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TForce | The new pension formula sucks

Overnite

Overnite

TB Veteran
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It is capped at $3150 a year unless your grandfathered in and already have like 30 years in.

The new formula $105 x your years of service = monthly benefit.


$105 x 30 = $3150/month that's it no other increase. $3150 a month doesn't sound too bad but remember 30 years from now that won't even buy groceries.

The current formula is tied to your wages as you make more per year your will increase. There is no cap.

The new formula is capped at $3150/month we will have to fight in negotiations to get an increase. This is a step backwards.
 
our ba was at our barn yesterday, and said theres language in the ta that if you want to stay on the old formula you can.
 
Overnite said:
It is capped at $3150 a year unless your grandfathered in and already have like 30 years in.

The new formula $105 x your years of service = monthly benefit.


$105 x 30 = $3150/month that's it no other increase. $3150 a month doesn't sound too bad but remember 30 years from now that won't even buy groceries.

The current formula is tied to your wages as you make more per year your will increase. There is no cap.

The new formula is capped at $3150/month we will have to fight in negotiations to get an increase. This is a step backwards.
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Most of us will either be retired or dead in 30 years. The new guys will have a different pension each new contract. It isn't like this one is going to remain the some for 30 years.
 
It will change each contract IF the employees stay after them about it changing. My bet is they bought themselves at least 10 years of no improvements because of the 84% it helped, it really helped to the point they will feel good about it for a long time. Then reality sets in and it's time to play catch up.We know how that works.
 
Your right it could change, it could change for the worse, don't take it for granted it will be increased every contract and if it is ups will say it is a benefit we negotiated.
 
My BA told me the pension was a good deal because we'd be going back to the table every contract to increase the amount. We see how well that has worked for this TA!
 
Overnite said:
Your right it could change, it could change for the worse, don't take it for granted it will be increased every contract and if it is ups will say it is a benefit we negotiated.
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The company can also take away all pension benefits at contract time if they want. Just as most corporations are doing these days. Pensions are a benefit of the past.
 
BusterNite said:
The company can also take away all pension benefits at contract time if they want. Just as most corporations are doing these days. Pensions are a benefit of the past.
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Depends on how the pension is administered. I thought the slide show the company presented showed this fund as 100% funded? Maybe I misread the screen.


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Roadrunner73 said:
Depends on how the pension is administered. I thought the slide show the company presented showed this fund as 100% funded? Maybe I misread the screen.


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!00% right now, but it not guaranteed for life. It is important that it remains viable. The current formula was started when some guys were making a third of what they are making today. It won't remain viable at its current formula. It sucks, but it is the truth.
 
Roadrunner73 said:
Depends on how the pension is administered. I thought the slide show the company presented showed this fund as 100% funded? Maybe I misread the screen.


Sent from my iPhone using Tapatalk
Click to expand...

Yes, it is 100% funded. My point was the company does not have to continue giving its employees a Pension benefit. At contract time the company could just stop giving us that benefit if they wanted to.
 
Teamsta II said:
!00% right now, but it not guaranteed for life. It is important that it remains viable. The current formula was started when some guys were making a third of what they are making today. It won't remain viable at its current formula. It sucks, but it is the truth.
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There are no absolute guarantees in life except death and taxes. There is never going to be the perfect contract. You have to take as much as you can get and hope and pray for the best outcome. If you hold out for the perfect contract with all your ideal conditions, I hope you have some good walking shoes and plenty of them.
 
In the first contract we lost the 401k match now were losing the pension increases and we will have to negoitiate any further increases, if we ask for an increase next contract ups will want something in return.
 
From the 'memorandum of understanding' signed 5/11/09


4. The parties agree that employees who start and work on a holiday shall be compensated at one and one-half their hourly rate.; this does not pertain to employees whose regular scheduled workday concludes on a holiday. The company may continue its practice of moving the holiday for operational needs, but must pay one and one-half(1-1/2) for employees who start work on a holiday. The company shall not change the start times in an effort to negate the holiday premiums.
 
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