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UPS Posts Quarterly Loss—But Don’t Cry for the Company Just Yet

January 30, 2008
January 30, 2008: UPS reported a quarterly loss on Wednesday due to its $6.1 billion one-time payment to the Central States Pension fund. Brown reported a fourth-quarter net loss of $2.58 billion, or $2.46 a share, compared with a net profit of $1.13 billion, or $1.04 a share, a year earlier. But the picture is rosier than it sounds—for UPS stockholders at least. Excluding the payment to Central States, UPS earned $1.13 per share—an increase...

Teamsters Have New Rights to Pension Info

January 22, 2008
January 22, 2008: As of January 1, Teamsters in pension plans have new, expanded rights to obtain information from their pension fund. The Pension Protection Act requires that participants have the right to obtain any periodic actuary report, any quarterly, semi-annual or annual financial report, and other documents. Teamsters for a Democratic Union and the Pension Rights Center led the lobbying effort that won members these rights. These rights apply to both active and retired...

The Teamster Pension Divide

January 10, 2008
January 10, 2008: A study of major Teamster pension plans reveals a growing “Benefit Divide,” with the new UPS Pension Plan paying the worst benefits in the country. By the end of the contract in 2013, the Benefit Divide will grow much worse, with tens of thousands of UPS Teamsters receiving 25- or 30-and-out benefits of $5,000 per month while the UPS Plan pays just $3,000. Some Teamster funds are also falling behind as the...

Central States Fund Director Reports Average Retirement Age Goes Up

January 10, 2008
January 10, 2008: The Director of the Central States Pension Fund, Thomas Nyhan, told over 100 local union officers in December that he did not want UPS to split off from the Fund, but could not stop it because the International Union and management cut the deal. “We didn’t want to lose our biggest contributor,” Nyhan stated. Nyhan also stated that Because of the UPS pullout, the ratio of retirees to active workers will eventually...

Pensions: Why Is Your Accrual Rate Important?

January 10, 2008
January 10, 2008: Many Teamster pension funds have shifted their benefit structure to one based on an annual accrual, or multiplier. Under this system, you earn (or “accrue”) a monthly pension amount each year you work. And if you earn a full pension, you will get the sum of all those annual accruals as your pension amount. The higher the accrual, the higher your pension. Many Teamsters are used to a different benefit structure, such...
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Listen to Our COVID-19 Conference Call

March 29, 2020

More than 700 UPS Teamsters joined a national conference call on meeting the challenge of the COVID-19 crisis.

Senate Bill Fails to Protect Pensions: Battle Continues Now

March 27, 2020

The $2 trillion stimulus package which passed the Senate and will likely soon be passed by the House, called the “Phase 3” plan to revive the economy, did not include protection for earned pensions. But that fight is alive right now, because a new “Phase 4” bill will be considered in late April.

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