April 2, 2007: Since 2003, our Teamster benefits have been under attack. But the coming year gives our union the opportunity to take the offensive.
Our pension funds’ assets are already way up due to recent strong investment returns.
This opens the door to benefit gains if our union can win sufficient increases in benefit contributions in the 2008 UPS and freight contracts.
These contracts are sure to set records for benefit contributions, in part because new regulations in the Central States Pension Fund require all employers to increase their benefit contributions by a minimum of eight percent every year just to stay in the fund.
That means minimum increases of $2.40 over the next five years. —nearly 40 percent more than last time. Benefit contributions are negotiated nationally, so other funds will likely get at least this amount.
More will be needed to increase benefits in the Central States and many other funds as well. The question is, how much more and what is our union’s plan to win what’s needed?
Teamster members deserve answers to these questions. If we’re going to effectively unite to win our bargaining goals, we need to know what we’re fighting for.
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Market Rebound Sends Teamsters Benefit Funds to All-Time Highs The stock market recovery of the past few years helped send our pension funds to record highs. Central States is up to $21 billion, and the Western Conference fund is 100 percent funded. |
2008 Contracts Will Set Records for Benefit Contributions UPS’s record profits and new pension fund rules mean the company will pay record contributions in the next contract. The same holds true for the 2008 Freight Agreement. |
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Negotiations Can Add 100,000 New Participants to Our Benefit Plans Union bargaining demands to win Teamster pensions for all UPS part-timers and UPS Freight employees would win better pensions and stronger benefit funds for all. |
Funds Have Told Teamster Leaders What We Need to Bargain to Raise Benefits Top Teamster officials have been given reports on what contract money is needed to guarantee and restore benefits. It’s time to tell the rank and file and unite around a plan to win. |
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