THE BULLETIN BOARD
February 2005
[February 10th]For Those Ready for Retirement: Risk in Going Part Time
by APWU Retirees Director John Smith
"What is the Part-Time Pro-ration Factor?" This continues to be the most-asked-about and talked-about subject in our retirement seminars.
Working part-time lowers the multiplier used for calculating annuities based on the average number of hours worked during the years since 1986. Employees who switch to part-time status at the end of their careers can find their annuities substantially reduced because their "high three" salary years no longer are their last three.
Read the full article on the PostalReporter.com website.
[February 5th]Arbitrator Rules for Union In Major Attendance Case
from the APWU News Bulletin #02-2005, Feb. 3, 2005
An arbitrator has sustained the APWU's arguments in two of three outstanding issues in a significant attendance case. In a ruling in late January, Arbitrator Shyam Das said that the Postal Service may not require an employee to describe the nature of an illness or injury during a phone call to report an absence from work. He also ruled that the USPS policy on second and third medical opinions is inconsistent with the Family & Medical Leave Act and the National Agreement.
The arbitrator found that management is not in violation of the FMLA, however, when it requires medical evidence for absences of more than three days in instances in which an employee makes a request to substitute paid sick leave for unpaid intermittent FMLA leave.
Read the full article on the APWU website.
[February 5th]Update Courses for Maintenance PERs
It is becoming increasingly more difficult to update for inclusion on Maintenance Promotion Eligibility registers. Many PEDC courses have been deactivated and assistance to maintenance employees trying to obtain outside update courses such as military correspondence is also becoming hard to come by. The Union now has access to these military courses for those willing to put forth the effort to increase their knowledge in order to update their standing on the Maintenance PERs.
Some of the most commonly failed KSAs are #4 Digital Electronics for the ET update, KSA #13 Introduction to HVAC for the BEMs and KSA #19 which applies to math. We do have access to the courses that apply to these and may more of the KSAs. Access right now is limited to online only, but we are in the process of gaining access though mail order and/or access through the PEDC.
If you are in the update process and have been unable to obtain an updating course contact Greg Katchmark at the P&DC Union desk (412) 359-1445. You will need a copy of your latest In Craft Rating Summary. If you do not have this summary, contact Angela Williams at P&C Exams (412) 359-7973 and request a copy.
[February 1st]AFL-CIO Family Fun & Resources: Worker-Friendly Shopping
Support workers—buy union! When you purchase union-made products, you're buying quality and taking a stand for workers' rights. Union members make thousands of products in almost every industry. Check these resources for union-made-in-the-USA goods and services—and for the official AFL-CIO boycott list maintained by the Union Label and Service Trades Department.
While you're there, be sure to check out how to help the campaign to stop sweatshops.
[February 1st]TSP Board Announces New Vendor, Life-Cycle Funds
from the TSP website
The Federal Retirement Thrift Investment Board announced that CitiStreet, LLC was selected to assist in the development of a comprehensive communications strategy in connection with new lifecycle funds to be first offered this summer by the Thrift Savings Plan (TSP). Once the models are developed, an extensive participant communications effort will be deployed. CitiStreet will assist the Board in developing the strategy for that effort.
Lifecycle funds are asset allocation portfolios with investment mixes tailored to a participant's target time horizon. The target horizon is generally when the participant intends to withdraw the funds. As the withdrawal date approaches, the fund's investment mix automatically becomes more conservative (i.e., less risky). Participants who select lifecycle funds do not need to reallocate their account assets to achieve this result; the lifecycle investment models automatically reallocate the account for the participant.
Gary A. Amelio, Executive Director of the Agency said "Recent reports show that these funds continue to grow in popularity because they provide the benefits of professional asset management in participant-directed retirement savings plans like the TSP. I'm delighted that we will be able to make these available to TSP participants, and enthusiastically look forward to working with CitiStreet on our comprehensive communications strategy."
Past Issues of the Bulletin Board
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