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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="Smashmouth" data-source="post: 3726655" data-attributes="member: 73661"><p>Pensions are good as long as the company providing them is doing well and is able to keep them properly funded, the problem arises when the company isnt doing so well and cant keep up with its obligations, or like many of our penions, they were multi-employer plans and some of the companies went belly up...but yet the remaining companies are on the hook for everyone who was vested. At that point, the pension becomes a big pyramid scheme with the new people paying for the retirees until there are more retirees then new people and the whole thing collapses, like Central States is getting close to doing. So YES it would be nice to have had a 401k to manage myself.</p></blockquote><p></p>
[QUOTE="Smashmouth, post: 3726655, member: 73661"] Pensions are good as long as the company providing them is doing well and is able to keep them properly funded, the problem arises when the company isnt doing so well and cant keep up with its obligations, or like many of our penions, they were multi-employer plans and some of the companies went belly up...but yet the remaining companies are on the hook for everyone who was vested. At that point, the pension becomes a big pyramid scheme with the new people paying for the retirees until there are more retirees then new people and the whole thing collapses, like Central States is getting close to doing. So YES it would be nice to have had a 401k to manage myself. [/QUOTE]
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Bye Bye Pension and Hello to matching 401k coming in 2023?
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