Game
I may not be completely schooled on the system but I am getting there. My terminology may not be exact but I am getting there too. Sitting back and continually stating I/we are all misinformed is getting weak and pathetic.
Do you know how much my 401k balance is?? You are making statements you have no idea about. You are dreaming and completely delusional if you are under the belief that $2800 will care for me and my wife in 10 years when I am eligible to retire. When you deliver packages for UPS hips, ankles, and shoulders wear out. If I was able to get into feeder life changes dramatically. This union has a bunch of feeder drivers that have 30+ years paid into the fund. Why don't they retire? The easy simple answer is their pension is less than 2 weeks pay and these guys aren't allowed to supplement their income by driving part time. The pension is a joke. It is becoming nothing more than a supplement to finding another job and another good job at that due to health insurance rates that don't have a cap on cost.
I may not be as experienced yet my "old" friend on a few items but you sir have a lot to learn about what the average UPSer deals with day in and day out.
I’m breaking my own self imposed rules by continuing this discussion but I believe you may be salvageable.
Your future retirement shouldn’t be based solely on your pension. Nor should you rely solely on SS, 401K or other savings. But together they will provide a comfortable retirement with your pension stable until you croak. (Thank you IBT for negotiating agreements to provide this.) Whatever you have individually saved in a 401 is finite and could run out, whereas your pension won’t as long as responsible trustees are in place. The rules set up by the PPA eliminated the leeway trustees had to make political “adjustments” (705’s lump sum) and will strengthen the long term security of Pensions. Your fund at 88% is near the top in multi employer plans. (You really don’t want a 100% funded level or negotiating funding increases becomes very difficult.) Presently it still carries the losses of 2008 “on the books” but will lose that obligation next year which should boost its levels to over 90%. Trustees are required by law to improve plans when possible or be subject to lawsuits. Your plan is primed to increase benefits soon. Be patient.
Don’t whine about Feeders, transfer in. They’re working past thirty years because the job is less physically demanding. A 30 yr L710 Pension pays more than you’ve stated so you’re mixing numbers again. You have that tendency and then criticize when being called on it. Accuracy is important for prospective candidates.
A pensioner has reemployment rights outside of crafts that are under the L710 umbrella. Why would anyone want to drive in retirement, making a quarter of the wage and operating garbage equipment? Just get a counter job at Ace Hardware if you really need to work. This is very common language throughout union pension plans.
Finally TeamCare has “caps” on costs by max OOP’s. Read it.
I know far better than you exactly what the average UPSer deals with every day.
