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Brown Cafe UPS Forum
UPS Retirement Topics
local 804 pension problems
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<blockquote data-quote="beentheredonethat" data-source="post: 166282" data-attributes="member: 4886"><p>Local804, different supplements pay the benefits differently. In some cases it's by the hour with a 40 hr cap. In others it's a set amount if you qualify for the month. In all cases both parties mgmt and the teamsters know what will be spent on Pension. I know the easy answer is to have UPS pay more, and I'm sure you won't believe it since I'm in mgmt and writing it. But get the following information for you, which is the amount contributed on your behalf to the pension by week\month from the time you started til now, along with what the estimated future benefits are (based on contract) bring these numbers to a financial planner and ask him what you should be able to get in an annuity when you retire. (All this money UPS put in for your hours worked should be for YOU!!) Compare what the financial planner says to what your anticipated teamster pension will provide. If the annuity is less then the pension, then the teamster pension is a good deal and returning good results. If the more likely case happens and the annuity is significantly more then you should show it to your pension board and to paraphrase Cuba Gooding JR. tell them to "SHOW ME THE MONEY".</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 166282, member: 4886"] Local804, different supplements pay the benefits differently. In some cases it's by the hour with a 40 hr cap. In others it's a set amount if you qualify for the month. In all cases both parties mgmt and the teamsters know what will be spent on Pension. I know the easy answer is to have UPS pay more, and I'm sure you won't believe it since I'm in mgmt and writing it. But get the following information for you, which is the amount contributed on your behalf to the pension by week\month from the time you started til now, along with what the estimated future benefits are (based on contract) bring these numbers to a financial planner and ask him what you should be able to get in an annuity when you retire. (All this money UPS put in for your hours worked should be for YOU!!) Compare what the financial planner says to what your anticipated teamster pension will provide. If the annuity is less then the pension, then the teamster pension is a good deal and returning good results. If the more likely case happens and the annuity is significantly more then you should show it to your pension board and to paraphrase Cuba Gooding JR. tell them to "SHOW ME THE MONEY". [/QUOTE]
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