
Powered by vBulletin™
Copyright © 2014 vBulletin Solutions, Inc. All rights reserved.
Content Relevant URLs by vBSEO 3.6.0 PL2
Image resizer by SevenSkins
Advertising positioning by Digital Point
vBulletin Skin By: PurevB.com