The New UPS Pension Plan
The accrual rises to just $158.50 by the end of the contract.
- Pays the lowest pension benefits of any fund covering UPS Teamsters
- Covers 44,000 UPS Teamsters in the Carolinas and Central and Southern Regions—the single largest group of UPS Teamsters covered by any plan
Western Conference (covers 11 Western States)
“80-and-out” for UPS, freight, and many others (age + years of service).
A UPS worker, for example, age 52 with 28 years service, can retire with $3,800 presently.
By 2012, the accrual (at the present rate of 1.2% of annual contributions) will be $210, and the early retirement pension will be about $4400 per month.
$2,500 for 25-at-57 (Plus $150 for each additional year of service). $3,500 for 30 and out at 57. $150 for each additional year of service, up to $4,700 for 38 years. Beginning October 2008, a supplement of $1,000 per month will be paid to those between the ages of 60 and 62 for Teamsters, for those who retire with 30-and-out or 25-at-57 or more.
New York State
$5,500 (approximately) for 30 and out at any age.
New York City (Local 804)
$3,100 for 25-and-out at any age.
$3,600 for 25-at-55, or 30-and-out at any age.
New Jersey (Local 177)
$3,700 for 25-at-55.
$3,700 for 30-and-out at any age.
Washington, D.C. Area (Local 639)
$5,000 (approximately) at present for 30-and-out at any age. The accrual for this year is $445, so pensions will rise quite a bit higher during the life of the contract.
$3,590 for 30-and-out. This will increase by $131 per year, thus will be $4,248 per month by 2013.
$3,500 for 30-and-out at present. However, the accrual is presently $270, and by the end of the current contract in 2013 the 30-and-out benefit will be approximately $4,300 per month.
$3,100 for 25 years at age 57. Teamsters can retire with a higher overall amount based on contributions accrued in three separate Central PA plans.
Virginia (Joint Council 83)
$2,500 for 25-and-out.
$3,500 for 30-and-out.
$4,000 for 35-and-out.
West Virginia (Locals 175 and 505)
$3,000 for 30-and-out.
$4,250 for 35-and-out.
Hagerstown Maryland Local 992
$3,000 for 25-at-57.
$3,600 for 30-and-out.
$4,200 for 35-and-out.
Covers Carolinas, the South and much of the Central Region, but no longer any active UPS Teamsters.
A UPS (or freight, carhaul, etc) Teamster with 30 years can presently retire with $3,050 at age 62, or $2,913 at age 57. 25-at-57 is presently $2,413. The accrual will reach $196 per year by 2012, so Central States pensions even for early retirees will be greater than the UPS Plan.
Chicago area (Local 705)
$2,500 for 25-and-out, with a lump sum of $25,000; $3,000 for 30-and-out, with $30,000 lump sum; $3,500 for 35-and-out, with $35,000 lump sum. Option to reject lump sum and add $8 per year of service to pension (e.g. $3,240 for 30-and-out). The Local 705 UPS contract is separate from the national and not bargained yet, so we do not know if there will be pension improvements.
Illinois and Indiana (Local 710 Plan)
$2,800 for 25-and-out, $3,300 for 30-and-out, $3,800 for 35-and-out. The Local 710 UPS contract is separate from the national and not bargained yet, so we do not know if there will be pension improvements.
Missouri (Local 688 Plan)
$2,600 for 25-at-57; $3,100 for 30-and-out, $3,200 for 30-at-57; $100 extra for each of age beyond 61 and also for each year of service (eg $4,000 for 35-at-64).
Wisconsin (Local 344)
$2,000 for 25-and-out at any age; $3,000 for 30-and-out; $101 more for each additional year.
NOTE: This snapshot, summary information on the various pension plans is intended for general comparison purposes. We have attempted as much as possible to list comparable benefits (e.g. 30-and-out), with currently available information.