Dreaded Pension Funding Level Letter

[1989]

The amount you recieve varies at 25 years b4 age 57, after 57, 30 years of service and 35 years of service. That is why people stay longer

I think those amounts are for the ex-central states participants. Not all UPS employees. You must look at the western states explanation of bene's to know where you fall in.

 

[1989]

Dude, weren't you paying attention when the market dropped to around 6800 from it's high of 14,000? NO ONE was going to beat that, no matter how they moved money around.....unless you want to play with Bernie Madoff and his ilk. Notice that the Fed is like paying zero percent interest on CD's, so if you were prescient enough to sell all your stocks at 14,000, there was effectively NO APPRECIATION on all that cash while it was sitting around waiting for the market to bottom, and then start back up again....and market timing is not a winning strategy for anyone....
Note also that pension funds hold SO MUCH STOCK that when they sell, they move the market. So they can't just dump it all without really setting off a plunge all by themselves.

Sorry I just woke up. Last I remember was nasdaq 5000. What the hell happened?

 

[SWORDFISH]

I think those amounts are for the ex-central states participants. Not all UPS employees. You must look at the western states explanation of bene's to know where you fall in.

Its the national master. I need to mention however that each area could have their own amendments. We go by the National master(no amendments for us). So you could be right. I bet Jon or GRGROCR or Red would know for the other areas.

 

[mrv]

We also have this option but I am afraid that it may no longer be available when I get my 25 yrs in. As it stands now I would lose between 1/3 to 1/2 if I retired 5 yrs early.

Don't worry about it Upstate! UPS needs model employee's like yourself to stick around another 5 years....besides giving up your pension is'nt any harder that paying for your insurance.

 

[1989]

Its the national master. I need to mention however that each area could have their own amendments. We go by the National master(no amendments for us). So you could be right. I bet Jon or GRGROCR or Red would know for the other areas.

It is stated in the national that the western states plan is maintained. your western states supplement will have details as your contribution rates. But the western states pension dictate the benefits.

 

[SWORDFISH]

It is stated in the national that the western states plan is maintained. your western states supplement will have details as your contribution rates. But the western states pension dictate the benefits.

Could you tell me where it specifies the west? I dont see that anywhere

 

[satellitedriver]

How much can a guy realistically salt away in a 401K while also supporting a family.

Each personal reality is different.
The 97' strike was my wake up call to take personal action for my future/retirement.
Luckily, I was raised poor and I applied that experience to fortify me.
I set four simple goals.
Save some money every week.
Pay off my home.
Be debt free,
and most importantly,
enjoy this short life with the one's I love.
In 13 short years, I have met my goals.
Is it an easy path?
No
There is a saying in this part of Texas ;
"Poor boy's have poor boy ways."
Meaning,
I still cook my breakfast, pack a lunch and drink water that I put in a bottle from my well, everyday.
I cut my own hair, ect.....

Your question was, how much can one realistically salt away into their 401k?
No one can define that number for you.
I started out at3% and now put in 33%.
My total aggregate savings is 50%, of net income.

The only "wisdom" I can pass on about saving money is;
If you do not feel "the pinch", then you are not on a budget.

Best Regards,
and Best of Luck.

Steve

 

[soberups]

Just curious how you got this number...is this the one that is on your yearly statement that is an average if all things go ok years down the road???

Its an estimate on my part. Another driver recently retired with 27 years, and he is making about $4k per month. His first few years were prior to the 1987 contract when we got the huge increase in pension contributions, whereas all of my years are post-87. I will have to work 3 years longer than him to hit PEER 80 due to the young age at which I started, so my contributions will be greater.

 

[klein]

27 years fulltime with UPS Canada would give you $1250 pension at age 65.

 

[soberups]

Amen to the west. Im in about the same boat as you except I started a bit earlier and plan to leave around 45.

Do you mean with 45 years of service, or at age 45? Under PEER 80, in order to qualify at age 45 you would need to have 35 years of service...meaning you would have to have started working for UPS at age 10?

 

[soberups]

sober, were you part time at ups...if so how do those part time years play out in the western conference??? ?

I was part time for only one year.

You need 500 hours in one calendar year in order for that year to count towards PEER 80, so a full year of PT employment will get you there. My contributions for that one PT year were less of course, but the 29+ years I will have put in full time will make up for that.

 

[UpstateNYUPSer(Ret)]

I wonder how many drivers went to feeder to get 5-10 years under belt for retirement then stay longer because of less wear and tear on body, not to mention the whole mental sanity.

OK, now I get it. It does seem like the feeder guys tend to hang around a bit longer than the package guys do.

 

[brownmonster]

Each personal reality is different.
The 97' strike was my wake up call to take personal action for my future/retirement.
Luckily, I was raised poor and I applied that experience to fortify me.
I set four simple goals.
Save some money every week.
Pay off my home.
Be debt free,
and most importantly,
enjoy this short life with the one's I love.
In 13 short years, I have met my goals.
Is it an easy path?
No
There is a saying in this part of Texas ;
"Poor boy's have poor boy ways."
Meaning,
I still cook my breakfast, pack a lunch and drink water that I put in a bottle from my well, everyday.
I cut my own hair, ect.....

Your question was, how much can one realistically salt away into their 401k?
No one can define that number for you.
I started out at3% and now put in 33%.
My total aggregate savings is 50%, of net income.

The only "wisdom" I can pass on about saving money is;
If you do not feel "the pinch", then you are not on a budget.

Best Regards,
and Best of Luck.

Steve

The hitch in my plan to save more for retirement is the fact that I have one kid in college and twins on the way there way in 15 months. I still manage to put some away and so does the wife. My driveway looks like Joes Budget Auto Sales but my only debt is the house and I could write a check and pay it off if I really had to. I think I'm on target, just need the market to cooperate.

 

[1989]

Could you tell me where it specifies the west? I dont see that anywhere

You should have a western supplement along with a joint council. ex. local 174 is jc28. Everybody in the western states has the western supplement. The western supplement has pension and transfer language.

 

[SWORDFISH]

Each personal reality is different.
The 97' strike was my wake up call to take personal action for my future/retirement.
Luckily, I was raised poor and I applied that experience to fortify me.
I set four simple goals.
Save some money every week.
Pay off my home.
Be debt free,
and most importantly,
enjoy this short life with the one's I love.
In 13 short years, I have met my goals.
Is it an easy path?
No
There is a saying in this part of Texas ;
"Poor boy's have poor boy ways."
Meaning,
I still cook my breakfast, pack a lunch and drink water that I put in a bottle from my well, everyday.
I cut my own hair, ect.....

Your question was, how much can one realistically salt away into their 401k?
No one can define that number for you.
I started out at3% and now put in 33%.
My total aggregate savings is 50%, of net income.

The only "wisdom" I can pass on about saving money is;
If you do not feel "the pinch", then you are not on a budget.

Best Regards,
and Best of Luck.

Steve

The hitch in my plan to save more for retirement is the fact that I have one kid in college and twins on the way there way in 15 months. I still manage to put some away and so does the wife. My driveway looks like Joes Budget Auto Sales but my only debt is the house and I could write a check and pay it off if I really had to. I think I'm on target, just need the market to cooperate.

Great to see people being financially responsible. I dont see this much these days.

You should have a western supplement along with a joint council. ex. local 174 is jc28. Everybody in the western states has the western supplement. The western supplement has pension and transfer language.

I reread it. Thier is no such langauge. The only langauge for age of retirement is what I reffered to.

Do you mean with 45 years of service, or at age 45? Under PEER 80, in order to qualify at age 45 you would need to have 35 years of service...meaning you would have to have started working for UPS at age 10?

I mean 45 age. I can retire w/ 25 years of service for less money than peer 80. Im not going to stick around 35 years, no thanks. Im way ahead financially already and my soon to be wife makes as much money as we do so early retirement is my plan. I think I will go back to school and learn a usefull trade or something like that.

 

[1989]

I reread it. Thier is no such langauge. The only langauge for age of retirement is what I reffered to.

Really? You couldn't find your contribution rates in the supplement? They are probably in the jc for Washington.

 

[Signature Only]

I am grateful to be in the Western Conference. We were down to 84% last year when the market tanked (which is still considered healthy) but the fund has rebounded up to 89%. I'm in PEER 80 and I started at age 20.....so I will be able to get out at age 50 on around $4800 a month.

Man....Lucky you. I started at 33 and I'm going to try my best to make it to 65.

 

[helenofcalifornia]

Everyone should make an appointment through the Teamster's to schedule a visit with the Pension people. Our pension people visit the Teamster's office once a month. Ever year or so is a good plan. I found out that the wording in my divorce agreement was not what the Pension people wanted and, if unchanged, would give part of my retirement to my ex. (Like that is ever going to happen!) Good opportunity to do some critical future planning far enough out to make a difference. And Sober, I just received a letter from the Western States and it's not up to 89% again. I forget the exact amount (am thinking 80-84%, not sure) but not 89%.

 

[What'dyabringmetoday???]

?

 

[What'dyabringmetoday???]

We also have this option but I am afraid that it may no longer be available when I get my 25 yrs in. As it stands now I would lose between 1/3 to 1/2 if I retired 5 yrs early.

You may consider calling the fund office. You would lose much more than 1/2 if you left at 25 years-that is if you are under 60, which you are. I am assuming that you are referring to "as it stands now'" as just that, not the unknown of the near future of this plan.