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<blockquote data-quote="UPS UPS UPS" data-source="post: 121184"><p>Members of the IAM (typically automotive and PE mechanics) make more on pension than they made working if they retire with full pension. </p><p></p><p>The pay rate and the pension contribution rate is about the same as a full time teamster driver. </p><p></p><p>$1 earning a conservative 7% compounded over 30 years would multiply more than 6 times. The contributed amount should not be equal to well invested funds over a long period. </p><p></p><p>A person starting today and with a contribution of $12,000 per year would accumulate over $2 million in 30 years without any increase in contributions. </p><p></p><p>Ask an IAM member to look up their estimated pension on the IAM web site. </p><p></p><p>The real question is not - How can the APWA or any other organization pay these amounts? </p><p></p><p>The question should be - Why can't the Teamsters and where did the money go?</p></blockquote><p></p>
[QUOTE="UPS UPS UPS, post: 121184"] Members of the IAM (typically automotive and PE mechanics) make more on pension than they made working if they retire with full pension. The pay rate and the pension contribution rate is about the same as a full time teamster driver. $1 earning a conservative 7% compounded over 30 years would multiply more than 6 times. The contributed amount should not be equal to well invested funds over a long period. A person starting today and with a contribution of $12,000 per year would accumulate over $2 million in 30 years without any increase in contributions. Ask an IAM member to look up their estimated pension on the IAM web site. The real question is not - How can the APWA or any other organization pay these amounts? The question should be - Why can't the Teamsters and where did the money go? [/QUOTE]
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