17 is GRANTED plaintiffs motion for judgment (Doc. We encourage Teamsters to review the health and welfare coverage, as well as the contract. Ups Health and Welfare Package: MEMORANDUM AND OPINION: that UPSs motion for judgmnet (Doc. Regarding health coverage for retirees, the tentative agreement includes a Memorandum of Understanding which states that Teamsters presently under the company plan will pay premiums for retiree coverage as follows: Effective $50 individual, $100 to include spouse effective 1/12014 $100 individual, $200 with spouse effective $150 individual, $300 with spouse. Those in California and in New Jersey Local 177 have until Novemto come up with an alternative plan for those members, per a Memorandum of Understanding. Since 2014, the Fund has done business under the tradename TeamCare. Most Teamsters across the country presently in the company plan would be moved to this plan under the tentative agreement. The Central States Southeast and Southwest Areas Health and Welfare Fund was founded in 1950 and was one of the first non-profit labor health funds in the United States. This chart is being distributed by the International Union. TEAMCARE H&W Fund is tied to the Failing Central States Pension Fund. 31, 2015, the UPS 401(k) Savings plan had $6.8 billion in assets, according to UPS' most recent 11-K filing.May 7, 2013: You can download and review a benefits chart for the enhanced Central States C-6 Plan, which would cover many thousands of Teamsters from various regions if the tentative agreement is approved. Ironically, even when they have health insurance coverage, basic reproductive health needs of women are met by a patchwork of public and private insurance. UPS Workers Forced into TEAMCARE Union Health and Welfare. 31, the UPS Retirement Plan had $18.6 billion in assets and $25.3 billion in benefit obligations for a funded status of 73.5%.Īs of the same date, the UPS Pension Plan had $6.4 billion and $8.1 billion in benefit obligations for a funded status of 79%, and the UPS/IBT Full-Time Employee Pension Plan had $6.3 billion in assets and $7.3 billion in benefit obligations for a funded status of 86%.Īssets for the UPS Excess Coordinating Benefit Plan, which is a non-qualified plan, could not immediately be learned.Īs of Dec. DB plans for union-represented employees that are not affected by the changes - the UPS Pension Plan and the UPS/IBT Full-Time Employee Pension Plan.Īs of Dec. AnyLaw is the FREE and Friendly legal research service that gives you unlimited access to massive amounts of valuable legal data. Participants who receive this benefit are expected to be certain "longer seniority employees, generally those hired before 2008," the spokesman said. UPS Health and Welfare Package, from the S.D. The amendment also provides for "transition contributions" to certain participants beginning Jan. 1, 2023, to make previously ineligible non-union employees eligible for UPS retirement contributions, which range from 5% to 8% of an employee's salary based on their length of employment. (i) Supplementary Nutrition (SNP) (ii) Pre-school Non-formal Education (iii) Nutrition & Health Education (iv) Immunization (v) Health Check-up, and (vi) Referral Services. In the Excess Plan - a subset of the UPS Retirement Plan - a "few hundred" employees are expected to be affected, the spokesman said.Ĭoncurrent with the DB freeze, UPS will amend the UPS 401(k) Savings Plan on Jan. Anganwadi Services: Under Anganwadi Services, a package of six services is provided to Pregnant Women and Lactating Mothers and to Children under the age of 6 years i.e. Some 70,000 participants in the UPS Retirement Plan are expected to be affected. The spokesman declined to provide information on the financial impact of the plan changes. "The volatility in financial obligations is caused by shifting demographics, unpredictable discount rates and investment returns, as well as regulatory factors," he added. The plans were closed to new employees in June 2016.Ī UPS spokesman said in an emailed statement that the company is freezing the plans because of the "continued escalation of future pension obligations and the volatility in the amount of those future obligations, both of which are impacting the company's ability to plan for future costs." 1, 2023, active non-union employees will no longer accrue additional benefits under those plans. To determine if the company has properly remitted to the Health & Welfare Fund on your behalf, you should contact the Eligibility Department at 1-80. United Parcel Service Inc., Atlanta, will freeze two defined benefit plans - the UPS Retirement Plan and the UPS Excess Coordinating Benefit Plan - for non-union employees, effective in 2023, the company said in an 8-K filed Tuesday.Īs of Jan.
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