June 22, 2012: UPS always advised drivers with the safety tip to "keep their eyes on the big picture." I've learned that's really important when it comes to our pension and retirement.
Everybody talks about retiring after 30 years with a monthly pension check of $3,000. It's important to remember that federal and state taxes will come out of that. Then there's medical coverage including dental and vision if you need it (which most of us old-timers do). And while inflation may be relatively low now, it does add up over time. That $3,000 is locked in without a COLA so by the time we reach seventy or eighty, our pension check is going to be worth a lot less. So that $3,000 pension isn't worth what it once was when we won it in the '90s.
UPS pushed us to vote for getting out of the Central States because of our concerns for
retirement security. Teamsters now covered under the IBT-UPS Plan still need that peace of mind.
The best way to secure our retirement is to bargain for a larger pension contribution in the 2013 contract negotiations. UPS can afford it. More going into our pension fund means the Trustees can be pressed to raise that $3,000 monthly pension check. That's what Teamsters need to enjoy the retirement they earned.
By: Mark Dray
UPS Feeder Driver (Retired)
Local 638, Minnesota