New York Teamsters approve slashing benefits to retired members

[TearsInRain]

union pensions were grossly mismanaged?

nobody saw that coming

 

[UpstateNYUPSer(Ret)]

You would think those already retired would be grandfathered in and any cuts would be for the future.

.... you would think.

This is why you should refrain from commenting on that with which you are unfamiliar.

Actives have already diverted portions of their split raises on two occasions to try to salvage our pension. This is why there are two different percentages (18% for actives and 29% for retirees).

 

[Over disciplined0123]

The pensions UPS has taken over are in better shape than union plans. Doesn't mean I trust them but the union plans were seriously mismanaged.

401k is great for new employees but not for those who already have years invested in a pension plan. They didn't even exist when most members now getting close to retirement started.

It happens all the time with large corporations they take over the pension plan and then they do away with it

 

[IVE GOTTA PACKAGE 4U]

union pensions were grossly mismanaged?

nobody saw that coming

And UPS has members sitting on the pension board also.

 

[Over disciplined0123]

I’ve always hated this job and had opportunities to leave but stayed because of the good pension almost 30 years and now I’m gonna get screwed

 

[oldngray]

And UPS has members sitting on the pension board also.

Plus the Labor Dept has monitored them for many years.

 

[IVE GOTTA PACKAGE 4U]

I’ve always hated this job and had opportunities to leave but stayed because of the good pension almost 30 years and now I’m gonna get screwed

Did you at least save some money in the 401k?

 

[UpstateNYUPSer(Ret)]

I’ve always hated this job and had opportunities to leave but stayed because of the good pension almost 30 years and now I’m gonna get screwed

18%, while not ideal, is not that bad.

Those who have it bad are the retirees who have already lost 50% of their pensions due to divorce and will now be losing 29% of their half. That sucks.

 

[IVE GOTTA PACKAGE 4U]

Plus the Labor Dept has monitored them for many years.

Everyone turns a blind eye. That Will be a huge issue next year

 

[Over disciplined0123]

Did you at least save some money in the 401k?

No I wish I did but with 4 kids I need every penny out of my check.

 

[IVE GOTTA PACKAGE 4U]

No I wish I did but with 4 kids I need every penny out of my check.

You always have to take care of yourself first, can't always count on pension plans

 

[UpstateNYUPSer(Ret)]

No I wish I did but with 4 kids I need every penny out of my check.

30 years in and you don't have anything in your 401k????

2 kids and 1 divorce, in which she got half of the balance at that time (1998), and I will have between $225-250K in mine when I retire next summer.

 

[cosmo1]

30 years in and you don't have anything in your 401k????

2 kids and 1 divorce, in which she got half of the balance at that time (1998), and I will have between $225-250K in mine when I retire next summer.

Well, you do seem to live an ascetic life.

 

[Catatonic]

30 years in and you don't have anything in your 401k????

2 kids and 1 divorce, in which she got half of the balance at that time (1998), and I will have between $225-250K in mine when I retire next summer.

I just checked my 401k today - $861,000.
I started in 1991 and by 1995 was putting in the maximum per year.
One daughter and 1 grandson which I help to support - ex-husband is a selfish creep.
1 marriage of 44 years.

 

[rod]

30 years in and you don't have anything in your 401k????

2 kids and 1 divorce, in which she got half of the balance at that time (1998), and I will have Youbetween $225-250K in mine when I retire next summer.

You're going to starve.
That isn't enough to retire on.

 

[TearsInRain]

are we breaking out the rulers?

i should be retiring on 7 mil, if my wife doesn't suicide me first

 

[rod]

are we breaking out the rulers?

i should be retiring on 7 mil, if my wife doesn't suicide me first

If you had 7 mil you wouldn't be friend..ing around on BC if you had a life

 

[TearsInRain]

If you had 7 mil you wouldn't be friend..ing around on BC if you had a life

if this site is still around when i retire, i'll try to remember what you said

(i won't lol)