The contract settlement by the Teamsters, local unions and UPS has sparked a number of questions relating to the WCTPT Pension and a number of requests from locals relating to current and future benefits that members will receive. To that end, we are providing the attached information.
1. A projection of benefits for full-time UPS employees and,
2. A projection of benefits for part-time UPS employees.
Please note that the projection for full-timers is based on the assumption that a full-time employee will work 2,080 hours each year and the contribution rate is and will remain at $14.00 an hour.
The projection for part-timers assumes 1,040 hours each year and a $12.00 per hour contribution rate going forward.
(Some of the UPS supplemental agreements have full-time and part-time rates higher or lower in dollar amounts than those used for these projections. The $14.00 and $12.00 should be considered representative only.)
For full-time employees, the $14.00 an hour contribution over the next five years alone will generate an $18,000 benefit increase (assuming the employee works 2,080 hours per year).
Part-time employees working 1,040 hours at $12.00 an hour rate will grow their benefit by $3,250 over the five years.
Any increases in the hourly contribution or the benefit accrual will increase the benefits beyond the above projections.
This information should address the question of a pension freeze. There is NO FREEZE!
If you have any questions, please feel free to contact me.
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