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<blockquote data-quote="dannyboy" data-source="post: 84185" data-attributes="member: 484"><p>Brett</p><p> </p><p>Not one of your better posts,......... in other words.......<span style="font-size: 15px"><strong><em><u>WRONG</u></em></strong></span>!</p><p> </p><p>What you are making reference to is the social security system. There, they have taken the money paid by you and your employer and have spent that money on government budget items. So there is no funds there that are set aside for retirement. </p><p> </p><p>That is for You and I, for government employees, that is different. They have funded their retirement and it does have a cash value, just like our retirement with the teamsters.</p><p> </p><p>By law, the pension funds have to be at least 75% funded ( believe that is the correct percentage) or they will not be allowed to operate.</p><p> </p><p>That means that if tomorrow, no one contributed into the retirement fund, you would still get a retirement check, just not as much as you were promised. </p><p> </p><p>Now as far as insurance, my bet is they would cut that option, or raise the rates so high you could not afford them.</p><p> </p><p>Take your last benefits statement from the joint council. Then you must divide the fund assets by the number of participants. To get a clearer picture, you must weight each participant differently, as some will contribute for 25 years, while others only 5 years. That gives you a rough idea of the fund balance that is "your share" of what UPS has paid into the fund, plus the earnings of the plan with those moneys.</p><p> </p><p>Depending on the plan, by the time you are retirement age, it should be somewhere between 125,000 to 275,000. As I stated, this is just a rough estimate, but it will give you an idea of what is there for you.</p><p> </p><p>So no, Wiley and others would not be left out in the cold as you imply, but they would most likely have to take a cut in benefits. The retirees from other companies would be hurt more though, and that is what die hard teamsters want to avoid. I had one on my route that was a teamster for 29 years, and his pension is $62 a month. Hell, thats not even enough to pay his union dues.</p><p> </p><p>The best bet for new drivers is do do away with pensions from UPS or the teamsters. IT would be where UPS contributes to your 401K program. For anyone not participating in the 401K, they contribute 25% of what you could put in, you contribute 1-5%, they will match it 85%, 5-10% they match at 90%, 11-14% matched at 95% and if you put in the max, they match it with 100%. You would see no need for any retirement plan with that type of system. Most drivers after 30 years of service would retire with more than a million dollar retirement nest egg. That would allow the driver to take payments of about 7 grand a month, and never touch his principle.</p></blockquote><p></p>
[QUOTE="dannyboy, post: 84185, member: 484"] Brett Not one of your better posts,......... in other words.......[SIZE=4][B][I][U]WRONG[/U][/I][/B][/SIZE]! What you are making reference to is the social security system. There, they have taken the money paid by you and your employer and have spent that money on government budget items. So there is no funds there that are set aside for retirement. That is for You and I, for government employees, that is different. They have funded their retirement and it does have a cash value, just like our retirement with the teamsters. By law, the pension funds have to be at least 75% funded ( believe that is the correct percentage) or they will not be allowed to operate. That means that if tomorrow, no one contributed into the retirement fund, you would still get a retirement check, just not as much as you were promised. Now as far as insurance, my bet is they would cut that option, or raise the rates so high you could not afford them. Take your last benefits statement from the joint council. Then you must divide the fund assets by the number of participants. To get a clearer picture, you must weight each participant differently, as some will contribute for 25 years, while others only 5 years. That gives you a rough idea of the fund balance that is "your share" of what UPS has paid into the fund, plus the earnings of the plan with those moneys. Depending on the plan, by the time you are retirement age, it should be somewhere between 125,000 to 275,000. As I stated, this is just a rough estimate, but it will give you an idea of what is there for you. So no, Wiley and others would not be left out in the cold as you imply, but they would most likely have to take a cut in benefits. The retirees from other companies would be hurt more though, and that is what die hard teamsters want to avoid. I had one on my route that was a teamster for 29 years, and his pension is $62 a month. Hell, thats not even enough to pay his union dues. The best bet for new drivers is do do away with pensions from UPS or the teamsters. IT would be where UPS contributes to your 401K program. For anyone not participating in the 401K, they contribute 25% of what you could put in, you contribute 1-5%, they will match it 85%, 5-10% they match at 90%, 11-14% matched at 95% and if you put in the max, they match it with 100%. You would see no need for any retirement plan with that type of system. Most drivers after 30 years of service would retire with more than a million dollar retirement nest egg. That would allow the driver to take payments of about 7 grand a month, and never touch his principle. [/QUOTE]
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