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Yellow | Pension payback

the5tolls said:
What does anyone know about the Buster Brown guys that retired through Central States? I have always heard rumors that if Central States ever goes defunct or critical or something that UPS has to fund those guys pension. You guys know anything about that?
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I retired from UPS in 2019 after 41 years service (8 part time). I have significant years vested in both Central States and the UPS/IBT pension funds. I retired at 62, and the agreement was for the UPS/IBT to fully pay my pension without the 6 % reduction per year before age 65. So I get one check a month now. When I turn 65, I will receive 2 checks, 1 from CS and 1 from the UPS IBT. Basically it's half and half. That is true though, UPS is contractually obligated to fully pay my pension if CS defaults. But that's only for guys vested in CS, like myself.
 
My fund (not central) says you get a year for a year worked. BUT they multiply what the company put in times whatever the multiplier is to give you what your yearly benefit is for that year. It will end up to be 25% of what it is for ABF. That is why I left YRC, not for the pay difference, but because of the pension.
 
Big Belly Bob said:
I retired from UPS in 2019 after 41 years service (8 part time). I have significant years vested in both Central States and the UPS/IBT pension funds. I retired at 62, and the agreement was for the UPS/IBT to fully pay my pension without the 6 % reduction per year before age 65. So I get one check a month now. When I turn 65, I will receive 2 checks, 1 from CS and 1 from the UPS IBT. Basically it's half and half. That is true though, UPS is contractually obligated to fully pay my pension if CS defaults. But that's only for guys vested in CS, like myself.
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Correct, thank you for the explaination. That should clear up that matter.
 
ABF381 said:
My fund (not central) says you get a year for a year worked. BUT they multiply what the company put in times whatever the multiplier is to give you what your yearly benefit is for that year. It will end up to be 25% of what it is for ABF. That is why I left YRC, not for the pay difference, but because of the pension.
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You are correct and that is what my fund does. It works out to be 4 years at 25% equals 1 year at full pension payments which ABF pays. I left YRC and took an early pension at 57 years old. I got credit for 39 years, I started working union when I was 18 years old on the dock.
 
https://d3n8a8pro7vhmx.cloudfront.n...structuring_Extension_MOU_2014.pdf?1440102213

This link is for the 2014 MOU. This is clearly stated in section 5.

5. Pension Contributions. The Employer shall continue to make contributions to the applicable pension funds or 401(k) plan at 25% of the 2009 rate, consistent with the Restructuring Agreement. To the extent any health and welfare fund needs less than $.60/hr on August 1, 2016, $.70/hr on August 1, 2017, or $.75/hr on August 1, 2018, the amount less than $.60/hr, $.70/hr, or $.75/hr (as applicable) may be directed by the applicable Supplemental Negotiating Committee to increase the contribution rate for the corresponding pension fund or 401(k) plan.
 
https://d3n8a8pro7vhmx.cloudfront.n...931509/mas-nmfa-yrcw_2019-2024.pdf?1554931509

This link is for the 2019-2024 NMFA for YRCW companies. This language can be found near the bottom in the National Economic Settlement.

8. Pension Contributions
The Employer shall continue to make contributions to the applicable pension funds or 401(k) plan at the rate in effect as of March 31, 2019 for the duration of the agreement, under the terms/conditions currently in effect. The Employer shall execute all documents and participation agreements required by each Fund to maintain participation. To the extent any pension fund has a duly adopted funding improvement plan or rehabilitation plan that requires contribution rate increases from the Employer, such contribution rate increases shall be payable up to a maximum of eight percent (8%) annually. For purposes of employees covered by Western States Supplements on whose behalf contributions are made into the Teamsters-National 401(k) Savings Plan, the contribution rate shall be increased annually by the weighted average of the pension contribution rate increases in that year pursuant to the above.
Affected Locals shall maintain their “one punch” rule for pension contributions.
If any Pension Fund rejects this Agreement because of the Employer’s level of contributions and terminates the Employer’s participation in the Fund, the contract shall be reopened and TNFINC shall have the right to take economic action in support of its position.
The following language shall be added to Article 27 of the NMFA:
In the event pension legislation is enacted that directly impacts the Employer’s contribution obligations, results in the reduction of employees’ benefits or accruals, or requires employees to contribute to their pensions, the provisions of this Article 27 shall apply – including the right to take economic action.
 
If you spend the time to educate yourself on how much your employer must contribute contractually I can’t be responsible for hurt feelings or seething anger over what we’ve been through. We all had zero I repeat zero contributions made July 1, 2009 through December 31, 2010. No pension reform legislation is ever going to correct that.
 
Yellow Fever said:
If you spend the time to educate yourself on how much your employer must contribute contractually I can’t be responsible for hurt feelings or seething anger over what we’ve been through. We all had zero I repeat zero contributions made July 1, 2009 through December 31, 2010. No pension reform legislation is ever going to correct that.
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And because of that I lost 6 months worth of pension credits. Many of my fellow workers left early to retire or tried to get on with ABF at that time. I had 39 good years and did not want to take a job position from another Teamster who still needed time to retire. Got a little part time job for 7 years worked when I wanted and all was good until July 1st comes when my check gets cut 66%. They say we will get back all money lost retroactively in the future, we will see.
 
ROADY said:
What fund, where do you work, I'm in the east and never heard of working 9 years and getting 1 pension credit.
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Same with central states, I never read anything about a 4 for 1.
ROADY said:
And because of that I lost 6 months worth of pension credits. Many of my fellow workers left early to retire or tried to get on with ABF at that time. I had 39 good years and did not want to take a job position from another Teamster who still needed time to retire. Got a little part time job for 7 years worked when I wanted and all was good until July 1st comes when my check gets cut 66%. They say we will get back all money lost retroactively in the future, we will see.
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I hope you and all are restored to 100%
 
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Understand Tim Heidecker GIF by Adult Swim
 
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