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UPS Union Issues
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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<blockquote data-quote="Mugarolla" data-source="post: 2186006" data-attributes="member: 8481"><p>$305.40/mo for every year worked.</p><p></p><p>30 years at $305.40/mo = $9162/mo</p><p></p><p>I agree that once they get past 6 years, their benefit amount ($305.40/mo) starts exceeding the contribution amount ($84/day), but this is where the return on investment makes up the shortfall.</p><p></p><p>$84/day contributed for 30 years at a 6% rate of return will yield $1.7M in this persons same, per se for his retirement. Withdrawing $9000/mo out of this $1.7M and keeping the rate of return the same, will still leave 1.2M in the account after 30 years of retirement.</p><p></p><p>Not many people live past 30 years of retirement. What is the average age? 78?</p><p></p><p>If the average retirement age is 60, they only need, on average, 18 years of retirement payments, not 60.</p><p></p><p>The fund has expenses also, which is why the amount per retiree (1.7M) is rather large.</p><p></p><p>Trust me. There are financial planners and economists far better qualified than me to figure this out. They have run all the numbers and the IAMNPF has an unbelievable pension.</p><p></p><p>The mechanics make more being retired than working, far more.</p><p></p><p>Could the fund take a downturn? Yes. But they have done pretty good with it so far, even with the recession.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2186006, member: 8481"] $305.40/mo for every year worked. 30 years at $305.40/mo = $9162/mo I agree that once they get past 6 years, their benefit amount ($305.40/mo) starts exceeding the contribution amount ($84/day), but this is where the return on investment makes up the shortfall. $84/day contributed for 30 years at a 6% rate of return will yield $1.7M in this persons same, per se for his retirement. Withdrawing $9000/mo out of this $1.7M and keeping the rate of return the same, will still leave 1.2M in the account after 30 years of retirement. Not many people live past 30 years of retirement. What is the average age? 78? If the average retirement age is 60, they only need, on average, 18 years of retirement payments, not 60. The fund has expenses also, which is why the amount per retiree (1.7M) is rather large. Trust me. There are financial planners and economists far better qualified than me to figure this out. They have run all the numbers and the IAMNPF has an unbelievable pension. The mechanics make more being retired than working, far more. Could the fund take a downturn? Yes. But they have done pretty good with it so far, even with the recession. [/QUOTE]
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Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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