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After 15 days, the Teamsters and UPS came to a five-year contract agreement that ended the strike. In addition, the starting pay rate of $8 per hour for part-timers was to be raised by 50 cents, while drivers were to make an additional $3.10 on top of their average $19.95 hourly rate, and part-time workers would be granted an additional $4.10 ...
In prior generations, workers could expect to put in 20 or 30 years at the same job and retire on a pension. Those who fulfill minimum employment years fairly early could even work another job ...
Members of the military also often qualify for a pension after 20 years of service. Unionized workers in the private sector also have greater access to pensions than other types of private sector ...
In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well. The same study found that workers with tenures of 10-25 years of service were served well by 10.9% of plans. Workers with less than 10 years of service were served well by .5% of plans. [18]
The retirement fund is a defined benefit type pension plan and was only partially funded by the government, with only $268.4 million in assets and $911 million in liabilities. The plan experienced low investment returns and a benefit structure that had been increased without raises in funding. [29]
"FedEx and the United States Postal Service have had a long and productive relationship for more than 20 years," FedEx said in a statement in March. "Over time, our respective strategies have ...