pension

packageguy

Well-Known Member
Anyone think a pension will be around for me (24, full time driver) when i retire in 2041! It probably wont be, the world will be a different place, hell the world will be a different place in 10 years!

For a 24 year old you sound negative, pension will be there, if drivers don't go home and the pension is funded you will be okay.
 

brownmonster

Man of Great Wisdom
I almost gave up on the market in March of 2009. Doubled since then. Keep in mind rich people keep getting richer by investing in the market. You have the gift of time. Put 10% in the 401k for the next 30 years.
 

yeldarb

Well-Known Member
The Roth 401 max is 17500 a year I believe. I ask for extra work and dump a lot into my personal retirements...about 2 k a month. I don't want to be of the guys who sticks around at ups because they can't afford to retire.
 

ryan74701

Well-Known Member
(for the extra work, I am not dispatched with it, I ods the center when I am done and do odds and ends).


ive thought about it! when i get done on the road though the thought of sticking around for an extra hour or two makes me want to stick spoons in my eyes
 

104Feeder

Phoenix Feeder
In most cases your pension is protected by the Pension Benefit Guaranty Corporation, a Government Agency specifically for that purpose. Think of it as the FDIC of pension plans, as it is insurance that pays monthly benefits up to a guaranteed maximum should our plans fail or become insolvent.
You can search here to see if your multi or single employer plan is covered.
Pension Benefit Guaranty Corp - PBGC Protects America's Pensions

Western Conference of Teamsters Pension plan is covered for fellow Teamsters in my area.
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Should UPS seek to end participation in the pension plans as they are now, it would be something negotiated in a contract year. Using WCT as an example, what was contributed would stay if you were vested and be paid at the previous terms & whatever was negotiated would fill in from that point (the same as if you quit or were fired your benefit freezes and is paid at 65 or PEER80 if you have 25 years in). As you can imagine, this would cause major issues and when it was tried in 1997 it led to a general strike. I wouldn't lose any sleep about that happening again, even in this generally anti-pension climate.
 
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