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.