Maybe in your small world it doesn't, but even in the Central it is the UPS-IBT Pension Fund.
I think a majority of the part time ones are in the ups pension plan.
Local 710 buyout update
I think a majority of the part time ones are in the ups pension plan.
Maybe, but we are talking about the buyout, which is for full time drivers only. UPS part time pension plan was never mentioned.
People are saying that the Union doesn't want the buyout because it will strain the Full Time Pension funds. That's what I was responding to.
Maybe, but we are talking about the buyout, which is for full time drivers only. UPS part time pension plan was never mentioned.
People are saying that the Union doesn't want the buyout because it will strain the Full Time Pension funds. That's what I was responding to.
Correct on the union saying that about the funds. Not sure which ones tho. We did just have a full time retire after 37 years. About 7 years part time before a driver. A few years in central states the rest in ups teamsters fund. Many here in next 5 years will be in the same boat. 7-10 years part time before went driving. I have no clue how funded the part time pension is
N
Maybe in your small world it doesn't, but even in the Central it is the UPS-IBT Pension Fund.
No need to be rude, brother. Here's some info: UPS did withdraw from the Teamsters Central States Pension Fund. This withdrawal occurred in 2007, with a $6.1 billion payment made by UPS to the fund in December of that year as part of the withdrawal agreement. The withdrawal was part of a larger strategy by UPS to reduce its liabilities for retirement security, including pensions and retiree healthcare. The UPS Pension Plan, a defined-benefit plan, is owned by UPS, but it is managed by Goldman Sachs Asset Management. UPS hired Goldman Sachs Asset Management to manage its North American pension fund assets, which are valued at $43.4 billion. The transition of the in-house investment management team to Goldman Sachs is expected to take place in the third quarter of the year.
No need to be rude, brother. Here's some info: UPS did withdraw from the Teamsters Central States Pension Fund. This withdrawal occurred in 2007, with a $6.1 billion payment made by UPS to the fund in December of that year as part of the withdrawal agreement. The withdrawal was part of a larger strategy by UPS to reduce its liabilities for retirement security, including pensions and retiree healthcare. The UPS Pension Plan, a defined-benefit plan, is owned by UPS, but it is managed by Goldman Sachs Asset Management. UPS hired Goldman Sachs Asset Management to manage its North American pension fund assets, which are valued at $43.4 billion. The transition of the in-house investment management team to Goldman Sachs is expected to take place in the third quarter of the year.
I learned something new today!!!
N
I learned something new today!!!
That's good, that's what we here for, to exchange some info. That's why I don't understand why people are saying that Union cares about Pension somehow, it's got nothing to do with it, as it was bailed out by UPS. Good business by the way, UPS is keeping all the pension contributions, and if a retired member dies soon, UPS is happy)))
G
This is a very simple matter being over-complicated for no reason, even though the reasons behind Union panicking, are obvious. Buyouts are voluntarily and are seniority based. This is a good opportunity for the people who were already out of the door, no one else was gonna take the buyouts, neither was forced to. It would also help junior workers to avoid more layoffs. The talks about UPS buying people are pathetic.
Its a problem if these jobs aren’t filled, 73 in Local 710 accepted buyout, 710 asked for 50 of those positions to be replaced, of course UPS said no. Court hearing tomorrow on the buyout
Its a problem if these jobs aren’t filled, 73 in Local 710 accepted buyout, 710 asked for 50 of those positions to be replaced, of course UPS said no. Court hearing tomorrow on the buyout
Is volume down that much where they don’t need to replace that many drivers? Not sure if they started that deferred delivery yet along with less Amazon
11 real Gs have their last day Friday in our center.
My understanding is the judge just rescinded 710s emergency freeze on the buyout.
G
My understanding is the judge just rescinded 710s emergency freeze on the buyout.
Yes, one percent of the membership accepted the buyout so it shouldn’t affect the pension fund that much according to the ruling, now it goes to arbitration
He is a low-profile manager from the Fuel/Wash office, I don't think he's lying
My old Center Manager who now is in charge of a different Center took the buyout. He’s only got a handful of years more than I do and was getting close to $150,000. I did not ask him what amount per year he was getting, but clearly it’s more than we were offered.
My old Center Manager who now is in charge of a different Center took the buyout. He’s only got a handful of years more than I do and was getting close to $150,000. I did not ask him what amount per year he was getting, but clearly it’s more than we were offered.
They need to offer a little bit more if you want people to leave 125k jobs.
They need to offer a little bit more if you want people to leave 125k jobs.
Lifetime membership to the beer of the month club?
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