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UPS Retirement Topics
UPS, Teamsters considering joint pension plan
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<blockquote data-quote="Ms.PacMan" data-source="post: 197572" data-attributes="member: 4656"><p>I have 12 yrs, 18 left, began driving at age 27. Along with buying us out of the multi-employer fund, rumor has it that UPS wants to reinstate the 25/30 and out at any age <strong>but</strong> would ask that we take lower or no raises in the future for a yet to be determined timeframe. </p><p> </p><p>So this is how it works out for me......</p><p> </p><p>1)Assume identical raises to last contract for this contract,and next, and next (18 yrs). I will make $24,960 in raises, straight 40hrs.</p><p> </p><p>2)Assume no raise for the next 18 years but I retire at 57 with $3000/month vs. losing 6% for 5 yrs and retire at 30 yrs with $2683.53. I will make back the $24,960 in 6.5 yrs if the pension reverts to 30 and out with no raise ever again.</p><p> </p><p>Lots of variables I know but I think raise concessions would only last maybe one contract and we would still get cost of living increases. Everyone is different depending on years of service and the age they started (No flaming or brow-beating, work your own numbers), this make not be a deal for some.</p><p> </p><p><strong>For me</strong> I like this option better than running the risk that the pension ends up in PBGC or switching unions.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 197572, member: 4656"] I have 12 yrs, 18 left, began driving at age 27. Along with buying us out of the multi-employer fund, rumor has it that UPS wants to reinstate the 25/30 and out at any age [B]but[/B] would ask that we take lower or no raises in the future for a yet to be determined timeframe. So this is how it works out for me...... 1)Assume identical raises to last contract for this contract,and next, and next (18 yrs). I will make $24,960 in raises, straight 40hrs. 2)Assume no raise for the next 18 years but I retire at 57 with $3000/month vs. losing 6% for 5 yrs and retire at 30 yrs with $2683.53. I will make back the $24,960 in 6.5 yrs if the pension reverts to 30 and out with no raise ever again. Lots of variables I know but I think raise concessions would only last maybe one contract and we would still get cost of living increases. Everyone is different depending on years of service and the age they started (No flaming or brow-beating, work your own numbers), this make not be a deal for some. [B]For me[/B] I like this option better than running the risk that the pension ends up in PBGC or switching unions. [/QUOTE]
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