Would you rather?

[dumptheoldguardteamsters]

What happens when Hoffa jr steals the central states pension funds money just like daddy did?? Will he build a new Vegas? Will the poor old men of the central states retire with no pension?? Will any of us have anything in our pension when HOFFA/hall are done with it??


"THE PIGS ARE IN THE MARBLE PALACE"

 

[UpstateNYUPSer(Ret)]

What happens when Hoffa jr steals the central states pension funds money just like daddy did?? Will he build a new Vegas? Will the poor old men of the central states retire with no pension?? Will any of us have anything in our pension when HOFFA/hall are done with it??


"THE PIGS ARE IN THE MARBLE PALACE"

There are far too many checks and balances in place for this to ever happen again.


Resident know-it-all.

 

[dumptheoldguardteamsters]

There are far too many checks and balances in place for this to ever happen again.


Resident know-it-all.

I pray that you are right. ......


"THE PIGS ARE IN THE MARBLE PALACE"

 

[Brownslave688]

But pension is guaranteed to be there as long as union doesn't negotiate it away(UPS and then the govt). How many multi millionaires committed suicide last few years when then market tanked and they lost the majority of their wealth. That happens a lot. It is all rosy when then market is going up...... I will live quite comfortably in retirement.

That is just me, but I like the security. I have plenty in 401k, and will probably increase it in Aug again.

Lol you think your pension is guaranteed? I can promise you your pension is only a slightly safer bet than your 401k.

It's a risk reward thing. Ill take the chance to have 5+ million in my 401k the day i retire than have to live 30 years before I pull my first million out of my pension.

The whole problem is ups is the unions cash cow and they use ups money to pay for many people's pensions. Otherwise we would get much higher pension payments.

 

[UpstateNYUPSer(Ret)]

Your pension is guaranteed----sure, it may be for pennies on the dollar, but it is guaranteed.

 

[Brownslave688]

Your pension is guaranteed----sure, it may be for pennies on the dollar, but it is guaranteed.

In that case just spread your money out at a bunch of different FDIC insured banks.

 

[UpstateNYUPSer(Ret)]

In that case just spread your money out at a bunch of different FDIC insured banks.

....and earn a whopping .000005% interest.....

 

[710 steward]

Brownslave

I think 5 mil is a stretch. I do however think half of that amount is closer to reality. The max you can tribute is $18500 until you get into your 50's and then I cannot remember what that number jumps up to. Let's be generous and say you get 3 mil in there at 59.5. At even 4% interest that's 120 grand a year to live on without touching the principal. Not too shabby and a few years later SS kicks in. Way better than 3 grand a month.

 

[UpstateNYUPSer(Ret)]

I believe the limit is $17.5K with a $5.5K "catch-up" for us older folks over 50.

 

[Brownslave688]

Your limit to contribute is that much. Your employer can contribute something like 40k on your behalf. So if ups put our pension contributions directly into our 401k. 5 million would certainly be attainable. Though you would have to do some saving on your own also.

 

[710 steward]

Your limit to contribute is that much. Your employer can contribute something like 40k on your behalf. So if ups put our pension contributions directly into our 401k. 5 million would certainly be attainable. Though you would have to do some saving on your own also.

Thank you. I didn't realize that. That is interesting.

 

[Brownslave688]

Thank you. I didn't realize that. That is interesting.

I didn't til not to long ago but yes the employee/employer rules are seperate. So ups could continue to give us 15k+ a year towards our retirement and individually you could still contribute $17,500.

 

[710 steward]

I didn't til not to long ago but yes the employee/employer rules are seperate. So ups could continue to give us 15k+ a year towards our retirement and individually you could still contribute $17,500.

In 710 they are currently contributing $401 weekly. The thought of even 15 years at that level would be fantastic.

 

[Brownslave688]

In 710 they are currently contributing $401 weekly. The thought of even 15 years at that level would be fantastic.

Holy cow that's nuts. I think it's around $300 here. May be $350 or so by the end of the contract.

There are a few problems I see with pensions and SS as I see it. For one you're punishing the fiscally responsible to take care of the others. Two you can't be overly aggressive because someone is always drawing money out. Three because someone is always drawing money out when there is a depression it drains the bank quick.

If I personally am drawing money out and a depression hits I can choose to draw out less until my account recovers. The pension can't do that. My 401k (while not huge and I was actively adding money at the time)recovered from the recession in under 2 years. The pension is just now recovering because they were actively drawing money out the entire time.

 

[IVE GOTTA PACKAGE 4U]

[quote="Brownslave688, post: 1367643, member: 344399]Holy cow that's nuts. I think it's around $300 here. May be $350 or so by the end of the contract.

There are a few problems I see with pensions and SS as I see it. For one you're punishing the fiscally responsible to take care of the others. Two you can't be overly aggressive because someone is always drawing money out. Three because someone is always drawing money out when there is a depression it drains the bank quick.

If I personally am drawing money out and a depression hits I can choose to draw out less until my account recovers. The pension can't do that. My 401k (while not huge and I was actively adding money at the time)recovered from the recession in under 2 years. The pension is just now recovering because they were actively drawing money out the entire time.[/quote]
If you keep two years or so of your spending needs In cash!

You will not have to worry about what the stock market does.

 

[Overpaid Union Thug]

To answer the OP's question......I'd much rather handle my own retirement funds.

 

[710 steward]

Brownslave

That $401 figure is the 2012 amount because we have yet to reach an agreement. It's going to go up to a ballpark number of $440. Think about that. It's beyond frustrating and no raise in sight.

 

[upschuck]

Lol you think your pension is guaranteed? I can promise you your pension is only a slightly safer bet than your 401k.

It's a risk reward thing. Ill take the chance to have 5+ million in my 401k the day i retire than have to live 30 years before I pull my first million out of my pension.

The whole problem is ups is the unions cash cow and they use ups money to pay for many people's pensions. Otherwise we would get much higher pension payments.

Your pension is guaranteed----sure, it may be for pennies on the dollar, but it is guaranteed.

Mine is guaranteed through the PBGC which, if I were 60 today and UPS plan gone under(which is funded at over 105%) would get $3200+(much more than pennies on the dollar) each month and goes up each year. That plus SS(which is not going away to the determent of the country) and I can live comfortably.

Multi employer guarantees(if you are in) are only guaranteed a max of a little over $12,800 a year according to PBGC. That is with a special circumstance, your mileage may/will vary.

Anyways, I am not going to worry about something that I can not change, and something that will be OK. The sky is not falling on my pension.

 

[Inthegame]

Brownslave

That $401 figure is the 2012 amount because we have yet to reach an agreement. It's going to go up to a ballpark number of $440. Think about that. It's beyond frustrating and no raise in sight.

I know you said "ballpark" but the benefit increases across the board average $40 per year in this contract. I doubt L710 trustees will allocate $39 of that to Pension and $1 to H&W.

 

[710 steward]

I know you said "ballpark" but the benefit increases across the board average $40 per year in this contract. I doubt L710 trustees will allocate $39 of that to Pension and $1 to H&W.

The last contract the pension increases were $26 a year into the pension. I cannot assume it's a 50-50 split because the initial proposal never outlined it in full. All it said was $40 a year in the pension and H/W. After you brought up the clarification with me several months ago I did look into what you said and realize that you are correct. If things continue to be the same with the pension it would become a 26-14 split. Until it is outlined in full I honestly don't know the breakdowns.