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<blockquote data-quote="brett636" data-source="post: 84042" data-attributes="member: 249"><p>Let me teach you something about a pension. You have no money in any pension fund funded by UPS. There is no account in any pension fund with your name on it holding money for you. You accrue credit with whatever pension fund is in your area based on years of service and age and that is the amount of money you will recieve every month for the rest of your life after retirement. Money recieved from investments are taken into account when it is determined how much an employer must pay to keep the pension fund running. That money goes back into the fund to pay the retirees and pay for certain medical coverages if that applies. </p><p> </p><p>Keep in mind that people are living longer, and require more medical care as they get older. Couple that with the fact that medical costs are continuing to rise well above inflation and that can cause any pension fund to go down the tubes. </p><p> </p><p>I am not defending the current multi-employer crap the IBT calls a pension, but I certainly don't believe the APWA can or will do much better and this is assuming they are a legitimate organization. A solution will need to be come to in the next few years, but that solution is not changing unions.</p></blockquote><p></p>
[QUOTE="brett636, post: 84042, member: 249"] Let me teach you something about a pension. You have no money in any pension fund funded by UPS. There is no account in any pension fund with your name on it holding money for you. You accrue credit with whatever pension fund is in your area based on years of service and age and that is the amount of money you will recieve every month for the rest of your life after retirement. Money recieved from investments are taken into account when it is determined how much an employer must pay to keep the pension fund running. That money goes back into the fund to pay the retirees and pay for certain medical coverages if that applies. Keep in mind that people are living longer, and require more medical care as they get older. Couple that with the fact that medical costs are continuing to rise well above inflation and that can cause any pension fund to go down the tubes. I am not defending the current multi-employer crap the IBT calls a pension, but I certainly don't believe the APWA can or will do much better and this is assuming they are a legitimate organization. A solution will need to be come to in the next few years, but that solution is not changing unions. [/QUOTE]
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