Teamsters Pension Fund to cut Benefits 50%+ as Fund Could Bankrupt Govt. PBGC
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Catatonic
Nine Lives
“This is not the union I became part of in the ’70s,”
"Prepare for a loud and possibly black swan style backlash as the union retirees and current members start to bail out of any union promoted investment program and demand the independence to vote on right to work laws in those states where the union exploitation has led to the demise of many a retiree’s nest egg at the most crucial and vulnerable part of their lives."
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barnyard
KTM rider
Anyone that took anything more than 8th grade math, should have learned that a guaranteed benefit pension with a shrinking workforce is unsustainable. I graduated HS in 1982 and knew then that pensions would be a thing of the past by the time I got to that point.
If the Teamsters were smart, they would figure out what it would take to convert to a defined contribution and allow individuals to screw themselves out of their pensions.
If the Teamsters were smart, they would figure out what it would take to convert to a defined contribution and allow individuals to screw themselves out of their pensions.
Jackburton
Gone Fish'n
Individual buyouts of years that are in the CS fund that would still count towards overall retirement from the UPS fund maybe for those still working here to eliminate UPS future liabilities that's written in the contract?
Catatonic
Nine Lives
Imagine how wealthy the retired drivers would be if UPS had put the pension payments into a 401k for each Teamster employee!
Brownslave688
You want a toe? I can get you a toe.
I agree and disagree. Shrinking workforce should have nothing to do with it. That's a Ponzi scheme. If the plan was managed right it would be fine but people were over promised for the amount of money that was going In.
Now I'm the one getting screwed. $400 a week going in on my behalf and I'll be very lucky to get 3k a month out of it.
Brownslave688
You want a toe? I can get you a toe.
Ms.PacMan
Well-Known Member
Our on car contributes 6% to get his match but I don't know if they match the whole 6%.
Catatonic
Nine Lives
1/2 percent per employee percent up to 3%.
He must be in his late 40's or older.
Newer hires get a higher percentage at 1 to 1 but no pension.
Brownslave688
You want a toe? I can get you a toe.
I think about it every day!!!!!
Brownslave688
You want a toe? I can get you a toe.
But there doesn't have to be a match for us to get the companies money.
It could be written in the contract that X amount of dollars goes into our 401k every week.
PT Car Washer
Well-Known Member
There is ne reason a FT driver can not put $400 a week into a personal retirement account. Unless he is living too high on the hog or taking a lot of days off every time he can.
Brownslave688
You want a toe? I can get you a toe.
I never said they couldn't but there was no reason previous drivers couldn't put money away either. Also really depends on where you live.
What I'm saying is the company is putting a ton of money into the pension on my behalf that I'll never see the return on that I would if it were put directly into my 401k
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PT Car Washer
Well-Known Member
That is because all the money UPS puts into your pension fund is being spent paying for the current retirees.
Brownslave688
You want a toe? I can get you a toe.
Yes which is the definition of a
Ponzi scheme. That's why I say I'm getting screwed. They over promised guys 20 years ago. There wasn't near enough money going in for what they were being promised.
PT Car Washer
Well-Known Member
Vote for me and I will raise your pension. My dad collects $900 a month from Central States. Over 80 (87) so he will not be cut but a long way from $3000 a month.
UpstateNYUPSer(Ret)
Well-Known Member
It's an hourly contribution based on the first 40 hours per week.
Wally
BrownCafe Innovator & King of Puns
Anyone know how much per hour that rate is?
Catatonic
Nine Lives
$9.85?
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