UPS does have a defined contribution. An amount they are contractually obligated to put forth each week. The pension is a defined pension, meaning there is a set amount each retiree will receive each month. Defined contribution is based on the interest the plan accrues over the employees work career. This is a riskier pension though it could lead to a pension 2 or 3 times higher than a defined pension ( or set amount). I t could also end up half of a defined amount based on how the market fares. However in the history of mutual funds there has never been one to fail from market high and lows, only by mismanagement. Does that sound familiar???
UPS does have a defined contribution. An amount they are contractually obligated to put forth each week. The pension is a defined pension, meaning there is a set amount each retiree will receive each month. Defined contribution is based on the interest the plan accrues over the employees work career. This is a riskier pension though it could lead to a pension 2 or 3 times higher than a defined pension ( or set amount). I t could also end up half of a defined amount based on how the market fares. However in the history of mutual funds there has never been one to fail from market high and lows, only by mismanagement. Does that sound familiar???
brett636
Well-Known Member
Look at you acting like you know of what you speak. You can't even master basic english grammar in your posts yet your an investment and pension guru? I think not.
Look up the word contribution and realize that UPS is contractually obligated to make a defined contribution into our pension fund. The fund for us is a defined benefit plan, meaning we have a defined benefit payed to us each month after we retire until we no longer exist. Now, our 401ks, IRAs, and other retirment investments we make outside of UPS are defined contribution. Meaning they are only worth what we contribute to them over the period that we hold the accounts, plus growth of course.
Here you go assuming my situation ? You have no clue what i have or don`t have ? Just like you trust the IBT to no end !!!!!!! We know where your financial situation in every thread you post. Total accountability is not in your Big Picture ! At the percentage our fund is in now and declining even with the new laws i would gladly have a UPS only fund for our responsibility but you see differently. Many a person in this forum are seeing through your program but thats okay because you help change their mind after reading your threads so please keep posting for us simple minds as you speakHAHAHAHAHAHAHA. Now that I've picked myself up off the floor...
::::Sighs::::. Goose, I took a break from homework to tell you once again you need to have other options for your retirement. I'm not saying you're wrong about the fleecing, etc but...I'll tell you this: you have demostrated your ignorance and naivete by not having other options besides Teamster pensions. You're a feeder driver if memory serves. How about putting a little into a 401K? You guys earn every penny UPS pays you but how about putting a little aside on your own? If you did that, I might feel a little bad for you whimpering about your retirement issues. Being a young guy, I've read the pension horror stories in the newspapers from the last 5 years or so and the problems that began to surface in the 70's or so from archives in public libraries. Interesting reads from a certain perspective. Now, me...like I said, being a young guy, I probably won't have a pension to collect. And by the way, all you morons, the defined benefit pension plan is dying. I know, I know, it was said in the 70's too, but now its true. If I get that pension check every month and its 40% or less of what it should be, I'll feel like I won the lottery. This is because I'll have made other investments/plans. I'm not going to count on a pension managed by someone else!!!!!! Also, does the saying, "Don't put all your eggs in one basket" ring a bell? -Rocky
Lizzard Toungue
Active Member
Brett the teamsters are never ever going to let you put "their money" into your 401k .I would like to see that happen too .The only way to ever change things is to get rid of the teamsters
WOW MASTER WIZARD I BELIEVE WE SAID THE SAME THING
RockyRogue
Agent of Change
First, thank you for agreeing with me. As you can see, I just went another round with a poster over this. He never seems to learn. I'll get to him in a second. The Teamster union is a failing organization in every regard--financially, leadership and membership. I have a problem with the Union not living up the agreed upon payout, too. Unfortunately, there's nothing I can do about it. Organizations fail, investments fail. In this case, it sounds like the two catastrophically collided and/or occurred at the same time. Its very sad its happened, too. Now, on to Goose...
Here you go assuming my situation ? You have no clue what i have or don`t have ? Just like you trust the IBT to no end !!!!!!! We know where your financial situation in every thread you post. Total accountability is not in your Big Picture ! At the percentage our fund is in now and declining even with the new laws i would gladly have a UPS only fund for our responsibility but you see differently. Many a person in this forum are seeing through your program but thats okay because you help change their mind after reading your threads so please keep posting for us simple minds as you speak
Assuming? No, I think not, Goose. If you weren't concerned about your retirement, you wouldn't be posting on here screaming foullllll about the Teamster's pension mess. Regardless, your savings for retirement are your business. Total accountability? WTF are you talking about? There's nothing I can do about the pension mess. Maybe I just had the benefit of watching all this unravel but still...BrownStars made a good point about "all your eggs in one basket!" And trust the IBT no end? You're nucking futs there, pal. The best person to fight for your interests is you!!! You let someone else fight your battles for you and there's a good chance you'll get the short end of the stick. I don't trust anyone to manage my finances or retirement completely. Help? Suuuure, love it. However, I think I'll cap my expectation out at 40-50% of total retirement funds. Completely manage my retirement? H*LL no!!! And what the h*ll are you talking about with "program?" I'm lost there. I'd have no problem with a UPS only fund. In fact, didn't I see somewhere on this board that there is a UPS-only pension fund for part-timers? Do you full-timers want in that?? If so...make it happen. Howl at whomever you have to--corporate UPS, local Teamsters, whatever. Otherwise, stop b*%$hing and moaning on here about something you might be able to do something about but refuse to do so. Its called personal responsibility or motivation, I think. Your turn...-Rocky
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Before you accuse someone else of poor basic english grammar and writing skills, stop and look in the mirror. You used the word "payed". I didn't know that this is a word. Look it up, but you will not find it in the dictionary. You have used "payed" in your previous posts, so the conclusion is that you think this is a word. The word that you are looking for is "paid".
You guys are missing the point. I agree that we should have other investments, but let's just stick to the pension problem right now. UPS has lived up to their contractual obligations. They give more than enough money to fully fund a decent pension for all of us. However, the Teamsters have destroyed a benefit that we should be receiving. It doesn't matter if you have millions of dollars in other investments. When we started working for UPS, we were told we would receive benefits in the form of medical and pension. They are now being cut, not by UPS, but by the people (Teamsters) who we "trust" to manage our funds. If they can't manage our money properly, then it is time to have someone else do it.
RockyRogue
Agent of Change
Fair enough. But...there's a reason its called a "multi-employer pension plan," pal. Not involved at the time but wasn't a background issue of the '97 strike about this multi-employer pension plan? -Rocky
RockyRogue
Agent of Change
Its been a couple of days now, Goose. I still await your next and best shot. I'll take some heat for that but you've insulted me enough. Again, your turn, sir. -Rocky
In 97 the company was ready to offer the full- timers a pension. The union said that was a strike issue and would not let the member vote on the issue.
Rocky, on another note, the majority of employees that I know do have 401k savings, and we understand that you are a youngster, but many thousands of us do not have the luxury of having 20 or 25 years left to recoup the funds that were taken from use. These funds were not only promised to us, UPS paid these funds on our behalf and every document that we have received from the company over the years has included these contributions as part of our yearly pay, thus, by cuttting our pensions they are cutting our earned wages. This is just one of the reasons that UPSers are furious about the cuts.
The APWA is born out of this fury, and the Teamsters have no one to blame but themselves.
Brett,
Everyone is getting tired of the Teamsters games, of which you enjoy playing on here. With you grammer games and word definition games that are meant to devert the attention away from matters at hand. Enough of your games. BOTTOM LINE!!! Our defined contributed benefits have been taken from us by the Teamsters Union, and we the UPS employees will not stand for it any longer, and we are doing something about it "ROCKY"
The APWA is the UPS employees taking matters into our own hands, no crying no whinning.
We are taking action, and after all the special teamsters craft meetings being held this weekend, it looks like the Teamsters are taking us seriously now.
Rocky, on another note, the majority of employees that I know do have 401k savings, and we understand that you are a youngster, but many thousands of us do not have the luxury of having 20 or 25 years left to recoup the funds that were taken from use. These funds were not only promised to us, UPS paid these funds on our behalf and every document that we have received from the company over the years has included these contributions as part of our yearly pay, thus, by cuttting our pensions they are cutting our earned wages. This is just one of the reasons that UPSers are furious about the cuts.
The APWA is born out of this fury, and the Teamsters have no one to blame but themselves.
Brett,
Everyone is getting tired of the Teamsters games, of which you enjoy playing on here. With you grammer games and word definition games that are meant to devert the attention away from matters at hand. Enough of your games. BOTTOM LINE!!! Our defined contributed benefits have been taken from us by the Teamsters Union, and we the UPS employees will not stand for it any longer, and we are doing something about it "ROCKY"
The APWA is the UPS employees taking matters into our own hands, no crying no whinning.
We are taking action, and after all the special teamsters craft meetings being held this weekend, it looks like the Teamsters are taking us seriously now.
BRETT,
We have heard your false accusations many times about the APWA only addressing the pension issue. Enough of your lies!!! Every time you open your mouth you dry heave the
brain washed Teamster bile that we all have grown to know and hate. Or, is it that you are just that dumb?
Anyone that is following the APWA knows that they bring the total package to the table. Not just pension issues, but all issue pertaining to our jobs and futures are being addressed by the APWA.
Oh, I'm sorry Brett, the Teamsters don't want anyone to know these things. Do they?
We have heard your false accusations many times about the APWA only addressing the pension issue. Enough of your lies!!! Every time you open your mouth you dry heave the
brain washed Teamster bile that we all have grown to know and hate. Or, is it that you are just that dumb?
Anyone that is following the APWA knows that they bring the total package to the table. Not just pension issues, but all issue pertaining to our jobs and futures are being addressed by the APWA.
Oh, I'm sorry Brett, the Teamsters don't want anyone to know these things. Do they?
brett636
Well-Known Member
Well then, tell us exactly what they have planned. I want to know.
RockyRogue
Agent of Change
I do, too, Brett.
And Sawdust, you make good points. I'm not disputing that. However, I would have liked Goose to defend himself. Regardless, we'll see what happens in the next year and a half or so before the UPS Master Agreement comes up for renewal. It'll be interesting. -Rocky
brett636
Well-Known Member
Did you already forget that your the one that said they do have other plans for us? Surely you wouldn't say that unless you knew for sure that what you said was true.NO BRETT,
Before myself or anyone else elaborates on the APWA info, let us elaborate on the fact that you are always on this board claiming to have the "FACTS" when in all true, all you are doing is spewing Teamster lies in true Teamster fashion in order to mislead people.
NOW ADMIT IT!!!!
"Your" statment that the APWA only address one issue (the pension) is a bond face lie!
Come on, ADMIT IT!!! We're waiting.
Before myself or anyone else elaborates on the APWA info, let us elaborate on the fact that you are always on this board claiming to have the "FACTS" when in all true, all you are doing is spewing Teamster lies in true Teamster fashion in order to mislead people.
NOW ADMIT IT!!!!
"Your" statment that the APWA only address one issue (the pension) is a bond face lie!
Come on, ADMIT IT!!! We're waiting.
RockyRogue
Agent of Change
Hey Sawdust, relax!!!!! He's giving his opinion, just like I do. He's just doing it in a more aggressive fashion. And lies? That might be a two-way street for the Teamsters and APWA. -Rocky
