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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="ok2bclever" data-source="post: 52917"><p>I am not sure I agree with 7.5% as a safe conservative estimate of average earnings in the stock market from here on out, but setting that aside for now there are other issues involved here that need to be addressed. </p><p> </p><p>It isn't a simple matter of the difference of getting the $36,000 that current 30 year UPS retirees got up to the changes in the plan or a potential estimate of $70,000 (not fact, just estimate). </p><p> </p><p>Would UPS withdrawing from the Central States doom that pension fund? </p><p> </p><p>Quite possibly, many would say probably. </p><p> </p><p>In that case, IF the government had enough liquidity in the fund that is supposed to insure such calamities (that in itself is a big if as it has been running in the red by millions of dollars for several years now), but IF it could meet it's obligations the top monthly retirement payout for current retirees and future retirees would be $1080 a month. </p><p> </p><p>All currently still working UPS employees would be affected to whatever extent we have already accrued benefits. </p><p> </p><p>The longer you have left, the more possible benefit it would be to you IF the APWA pension becomes and stays financially viable. </p><p> </p><p>However, the closer you are to retirement, the significantly greater the loss of your retirement benefits. </p><p> </p><p>Those already retired from UPS would immediately be making less than the poverty level. </p><p> </p><p>And none of this addresses the medical benefit side which is rapidly becoming the more crucial as our medical costs continue to spiral out of control with no end in sight. </p><p> </p><p>So these are serious issue that affect each UPS worker differently and it isn't a simple matter of switching allegiances and living happily ever after for all, even if the APWA and it's pension fund(s) ultimately become successful (or survive).</p></blockquote><p></p>
[QUOTE="ok2bclever, post: 52917"] I am not sure I agree with 7.5% as a safe conservative estimate of average earnings in the stock market from here on out, but setting that aside for now there are other issues involved here that need to be addressed. It isn't a simple matter of the difference of getting the $36,000 that current 30 year UPS retirees got up to the changes in the plan or a potential estimate of $70,000 (not fact, just estimate). Would UPS withdrawing from the Central States doom that pension fund? Quite possibly, many would say probably. In that case, IF the government had enough liquidity in the fund that is supposed to insure such calamities (that in itself is a big if as it has been running in the red by millions of dollars for several years now), but IF it could meet it's obligations the top monthly retirement payout for current retirees and future retirees would be $1080 a month. All currently still working UPS employees would be affected to whatever extent we have already accrued benefits. The longer you have left, the more possible benefit it would be to you IF the APWA pension becomes and stays financially viable. However, the closer you are to retirement, the significantly greater the loss of your retirement benefits. Those already retired from UPS would immediately be making less than the poverty level. And none of this addresses the medical benefit side which is rapidly becoming the more crucial as our medical costs continue to spiral out of control with no end in sight. So these are serious issue that affect each UPS worker differently and it isn't a simple matter of switching allegiances and living happily ever after for all, even if the APWA and it's pension fund(s) ultimately become successful (or survive). [/QUOTE]
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