Pension letter

Brownslave688

You want a toe? I can get you a toe.
Check those numbers. In 1993 the contribution rate in my plan (most are very similar) was $2.45 X 2080.
These are more the numbers I was thinking. Of course every where is different.


If I had to guess the pension was about the same in 1993 as it now where you are?
 

Inthegame

Well-Known Member
These are more the numbers I was thinking. Of course every where is different.


If I had to guess the pension was about the same in 1993 as it now where you are?
In 1993, the employer contribution was around $5,100 per year per employee. The max(35yrs)monthly benefit was just over $3,000.
In 2015 the employer contribution was around $19,000 with a max monthly payout of just under $4,000.
We have modified our green zone plan and increased payout levels the last few years.
 

Ms.PacMan

Well-Known Member
No I'm saying the company could put our pension contributions into a 401k for us. No match needed or anything. They CAN if they so choose put up to 35k a year into a 401k for each employee.

The max employer contribution is 25% of an employees salary not to exceed 53k total contributions.
 

By The Book

Well-Known Member
They put $673 a week into the pension? We should be getting a much better pension.
So you took 35,000 and divided it by 52 weeks! We are talking about having your negotiated pension money in the contract put in your 401k. You are saying UPS is going to put in the max 401 k contribution into your 401k. Two different things completely. Your pension money should be about 1500 a month give or take. Thats 18,000 a year or 346.00 a week. So if a person is getting 3500 a month pension for 30 years that's pretty good when you factor in UPS put in less than half of that.
 

By The Book

Well-Known Member
In this post you are boasting about being into them for a half mil. because you retired early. In the same thread, you complain about the pension fund going broke.

Does anyone else see the conflict of ideology here?
Using Rods age(70) at 32,800 paid out for 16 years is only 2734 a month. That's 525,000. A retiree today receiving 4000 a month will get 48,000 a year, and at 16 years would have received 768,000. Food for thought. Pretty nice to work at UPS when you look at it this way.
 

MC4YOU2

Wherever I see Trump, it smells like he's Putin.
Check those numbers. In 1993 the contribution rate in my plan (most are very similar) was $2.45 X 2080.

I had to go to the archives, but yes you're actually pretty close. It was 2.65 in 93 then increased to 3.30 by 97. My last year, 2015, it was roughly $9 based on a starting rate of 8.36 in 2013 then adding two annual increases of between .25 and .50 per hour, depending on whatever was left after healthcare premiums for those years. Still, even after the giant loss from the first market collapse after 9/11, and after they recalculated the accrual rate lower, I ended up fine and the plan (so far) is funded in the 90% range annually.
I'm hopeful Congress will pass the legislation that allows for the partitioning of the employers within a fund like CS, and prevent our retirees from being punished for others shortfalls.
 

Brownslave688

You want a toe? I can get you a toe.
The max employer contribution is 25% of an employees salary not to exceed 53k total contributions.
Where are you getting 25% from? Your employer doesn't have a max only that combined contributions can't be over 53k or 100% of your salary. Whichever is less
 

upschuck

Well-Known Member
Holy cow....



No I'm saying the company could put our pension contributions into a 401k for us. No match needed or anything. They CAN if they so choose put up to 35k a year into a 401k for each employee.
And what I am saying is if a pension fund can not survive with that much going in a week, they shouldn't be managing anything.
 

Ms.PacMan

Well-Known Member
Where are you getting 25% from? Your employer doesn't have a max only that combined contributions can't be over 53k or 100% of your salary. Whichever is less
Employers can only use 25% as a deduction on corporate taxes. Anything greater will incur penalties from the IRS. There are a lot of moving parts to a 401k.
 

Brownslave688

You want a toe? I can get you a toe.
And what I am saying is if a pension fund can not survive with that much going in a week, they shouldn't be managing anything.
The point is the pension isn't giving you the most bang for your buck. It's not giving you control over YOUR money.

But whatever it's a losing battle I guess we are just dumb truck drivers because most of us would rather get a check for a few thousand a month instead of retiring with millions to do with as we please.
 

Brownslave688

You want a toe? I can get you a toe.
Employers can only use 25% as a deduction on corporate taxes. Anything greater will incur penalties from the IRS. There are a lot of moving parts to a 401k.
So the IRS tells them they can put 35k then penalizes them for putting a large amount in?

Link?
 

upschuck

Well-Known Member
The point is the pension isn't giving you the most bang for your buck. It's not giving you control over YOUR money.

But whatever it's a losing battle I guess we are just dumb truck drivers because most of us would rather get a check for a few thousand a month instead of retiring with millions to do with as we please.
For the majority of employees, it probably is doing better than they would do.
 

andrsnbkj

Well-Known Member
I'll do something else for a living when I hit the 25 year mark. I'll be 48 at that time . You can only work under negativity and be treated like :censored2: for so long. I sAy they are lucky that I don't run into them in a dark ally
 
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