The Future of your Pension

Discussion in 'UPS Discussions' started by Not IN Trace, Feb 25, 2011.

  1. Not IN Trace

    Not IN Trace New Member

    I have 15 years with UPS....personally I feel in 15 more years when I retire from this company there will not be, or a maybe 25% of what we are being promised, left for me as a pension..dose anyone feel the same??
  2. RoyalExpress

    RoyalExpress New Member

    Since the split from the Central, it should be there.
  3. hubrat

    hubrat Squeaky Wheel

    After all the crap corporations have pulled lately it's a valid concern. Best to save as much of your income as you can now.
  4. menotyou

    menotyou bella amicizia

    Trust your gut.
  5. bbsam

    bbsam Moderator Staff Member

    What makes you think your pension has a future?
  6. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Pensions are guaranteed by the government but the amount is a mere fraction of what you have earned.

    My pension (NYS Teasters) is in critical status and our split raises through the end of this contract are being diverted to the pension. I feel confident that these actions and more prudent investment decisions by the pension fund managers will ensure a secure retirement. I will also have a healthy 401k balance and plan on using Social Security as my fun money.

    The OP has 15 years in with at least 15 more to receive a full pension. I suggest, if you haven't already done so, looking in to and funding other retirement options (401k).

    If all this fails, I hear Walmart has a surplus of blue vests and is always looking for greeters.
  7. bbsam

    bbsam Moderator Staff Member

    That brings up an interesting question. With all the budget cutting going on, how secure is the pension guarantee by the government? Could that also be cut?
  8. over9five

    over9five Senior Member Staff Member

    I'm with the OP.

    We may have a pension at some point, but the age you can collect it will keep getting pushed back. In 15 years you may have to wait to age 90 to start collecting it.

    Don't rely on a pension.
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    My pension is estimated to be about $5K/month. It will be very hard to replace that income if the pension should fail. You may very well see me at your local Walmart.
  10. over9five

    over9five Senior Member Staff Member

    Me too. We'll do lunch.
  11. curiousbrain

    curiousbrain Well-Known Member

    The PGBC is responsible for government protection.

    To your question, this section seems to indicate a "dynamic" funding strategy. There are other links throughout the article (e.g. ERISA) that provide other insights.
  12. bbsam

    bbsam Moderator Staff Member

    PBGC seems woefully under-funded. Could it go under?
  13. curiousbrain

    curiousbrain Well-Known Member

    If you are referring to this,

    I am led to believe that they would be fine unless 78% of the pension plans they cover were terminated in a short amount of time - as that would then exceed their asset base.

    However, what I am led to believe and what is true have been known to diverge, so I might be wrong.

    What would happen if they could not cover all their immediate obligations, I do not know.
    Lasted edited by : Feb 26, 2011
  14. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Bread lines and soup kitchens.
  15. curiousbrain

    curiousbrain Well-Known Member

    The practical consequences, absolutely - probably a march/riot or two, as well. I recall reading about something like this, albeit military in nature.

    On the political side, though, I wonder if conservative politicians would make the point that government protection of pension plans is an aspect of the 'nanny state', as it were? Or, is this something so close to home for almost all working class folks that this could be an issue of partisan agreement?
  16. kmjs14

    kmjs14 New Member

    I have yet to see "the majority" of republicans" vote in any way for the working man. This party usually votes for less government and on the side on a freer market (big business), which means less regulations and more privatizations (social security?). Look at what's going on in Wisconsin, Ohio, Pa, etc etc. This is just the beginning. What a great time to be rich in the USA.!
  17. Raw

    Raw Raw Member

    Even pre year 2000 before everything collapsed my pension at Central at the time wasn`t that high, I`d be surprised if you get more than $3500 a month :sad-little:
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    We get pension estimates annually and I am projected to have earned a normal pension at retirement age of between $4.5-5K/month.

    You can go to the TDU website, which shows all of the various pensions, and look at the NYS Teamsters pension if you doubt the accuracy of what I have posted.
  19. hellfire

    hellfire no one considers UPS people."real" Teamsters.-BUG

    everyone in Central States knows how much more the other plans give ,, its just there is no way that a underfunded union with membership dropping like no other time in history can afford to pay that much money to so many people . How much longer do you have till you retire?
  20. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    8 1/2 yrs.