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UPS Retirement Topics
May 10th Announcement .Pension
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<blockquote data-quote="add it up" data-source="post: 192993"><p>If the formula is correct a manager making $6500 per month with 20 years would get about $600K. Sounds like a lot of money, right? </p><p></p><p>What would the current pension pay out equal for the same person? (or a teamster, machinist, etc.)</p><p></p><p>Based on 23 years (55 years old to death at 78) life expectancy the pay out would equal over $1.3 million if the retirement pays 60% of the current compensation. Keep in mind the manager is likely to get about 3% per year in raises, so the final income would be considerably higher and would result in higher retirement because the retirement is based on the last five years average compensation.</p><p></p><p>Add in the additional 3% match and you would get about $35k in additional contributions over the next 15 years. $635k vs. $1.3 million is the "deal"</p><p></p><p>It's not the ultimate deal.</p></blockquote><p></p>
[QUOTE="add it up, post: 192993"] If the formula is correct a manager making $6500 per month with 20 years would get about $600K. Sounds like a lot of money, right? What would the current pension pay out equal for the same person? (or a teamster, machinist, etc.) Based on 23 years (55 years old to death at 78) life expectancy the pay out would equal over $1.3 million if the retirement pays 60% of the current compensation. Keep in mind the manager is likely to get about 3% per year in raises, so the final income would be considerably higher and would result in higher retirement because the retirement is based on the last five years average compensation. Add in the additional 3% match and you would get about $35k in additional contributions over the next 15 years. $635k vs. $1.3 million is the "deal" It's not the ultimate deal. [/QUOTE]
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