Was we?We was all guilty of that at one time. Now that we have some time and we have to educate the younger people and make them understand why language is so important.
Unfortunately everyone is supposed to how much money we're going to get and not at the language in the contract.
Our pension is pretty solid, in addition to our defined benefit plan they also put money into our RIP account. UPS contributed $25000 to our DB and an additional $4000 to our RIP (which is like an IRA). Retiree healthcare is something that should also be addressed...Good thinking
I agree. Retiree healthcare is important. This also may be addressed at the local union level. I believe local 401receives a stipend once they retire to put towards their health benefits. Someone who knows more about that can correct me if I am wrong though. It also may be self-serving on my part because my wife is working until 62 and I will be on her benefits when I retire, and she receives benefits until she is 65.There is nothing wrong with it but I’d rather see healthcare after you retire addressed instead. I’m under the same supplement as you.
I will try and answer these in order:UPS contributing 25 K into your (Defined Pension Plan) may not be correct... they only have to contribute enough to maintain the promised monetary benefits at the end of the year.
A (Monetary Contribution Pension Plan) like the Western is fueled by weekly contributions per individual.
I know nothing about your RIP pension supplement...Can you give more details?
For the life of me I don’t understand why you guys do not have any language for retiree’s Healthcare, are you under (Team Care)?
Here is another question about the retirees’ Health and Welfare contributions:
Does the companies still contribute once the members retire before they qualify for Medicare?