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Brown Cafe UPS Forum
UPS Retirement Topics
local 804 pension problems
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<blockquote data-quote="Keepingthemhonest" data-source="post: 147241" data-attributes="member: 6514"><p>The teamster's pension is at the very most, remotely a result of UPS. Frankly it is underfunded because 1 UPS now has to pick up the pension for teamsters that worked for other companies no longer in biz/no longer contributing(which they shouldn't have to do), 2 The fund was MISMANAGED by teamsters earning horiable rates of return...the boards have made some terrible investment choices not to mention the administration costs are relativly high...eventually I have faith they will fix it but it will not be nearly as golden as it was 5-10 years ago and I suggest everyone invest early in a roth ira/401k. Take it upon yourself to plan for your retirement. Use the pension/social security only as a supplement to your income and FFS buy a house so it is paid off by the time you retire, you're stuck in one location with the same locale don't <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /> rent you aren't moving anywhere!</p></blockquote><p></p>
[QUOTE="Keepingthemhonest, post: 147241, member: 6514"] The teamster's pension is at the very most, remotely a result of UPS. Frankly it is underfunded because 1 UPS now has to pick up the pension for teamsters that worked for other companies no longer in biz/no longer contributing(which they shouldn't have to do), 2 The fund was MISMANAGED by teamsters earning horiable rates of return...the boards have made some terrible investment choices not to mention the administration costs are relativly high...eventually I have faith they will fix it but it will not be nearly as golden as it was 5-10 years ago and I suggest everyone invest early in a roth ira/401k. Take it upon yourself to plan for your retirement. Use the pension/social security only as a supplement to your income and FFS buy a house so it is paid off by the time you retire, you're stuck in one location with the same locale don't :censored: rent you aren't moving anywhere! [/QUOTE]
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