MAKAVELI
Well-Known Member
If I thought it was a waste of time I wouldn't have asked. But thanks for the waste of time dodging the question.
Interesting Article About Teamsters Pension For All The Haters
- Thread starter Oldfart
- Start date
59 Dano
I just want to make friends!
If I thought it was a waste of time I wouldn't have asked. But thanks for the waste of time dodging the question.
Since you insist...
The short version is that the math says otherwise.
MAKAVELI
Well-Known Member
The short version doesn't provide any facts to back it up.
They can do anything they want within the law. However they started hiring people in 2003 under the new plan. So we're talking about only the older employees under the traditional pension, many of whom got 25 years anyways or close to it. The ones who got screwed were the ones with 10-20 years who chose to remain in the traditional but were forced into the PPP. The company could've kept their word to them and at least let them get their 25 years in. That extra 4% for 5 years in no way made up for what they lost. They were much more interested in getting wealthier than doing right by us. I can hear you now: "if you say so." When you defend them you participate in the screwing over.
59 Dano
I just want to make friends!
Well, Express pension liabilities are funded by overall corporate revenue, so the company is already "siphoning" money from Ground (and Freight, and all the others) to fund it. You're asking me to prove something won't work when there's nothing to suggest that it will. Sure, under a number of best-case-scenario assumptions extended to perpetuity, it works-- but otherwise, no, there are no facts to hint that it makes any sense to do so.
59 Dano
I just want to make friends!
I don't know why they don't hire you for half of what they're paying their head finance guy because you have figured it out that they can pay great benefits AND make oodles of money -- all at the same time!!
All you do is whine about how they terminated the old pension. I'm sorry they don't consult with you personally about everything, van. The truth is that if you'd gotten yours, you wouldn't be whining bout this.
You're the one saying the math didn't add up. As usual covering for all the greed. And as usual making it about me when as usual a relatively few rich guys used a lot of people to make themselves richer without any regard to how they screwed our financial future in the process. Don't like me saying it? Stop spreading manure.
Oldfart
Well-Known Member
For once in your hate filled life, you are correct. Never said I did. I will by the time I decide to pull it out. Unless I am mistaken, I can leave it in after retirement and continue to draw the 4%. After a few years, it will be in the 130k range. Then I will take my 130k and add it to SS, the portable and 401k payments and follow my Dallas Cowboys on the road for every game one year to check that off my bucket list.
So when they offered a pension to begin with they didn't have accountants and actuaries telling them then it wasn't feasible? Or did they just take advantage of the times, shedding the pension like other companies were doing to make themselves more profitable?
Consider the source
Cactus
Just telling it like it is
You know, you really suck at being a shill.
If Fred stole your life savings, you'd be on here cheering about what a great move for the company that was.
!Retired!
Well-Known Member
Pensions like that promised to retirees are why the unions pension fund is in trouble. Show me where they bring in enough money to pay those retirees. You can't.
Even better, show me how they're investing the money to be able to pay those amounts. I'd invest my money there.....assuming it's legal.
UpstateNYUPSer(Ret)
Well-Known Member
Our pension fund has an investment goal per year of just under 9%.
That is a difficult albeit not impossible goal which is in other words what it needs to meet it's benefit obligation. Tough to do in a zero interest rate environment combined with people enjoying longer life expectancy's . But your plan will still be the industry best and I believe that the majority of people will gladly trade a lower monthly pension in exchange for 10 additional years of life Look at it this way. The sum of money UPS pays into a union driver's pension plan is in many cases equal to or larger than a Ground contractor's driver's take home pay.
!Retired!
Well-Known Member
Assuming that's correct, I don't see how the pension fund can handle paying out those numbers.
Brownslave688
You want a toe? I can get you a toe.
Nope but a properly ran pension fund should need zero new money.
If current benefits are based on current contributions that's a Ponzi scheme.
Brownslave688
You want a toe? I can get you a toe.
Well there's your problem. 5% or so is realistic for a pension fund. Unless they are taking way too much risk.
Brownslave688
You want a toe? I can get you a toe.
Yeah the numbers never have added up for that pension and honestly I'll bet they are cutting the pension again in another 10-15 years.
In my local you only have to work 1 day a month and ups makes a full months pension payment. Just like you worked every day. This means our pension likely has more money going into it than just about any other ups pension.
Even with this you have to work about 40 years and be 70 years old to get a 5k a month payment.
Just imagine how much money the company would have to pay into the pension if overtime counted.
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