Bye Bye Pension and Hello to matching 401k coming in 2023?

Discussion in 'UPS Union Issues' started by 1whofan, Sep 8, 2018.

  1. 1whofan

    1whofan Member

    Whether or not this contract passes, the pension as we know will be replaced by a matching 401K in 2023 IMHO. I just wonder who gets grandfathered and who joins the matching 401K, would it be as simple as if your not vested by 2023 you go directly into the new plan? What would happen to most us who have more than 5 yrs with the company? This is all hypothetical, but I think the writing is on the wall. Especially after reading the memorandum of understanding.
     
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  2. DriveInDriveOut

    DriveInDriveOut This Is The Last Stop

    Ok
     
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  3. Gumby

    Gumby *

    That's why they want the 22.4 jobs . They can pay you less and match your 401k less.
     
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  4. silenze

    silenze Lunch is the best part of the day

    The problem is that next contract we have to negotiate to keep our pension.
     
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  5. BakerMayfield2018

    BakerMayfield2018 God is Great, beer is good , People are crazy.

    This is some bs.
     
  6. Gumby

    Gumby *

    Another reason to vote No!
     
  7. DriveInDriveOut

    DriveInDriveOut This Is The Last Stop

    tenor (18).gif
     
  8. Gumby

    Gumby *

    It's only the beginning...
     
  9. TearsInRain

    TearsInRain IE boogeyman

    401k is far superior to a pension
     
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  10. Gumby

    Gumby *

    That big 2.5% match you get is life changing....
     
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  11. DriveInDriveOut

    DriveInDriveOut This Is The Last Stop

    If I got the money that was going into the pension on my behalf, I could probably retire after about 15 years FT total. At some point we gotta stop putting Band-Aids on a gunshot.
     
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  12. 1989

    1989 Well-Known Member

    How much 401k money will I need to draw $6k a month @ age 55?
     
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  13. Indecisi0n

    Indecisi0n Well-Known Member

  14. DriveInDriveOut

    DriveInDriveOut This Is The Last Stop

    Less than a million, assuming you live to 90ish.
     
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  15. Gumby

    Gumby *

    Wrong
     
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  16. Smashmouth

    Smashmouth Active Member

    Depends on how many years you want it to last. And I didnt think you could take 401k money that early without a penalty.
     
  17. Jkloc420

    Jkloc420 Well-Known Member

  18. Gumby

    Gumby *

    Age 55 if you are separated from employment. You still may have to pay state taxes on money you take out before 59.5
     
  19. 1989

    1989 Well-Known Member

    Are you sure? Because if I live to age 90 I’ll burn through over 2.5 mil.
     
  20. DriveInDriveOut

    DriveInDriveOut This Is The Last Stop

    1 million dollars.
    35 years in retirement.
    75/25 equities/bonds (8%/3% returns).
    Drawing 72k a year....
    He'll still have a couple hundred thousand left at 90 after 35 years.