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UPS Union Issues
Union retirees: Don't cut my pension --- Good Read
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<blockquote data-quote="brett636" data-source="post: 1483973" data-attributes="member: 249"><p>With the exception of the Central States pension buyout the union contracts have little, if any impact on current retirees. Most of us are still in multiemployer plans run by the teamsters and once the money is put into the pot UPS has little influence as to what is done with it.</p><p></p><p>I too am a bit disappointed by the pension rule change, but it does go along with what I have thought for years now and that is we really can only depend on ourselves to fund our retirement. I feel somewhat bad for the retirees in the article now that what they thought their retirement would become has been turned up on its head, but it looks like most of them are healthy enough to do some kind of work to make up for the shortfall or will have to start drawing social security earlier than they wanted. Where my sympathy ends for them is the fact that they have little if anything saved when they worked for years in a well paying, secure union job where they could have afforded to put something away but chose not too. Choices and lack of making choices comes with its own consequences that could be faced someday. I have been putting money away for my retirement for the last 10 years with 27 or so years to go, and while I recognize not everyone has that oppportunity my guess is these guys did but would rather have that new car or go on vacations instead. Its never to early to begin thinking of all phases of life no matter your age, and retirement is a very big one that I hope most of you are preparing for beyond your promised pensions now that they are somewhat less secure.</p></blockquote><p></p>
[QUOTE="brett636, post: 1483973, member: 249"] With the exception of the Central States pension buyout the union contracts have little, if any impact on current retirees. Most of us are still in multiemployer plans run by the teamsters and once the money is put into the pot UPS has little influence as to what is done with it. I too am a bit disappointed by the pension rule change, but it does go along with what I have thought for years now and that is we really can only depend on ourselves to fund our retirement. I feel somewhat bad for the retirees in the article now that what they thought their retirement would become has been turned up on its head, but it looks like most of them are healthy enough to do some kind of work to make up for the shortfall or will have to start drawing social security earlier than they wanted. Where my sympathy ends for them is the fact that they have little if anything saved when they worked for years in a well paying, secure union job where they could have afforded to put something away but chose not too. Choices and lack of making choices comes with its own consequences that could be faced someday. I have been putting money away for my retirement for the last 10 years with 27 or so years to go, and while I recognize not everyone has that oppportunity my guess is these guys did but would rather have that new car or go on vacations instead. Its never to early to begin thinking of all phases of life no matter your age, and retirement is a very big one that I hope most of you are preparing for beyond your promised pensions now that they are somewhat less secure. [/QUOTE]
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Union retirees: Don't cut my pension --- Good Read
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