As we all know, on June 1, 2008 our pension changed from a defined benefit plan to a "cash balance" plan or portable pension account (PPA). Many of us stand to lose hundreds of thousands of dollars of retirement income due to this plan change. To find out how you fare under the new PPA plan, which is controlled entirely by our corporation, take the time to fill out the pension calculator worksheet that you can download below. For more detailed information about the pension change check out the documents below.

When we form a union with the Teamsters we will have an enormous opportunity to address the huge hit we're taking on our retirement security. We will have the ability to negotiate back what we have lost and make further improvements. Even more important, once we form our union, the Company cannot unilaterally take away our pension benefits. Rather, our critical retirement security will be protected by a legally binding contract.

Indy Pension Cake When we form our union, we will decide what works best for us in regard to the particular type of pension plan we choose. The Teamsters have pension analysts and experts who can help us decide what pension program will work best for us and our families.

One plan that we find very interesting and that we should all take a closer look at once we have formed our union is the plan that the Teamsters have negotiated with UPS on behalf of the UPS AMTs. (Obviously any pension plan we would negotiate would cover our entire class and craft including AMTs, VTs, GSEs, ASAs, etc.). Under this Teamster/UPS defined contribution plan the Company puts 13% of employees' gross weekly income up to 45 hours per week into individual accounts run by Fidelity Investment. (In addition UPS pays employees a 100% match to their 401k accounts on the first three percent of pretax money saved by the employee).

It is notable that the Teamsters have hundreds of pension plans that we can consider-some very good and some that we would not be interested in. But once we form our union with the Teamsters WE CHOOSE the plan that will work best for us and provide us with much more real retirement security than we currently have. What choice have we had so far? (By the way, the Company seems to be picking out a single Teamster plan that has been hit hard and publicizing it-remember WE pick the plan we think will work best for us. We won't pick a plan that is having problems!)

The bottom line: our best opportunity to hold onto, win back and improve our retirement security is by FORMING A UNION with the Teamsters.

Pension letter

Pension petition

Pension calculator worksheet

Pension grab flyer

See our newsletters for additional information and comments about the pension change.