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Brown Cafe UPS Forum
UPS Retirement Topics
401K
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<blockquote data-quote="Up In Smoke" data-source="post: 5857323" data-attributes="member: 79702"><p>My brother-in-law has a job with a company in the Steel Workers Union. About 3-4 years ago his company pitched the union and employees for a vote to remove the multi-employer pension and replace it with a company match 401K. The numbers were crunched and buyouts presented to each employee before the vote. The Union members voted for the 401K option and the employees were cut checks for the pension buyouts. My brother-in-law decided to take half of his buyout and roll it into the company 401K and the other half into an annuity. He was 45ish at the time and concerned with two kids under 10 that his future retirement savings wouldn't last. In his case, he was hedging against his ability to invest enough while still providing for his wife and children.</p></blockquote><p></p>
[QUOTE="Up In Smoke, post: 5857323, member: 79702"] My brother-in-law has a job with a company in the Steel Workers Union. About 3-4 years ago his company pitched the union and employees for a vote to remove the multi-employer pension and replace it with a company match 401K. The numbers were crunched and buyouts presented to each employee before the vote. The Union members voted for the 401K option and the employees were cut checks for the pension buyouts. My brother-in-law decided to take half of his buyout and roll it into the company 401K and the other half into an annuity. He was 45ish at the time and concerned with two kids under 10 that his future retirement savings wouldn't last. In his case, he was hedging against his ability to invest enough while still providing for his wife and children. [/QUOTE]
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