Central states/Teamsters pension fun

[IVE GOTTA PACKAGE 4U]

I bet I put in more than ups contributed to pension.

Would hurt the lower income employees much more than the higher.

UPS puts in over $500 a week into our pension here and it's not helping

 

[upschuck]

UPS puts in over $500 a week into our pension here and it's not helping

That's a lot, I'll beat that this week, probably.

 

[IVE GOTTA PACKAGE 4U]

That's a lot, I'll beat that this week, probably.

It's over 26k a year and we aren't getting barely anything out of it

And people wonder why we voted NO!

 

[Brownslave688]

Don't negotiate against yourself 87brown. What kind of % of 401k matching are you considering? Pick a # and then we can do the math to see how much the company will save by switching to 401k over pension.

No match.


Defined contribution.



Company saves money.....employees retire with more money.



Win win.

 

[Brownslave688]

So you are willing to walk away from a pension you've been paying into all these years and start having that money put into your 401k instead? Hope you have a lot of years left. Thats the problem with that idea as those nearing retirement would really get hosed. My biggest issue is that everyone places blame on the teamsters and yes they had a part in it. But not once has our TDU friends mentioned deregulation or companies like Hostess and Yellow Freight who walked away from hundreds and hundreds of millions in pension liabilities, leaving the rest of us paying their retirees benefits. This will eventually become a non issue as the pre 2008 hires are in the UPS/IBT pension but something needs to be done to assure UPS will make its retirees benefits whole from pension losses that may occur from the demise of the CSPF.

i haven't payed one penny into my pension thank god.


Those people that had raises diverted got screwed.

 

[Brownslave688]

It's over 26k a year and we aren't getting barely anything out of it

And people wonder why we voted NO!

And we are only allowed to put in what 18-19k unless you're over 50. So not many people if any are putting in more than ups.

 

[IVE GOTTA PACKAGE 4U]

And we are only allowed to put in what 18-19k unless you're over 50. So not many people if any are putting in more than ups.

Too many are barely putting anything away.
Especially the money whores. The more they make, the less they contribute.

 

[Brownslave688]

It's over 26k a year and we aren't getting barely anything out of it

And people wonder why we voted NO!

That's what cracks me is people don't see we are getting no value at all for that money.


Some pensions top out around 3k a month. That's barely more then the company is currently putting in.

 

[IVE GOTTA PACKAGE 4U]

That's what cracks me is people don't see we are getting no value at all for that money.


Some pensions top out around 3k a month. That's barely more then the company is currently putting in.

Most of us aren't getting value for our dollar.

Everyone forgets, this is part of our pay package.

 

[rod]

That's what cracks me is people don't see we are getting no value at all for that money.


Some pensions top out around 3k a month. That's barely more then the company is currently putting in.

Mine has always been 3K a month and Central States still went broke---all the while why under the watchful eye of the US Government since 1982.

 

[Brownslave688]

Mine has always been 3K a month and Central States still went broke---all the while why under the watchful eye of the US Government since 1982.

Yeah but how much money went in on your behalf?


My point is you were overpromised. There was never enough money put in on your behalf for you to draw $3000 a month for 30-40 years.

 

[UpstateNYUPSer(Ret)]

I bet I put in more than ups contributed to pension.

Would hurt the lower income employees much more than the higher.

I doubt it.

How so?

 

[rod]

Yeah but how much money went in on your behalf?


My point is you were overpromised. There was never enough money put in on your behalf for you to draw $3000 a month for 30-40 years.

In the early years we put 6 bucks a week into the UPS thrift plan. That turned into $120,147.87 by the time the Thrift Plan was stopped--- thanks to smart investing. That's only $312 a year invested. What was being contributed to my pension should have grown to multi-millions at that rate. Apparently the Teamsters suck at investing.

 

[retired2000]

Notreiredyet it is the teamster fault for letting those companies walk out of the agreement

 

[upschuck]

I doubt it.

How so?

Put in well over 400 last week, this week will be well over 500.

Because the lower income earners need that money to live, and not worrying about saving for the future, so match would not help.

 

[Brownslave688]

Put in well over 400 last week, this week will be well over 500.

Because the lower income earners need that money to live, and not worrying about saving for the future, so match would not help.

Geeeeeeee ZUS how many times must we say it.

Not a match but a defined contribution

 

[Brownslave688]

Notreiredyet it is the teamster fault for letting those companies walk out of the agreement

You suggest these companies print the money they don't have?

 

[upschuck]

Geeeeeeee ZUS how many times must we say it.

Not a match but a defined contribution

3 more times. Thought he was referring to a match.

 

[HEFFERNAN]

Bottom line - Live your life like you're not getting a pension

It's always the people who didn't pay off their mortgage or $50,000 truck that bitch.
Invest in your 401K and clear out your liabilities by 55.

 

[Wally]

FACT
WESTERN PA IS IN TROUBLE
FACT
CRITICAL STATUS IS COMING TO A Fund NEAR YOU NEXT !!
FACT

Stop shouting? FACT