UpstateNYUPSer(Ret)
Well-Known Member
The most recent projection was just under $5.5K/month.
Pension deductions?
- Thread starter Theoneandonly24
- Start date
The most recent projection was just under $5.5K/month.
Wally
BrownCafe Innovator & King of Puns
What is that option?
realbrown1
Annoy a liberal today. Hit them with facts.
I don't know what Sober told you.
I am in the WCT Pension Plan and NO MONEY comes out of our checks.
Part of our pension contribution UPS makes for us pays for the PEER program.
UpstateNYUPSer(Ret)
Well-Known Member
He didn't tell me anything. I thought that he had posted here that the members pay toward the Peer option.
Age plus years of service.
BrownTexas
Well-Known Member
And my local is asking for $200k for a Christmas party. Smh.
They have truly forgotten what they are supposed to be doing.
onestoptogo
Well-Known Member
The amount of credit you receive for the money that UPS contributes to your account is reduced by 16.5% to give us the PEER 80 benefit. They take this amount and multiply it by the accrual rate (currently 1.2%) to determine how much your pension goes up each month. Everybody's final pension amount is determined by the amount of money contributed to their account and the accrual rate for that year for all years worked.
UpstateNYUPSer(Ret)
Well-Known Member
I knew that there was something different about your pension plan.
104Feeder
Phoenix Feeder
Brownslave688, You have been highly critical of the pension system and have unfairly lumped the WCTPF into your criticism. I would like to publicly call you out on here to attend our retiree lunch the second Saturday in March, all expenses paid (at my own personal expense). Flight, hotel, and meals if you attend the 3 hour retiree pizza lunch and hear from all our retirees how they feel about their pension.
UpstateNYUPSer(Ret)
Well-Known Member
BS will be the (proud?) father of a 7 month old in March-----no way wifey is going to let him fly out to Portland or Seattle, all expenses paid or not, to listen to a bunch of old guys relive their glory days.
Brownslave688
You want a toe? I can get you a toe.
All I believe is a person should want control of their own money.
688 has a very solid pension and a fairly decent payout. It's still nothing compared to how much money I would end up with if the money was put into a personal retirement account.
UpstateNYUPSer(Ret)
Well-Known Member
You are the exception, not the rule, although I do agree that pensions are so 1930.
Take a look around tomorrow morning and try to imagine how many of your co-workers would end up working in to their 60's and 70's because they had been given the option of handling their own retirements and had screwed up royally.
Brownslave688
You want a toe? I can get you a toe.
Is it worse than the situation your local is in or retired central states guys?
UpstateNYUPSer(Ret)
Well-Known Member
Western? Hardly----it is the most stable non-company Teamster plan there is.
Brownslave688
You want a toe? I can get you a toe.
No I'm saying is someone screwing up their own retirement worse than the union screwing it up for them?
UpstateNYUPSer(Ret)
Well-Known Member
We don't have that option (yet). I am saying that there would be those who would screw it up if they were given the option to self-invest.
104Feeder
Phoenix Feeder
Think of it this way. In WCTPF you have $20,800 being invested in our pension fund since 2013. In 2013 & 2014 you could invest $17,500 in your 401k, and $18,000 in 2015 & 2016, $7000 less than was invested for you in your pension (but of course you were free to invest the 401k in addition to your pension which is actually more than the $20,800 but we will stick with that figure for simplicity). If you do like I do, you have your pension solidly on the less risk side of your investments and invest your pension in higher risk. If you invested outside of that you aren't getting any of the tax benefits of the 401k system. For you, individually, you may do very much better being some sort of box slinging investment whiz with $38,800 to invest every year but with 401k particpation rates as they are the vast majority of people would be left without adequate retirement savings when the time came. (besides the fact that you are assuming you would see the $20,800 on top of your pay when it would put you in a higher tax bracket and provide you with significantly less to invest).
You should certainly qualify your statement regarding the certainty of your investment returns.
So with the pension, you have two pools of money to withdraw from: Pension as early at age 50 in the WCTPF leaving you nearly 10 years for your 401k contributions to grow, or continue working and add $200/month on average as you work past PEER. Then 401k withdrawals at age 59.5 or delay until minimum withdrawals, and finally a third pool of Social Security which should keep you in at least a decent micro-brew for the rest of your life. Keeping in mind that with retirement savings you can only withdraw 4% to keep your principal intact (so $40,000/yr with every $1 million invested) the pension is a great deal in the WCTPF (about $60k year currently, or 85% of our base pay now).
The pension isn't going anywhere, and our retirees are thankful and happy that our fund has been well managed and that it alone allows them to live a solid lifestyle in retirement. Until 401k investment is mandatory nationwide, career wide, and job wide our pension should be celebrated and encouraged.
Admitting that 688 has a solid pension & payout only underscores that you are completely wrong on your campaign against our pensions. Live more frugally and invest more of your take-home income if you feel you need more retirement income.
Brownslave688
You want a toe? I can get you a toe.
You just made this way too complicated.
With the 20k a year that goes towards your pension you should fairly easily retire with 3 million or more in the bank.
You'd have to live 50 years in retirement at 60k withdrawal a year just to remove that money. Let alone any farther investment gains.
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Faceplanted
Well-Known Member
I want control of my money. I have made great decisions so far in my life.
It's not hard at all, when young you invest in something with moderate risk (S&p 500/real estate) with a small amount of diversification in bonds, and commodities and when you get half way to your planned retirement date you want to start moving stuff to more secure safe investments.
It's really not complicated at all, anybody who cannot take a couple hours and learn simple investment strategies deserves Not to have anything.
It's my life and I like to control it, people who don't take control and make common sense decisions can pay the price. I don't feel bad
It's not hard at all, when young you invest in something with moderate risk (S&p 500/real estate) with a small amount of diversification in bonds, and commodities and when you get half way to your planned retirement date you want to start moving stuff to more secure safe investments.
It's really not complicated at all, anybody who cannot take a couple hours and learn simple investment strategies deserves Not to have anything.
It's my life and I like to control it, people who don't take control and make common sense decisions can pay the price. I don't feel bad
104Feeder
Phoenix Feeder
You misunderstand the pension contributions. It's $20k/year since 2013. When I started it was only $2.65/hr worked and it was not all compensible hours which means you could not hit the 2080 because of short months like February. We earned all compensible only a few contracts ago. This is why many older drivers delay retirement. The pension is not a dollar for dollar investment for the individual, it allows smaller barns to provide a better pension for their members than their numbers would allow. I, for one, am happy to bring up my Teamster brother and sisters who may not work at UPS.
