To: TEAM-IFPTE Local 161 Members
From: TEAM Office
Date: February 4, 2020
Re: New and Noteworthy
- Banking Vacation Days: The information provided by the Company to members regarding how to bank their vacation credits has caused some confusion, not least because of some naming and date discrepancies in SAP/ESS. Two key points to note are: 1) the time shows in the system and is entered in the banking tool as hours instead of days, and 2) a TEAM day is 7.5 hours (or 7.85 hours for Craft Managers). Members have reported that if they follow the directions closely, as provided in the emails and letters sent by the Company on November 29th, January 23rd, and earlier this week, they have successfully completed the banking process. Please feel free to contact the TEAM office if you require assistance or have questions about the banking process or your vacation entitlements.
‘Why Bank’ Recap: For members in either of the pension plan types, the banked days will be paid out to them on their departure from the Company at their rate of pay at the time of leaving, which in most cases is higher than their rate of pay when the days were banked. Members in the Defined Benefit Pension Plan that bank the maximum of 50 days will receive a 4.7% (approx.) increase in their monthly pension payments when they start drawing their pension. A plan member who only banks 25 days will see a 2.35% increase. Members who take the commuted value of their DB pension plan will increase the amount of their payout by banking days. Please note that as commuted value calculations are complex and consider many factors, we are not in a position to state what that increase will be.
- Pay Increase: Per the TEAM Collective Agreement, effective February 20th all TEAM members’ pay will be increased by 1.5%. As we have not been advised of any delays in processing the increase, we expect it to appear on the March 6th pay. We will provide an update if this changes.
TEAM-IFPTE Local 161
204-984-9470 or 1-877-984-9470