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1FastCorvette

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What i want to ask is. Under the contract offer regarding the pension plan.

They want to freeze this plan and start another, i understand this.

1. Under our first 5 year contract it takes 5 years to be vested. And if u have less then this u loose all time vested and paid in for u. I will have4 3.25-3.5 years in and will have to eat all this. Bull****

2. Under the next 5 year contract offer. We will be offered a new pension plan.

My question is will all present to new hires, part time or fulltimers, Will they have to work 5 years under this 5 years contract to be re-invested.:
 
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According to HRS BA if your not vested in the old formula already all those years will count toward the new formula. I really have mixed emotions on this only because I don't want to have to hold a RKE run for 5 years in order to max out my pention and it does allow the dock to get a larger pention payout to my understanding. But personal thought is the amount per month should be closer to $150 up from $105
 
renegadebaileys said:
According to HRS BA if your not vested in the old formula already all those years will count toward the new formula
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if this were true it would have been in writing in the new contract, which it wasn't. so if our BA is telling the truth they messed up and gave the company a easy out on paying those that were not vested in the old pension.
im going to call him tomorrow to see if he tell me the same thing.
 
There are quite a few BA's saying that the old pension rules will roll over to the new..........Really? Why didn't the old rule of 750 service hours per year roll over? That was doubled to 1500 service hours per year in the new proposed contract. If its not in writing, don't trust anything they are saying to sell this proposed contract.
 
i asked mr giz garcia our ba at hrs about this yesterday. he said even if you dont have enough time to be vested in the old pension , up to dec 31st of this year everyone is getting credit for their time under the old formula. which makes absolutely no sense at all. because you need 5 full years before your even vested into the old plan.....
 
Gideon129 said:
i asked mr giz garcia our ba at hrs about this yesterday. he said even if you dont have enough time to be vested in the old pension , up to dec 31st of this year everyone is getting credit for their time under the old formula. which makes absolutely no sense at all. because you need 5 full years before your even vested into the old plan.....
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Ask your BA for a summary plan description on the pension plan. if you don't see it in writing, don't believe it. I bet he won't be able to produce an SPD on the pension for you. This is something you won't see until the contract has passed.
 
Please stop asking so many questions. They have run out of answers and are awaiting the next shipment of lies....er I mean answers from the IBT.
 
That's the problem. Too many questions. It should all be spelled out. Send them back and get it rite. VOTE NO.
 
Administrative Information
This section contains information about the administration and funding of the UPS Pension Plan, certain rights that you
have as a Plan participant and contacts you may need in certain situations. You may not need this information on a
day-to-day basis, but you should read this section so that you understand your rights. If you have any questions about
this information, please contact the Plan Administrator at the street or email addresses and telephone numbers below:
Board of Trustees
UPS Pension Plan
55 Glenlake Parkway NE
Atlanta, GA 30328
(800) 643-4442
[email protected]
Official Plan Name
The Plan’s legal name is the UPS Pension Plan.
Type of Plan
The Plan is a defined benefit pension plan.
Employer Identification Number and Plan Number
The Employer Identification Number of the Plan is 95-1732075. The Plan Number is 022.
Plan Sponsor
The Plan Sponsor is United Parcel Service of America, Inc. (UPS America).
Plan Trustees
The Plan Trustees are three individuals appointed by UPS America. You may contact the Trustees by writing:
Board of Trustees
UPS Pension Plan
55 Glenlake Parkway, NE
Atlanta, GA 30328
Plan Funding
All contributions are made by UPS. The contributions are actuarially determined. Contributions are made to a trust.
These contributions are held by The Bank of New York Mellon pursuant to a trust agreement with United Parcel Service
of America, Inc.
Even if certain of your benefits are not guaranteed, you still may receive some of those benefits from the PBGC depending on
how much money your Plan has and on how much the PBGC collects from employers.
For more information about the PBGC and the benefits it guarantees, ask your Plan Administrator or contact the PBGC
Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 20005-4026 or call (202) 326-4000 (not a
toll-free number). TTY/TDD users may call the federal relay service toll-free at (800) 877-8339 and ask to be connected to
(202) 326-4000. Additional information about the PBGC pension insurance program is available online through the PBGC
Web site at Pension Benefit Guaranty Corp - PBGC Protects America's Pensions.
I got this info from our book:UPS Pension Plan
Summary Plan Description
For Eligible Employees of:
UPS Ground Freight, Inc.
January 1, 2012
 
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