Shrinking Pensions for Philly-Area UPSers

April 12, 2012: UPS Teamsters are joining together to win a better contract and stop the downward slide in our pensions.

The cost of living is going up. But pensions for UPS Teamsters in the Philadelphia Fund are going down every year.

UPS Teamsters who retire this year with 30 years still get a good pension: around $3,900/month.

But ten years from now, a UPSer who retires with 30 years will get less than $3,200/month. That’s a pension cut of more than $700/month.

All UPSers work under the same national contract and get about the same money contributed toward our pension.

But the Philadelphia Pension Fund has imposed some of the most restrictive rules in the country.

As a result, our pensions will keep shrinking every year—unless we take action to get improvements in our Fund.

Low Pension Accrual; Big Early Retirement Penalties

UPSers in Philadelphia will accrue just $119 toward our pension this year—one of the lowest rates in the country.

By comparison, Teamsters in the IBT-UPS plan will accrue $170/year as of January 2013; UPSers in the West will accrue over $200 this year.

The Philly Fund has also adopted the worst penalties in the country if you retire before age 65.

Teamsters who retire at age 57 lose more than half their monthly pension. This is worse than any other Teamster pension plan including Central States.

UPS Teamsters who retire in the next few years are partially protected from this “early retirement penalty.”

But what about UPSers who are looking to retire eight or ten years from now? Not many UPSers can work to age 65.

Our Contract, Our Future

Negotiations for a new UPS contract may start this year.

The time to save our retirement is now.

We need to make sure a hike in our pension accrual and a reduction in early retirement penalties is a part of any early contract deal.

UPSers are joining together to win a better contract and to reverse the slide in our pensions.

Get More Information

Find out more about how the pension works and why Philly pensions are falling behind at www.makeUPSdeliver.org/PhillyPension.

Click here to download the UPS Pension Update: Shrinking Pensions for Philly Teamsters.

Click here to download the report: Why Philadelphia Pensions are Falling Behind

Click here to send your question or message to Make UPS Deliver and get involved in the campaign to save our pensions.


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

1,500 Kroger Teamsters Exit the Central States Fund

Teamster employed at three Kroger warehouses and two dairies have been removed from the Central States Fund, in an arrangement similar the removal of 44,000 UPS Teamsters in 2007.  

The Push is On for Butch Lewis Act

Today, at a press conference held in Washington D.C., Mike Walden, president of the National United Committee to Protect Pensions (NUCPP), reminded the assembled press and Congressional staffers, Senators and House Representatives, delegations of Teamsters and Mineworker retirees, of Butch Lewis’s remark, “A promise is a promise is a promise.” It’s that promise that this movement has grown to defend. And it’s happening loud and strong as we reach for the new law that will protect that promised retirement security.

View More News Posts