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Brown Cafe UPS Forum
UPS Union Issues
Bye Bye Pension and Hello to matching 401k coming in 2023?
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<blockquote data-quote="Jones" data-source="post: 3723889" data-attributes="member: 4805"><p>The major factor is that most people are not good financial planners. Are there some people at UPS for whom a 401k match would be a better deal than a pension? Sure, but they are very small (think minuscule) minority, maybe 5% at best. If you got rid of the pension and just added the current contribution to the member's paychecks those 5% would would do very well. There's another minority who would probably save more but still not enough to retire on. And probably at least half the drivers would continue to do exactly what they do now, spend every penny they get on new cars and the latest iphone.</p></blockquote><p></p>
[QUOTE="Jones, post: 3723889, member: 4805"] The major factor is that most people are not good financial planners. Are there some people at UPS for whom a 401k match would be a better deal than a pension? Sure, but they are very small (think minuscule) minority, maybe 5% at best. If you got rid of the pension and just added the current contribution to the member's paychecks those 5% would would do very well. There's another minority who would probably save more but still not enough to retire on. And probably at least half the drivers would continue to do exactly what they do now, spend every penny they get on new cars and the latest iphone. [/QUOTE]
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Bye Bye Pension and Hello to matching 401k coming in 2023?
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