Other Contract Perks...

[Bagels]

Ups right now puts $350 a week towards my pension.

All companies paid more toward their legacy pensions than they do toward their 401K. Companies primarily switch to 401K plans to save money, not benefit the employee. UPS transitioning toward a 401K would be no different.

 

[Brownslave688]

Ups right now puts $350 a week towards my pension.

All companies paid more toward their legacy pensions than they do toward their 401K. Companies primarily switch to 401K plans to save money, not benefit the employee. UPS transitioning toward a 401K would be no different.

I believe I said in my second post about this. I KNOW IT WILL NEVER HAPPEN.

I will point out though I have a really close friend that is a teamster. His company doesn't not offer a pension. Instead they max out the employees 401k every year.

 

[Wally]

I think the only perk we will be getting on this contract is a 4oz bottle of Astroglide !

What is Astroglide?

 

[IVE GOTTA PACKAGE 4U]

What is Astroglide?

If your Sup is real nice......he may give you some astroglide instead of sand!!!

 

[Brownslave688]

I think the only perk we will be getting on this contract is a 4oz bottle of Astroglide !

What is Astroglide?

Better learn before the wife is getting her packages from someone else. Lol

 

[Bull4ski]

We better get a gallon size astroglide not 4oz!

 

[Bagels]

I believe I said in my second post about this. I KNOW IT WILL NEVER HAPPEN.

I will point out though I have a really close friend that is a teamster. His company doesn't not offer a pension. Instead they max out the employees 401k every year.

Then he works for the only company in the USA that contributes $33,000 (!) to his 401K annually. Most people are lucky to receive a few thousand bucks. Lucky him.

 

[Inthegame]

6% gets you 2 million 8% return gets u 3. They put $350 a week in for you. Those are not unreasonable returns at all. If your idea of investing is let it sit in a CD then yes a pension is better fr u.

What u don't take into account is say u live to be 90 and 2 million. That's all fine and dandy but u had to lie to be 90 to see it. Where as at 60 you could have 2 million and it could continue to grow as u pull some out.

I contend we would be better off if the union negotiated that amount to go into individual 401K instead of a pension.

The union will never do this I know.

I still don't see 2 ml with a 6% return over 30 years even at $351.50 (the current L688 contribution). Remember that rate has only been in place since 8/1/12. It was $251.50 a week 5 years ago. And no I wouldn't have 2ml at sixty simply because my contribution rate was $24 dollars per week thirty years ago. Too big a leap for me to combine todays contribution rates with a projected guess of tomorrows returns and then comparing those guesses with yesteryears rates and returns.

And again the mission of a Union is to provide for the greater good of the group, not the individual.

The CD comment was for illustration purposes. I'm diversified in my personal portfolio, however the Pension Fund I'm in has less tolerance for risk and thereby has lower returns. Fortunately that protected us in the 2008 trainwreck, unlike many "professionals" in 401K's.

 

[Brownslave688]

Wtf bagels u been drinking tonight?

I think 17k is the 401k max for now. It's LESS than what ups puts into my pension each week.

 

[Bagels]

Wtf bagels u been drinking tonight?

I think 17k is the 401k max for now. It's LESS than what ups puts into my pension each week.

No, 17K is your max contribution. UPS can contribute up to 33K on your behalf.

 

[Brownslave688]

Wtf bagels u been drinking tonight?

I think 17k is the 401k max for now. It's LESS than what ups puts into my pension each week.

No, 17K is your max contribution. UPS can contribute up to 33K on your behalf.

Well your right I never knew this. Wow!!!! Makes even more sense to have a company match instead of a pension. You and the employer can put over 50k a year away. Everyone would retire multi millionaires putting that much away.

What it comes down to is I like to have control of MY money and what happens to it. The union will never let this happen they like to have control of OUR money.

 

[sortaisle]

If UPS offered to have a matching 401k in lieu of a pension, I would bite. But they lowered their match for their sups already and I don't see the union accepting unless it's something the rank and file pushed for. Pensions have gone the way of the dodo in most of 'Murica and I'm sure a match 401k would look super on their books rather than a long term pension contribution.

 

[Inthegame]

Well your right I never knew this. Wow!!!! Makes even more sense to have a company match instead of a pension. You and the employer can put over 50k a year away. Everyone would retire multi millionaires putting that much away.

What it comes down to is I like to have control of MY money and what happens to it. The union will never let this happen they like to have control of OUR money.

A very timely report on the fees of 401K's was just on Frontline last night. Archived on their web site and worth watching. The head of Vanguard Investments states emphatically the public is being robbed by high fees in the 401K myth. The individual gets 100% of the cost with 100% of the risk and 30% of the return. Wall street gets the 70%.

 

[Bagels]

Well your right I never knew this. Wow!!!! Makes even more sense to have a company match instead of a pension. You and the employer can put over 50k a year away. Everyone would retire multi millionaires putting that much away.

What it comes down to is I like to have control of MY money and what happens to it. The union will never let this happen they like to have control of OUR money.

I completely agree that the union will fight to control the $$$ associated with the pension -- just as I believe UPS will not relinquish control of the money associated with the remaining company-controlled benefit plans.

That said, I'm flabbergasted that you believe UPS would make an identical contribution toward our 401K that it currently makes toward our pension. We did not negotiate a specific hourly pension contribution, but rather a fixed retirement disbursement & UPS makes contributions to reach such disbursements. It'd be naive to think that such payments would remain equal should UPS transition toward a 401K -- as I mentioned earlier, the initial point of a 401K was to alleviate often unfair financial burdens of pension programs for some companies, although it's worked out for employees as well. Of course, there's no guarantee we'll continue to see the returns we've seen within the markets over the past 20 years, with many predicting otherwise.

 

[Coldworld]

I completely agree that the union will fight to control the $$$ associated with the pension -- just as I believe UPS will not relinquish control of the money associated with the remaining company-controlled benefit plans.

That said, I'm flabbergasted that you believe UPS would make an identical contribution toward our 401K that it currently makes toward our pension. We did not negotiate a specific hourly pension contribution, but rather a fixed retirement disbursement & UPS makes contributions to reach such disbursements. It'd be naive to think that such payments would remain equal should UPS transition toward a 401K -- as I mentioned earlier, the initial point of a 401K was to alleviate often unfair financial burdens of pension programs for some companies, although it's worked out for employees as well. Of course, there's no guarantee we'll continue to see the returns we've seen within the markets over the past 20 years, with many predicting otherwise.

flabbergasted??? Really, are you 90 years old or something....interesting choice of words there gramps

 

[Wally]

One other big advantage of 401k contributions over pension is for the employee who stays past the pension max. Right now, after the set time of 30 years, you get a set payout. If one wanted to work let say, 10 more years, the payout would be vastly improved.

 

[Brownslave688]

Well your right I never knew this. Wow!!!! Makes even more sense to have a company match instead of a pension. You and the employer can put over 50k a year away. Everyone would retire multi millionaires putting that much away.

What it comes down to is I like to have control of MY money and what happens to it. The union will never let this happen they like to have control of OUR money.

I completely agree that the union will fight to control the $$$ associated with the pension -- just as I believe UPS will not relinquish control of the money associated with the remaining company-controlled benefit plans.

That said, I'm flabbergasted that you believe UPS would make an identical contribution toward our 401K that it currently makes toward our pension. We did not negotiate a specific hourly pension contribution, but rather a fixed retirement disbursement & UPS makes contributions to reach such disbursements. It'd be naive to think that such payments would remain equal should UPS transition toward a 401K -- as I mentioned earlier, the initial point of a 401K was to alleviate often unfair financial burdens of pension programs for some companies, although it's worked out for employees as well. Of course, there's no guarantee we'll continue to see the returns we've seen within the markets over the past 20 years, with many predicting otherwise.

No you read me wrong. I know they wouldn't put that much in. Kinda playing the what if game.

Like wouldn't that be cool.

 

[balland chain]

Great new guys !!! A perk the company is considering is a discount of coffins..or FREE cremations !! WOW

 

[Returntosender]

Handle with dignity human remains.

 

[Coldworld]

Well your right I never knew this. Wow!!!! Makes even more sense to have a company match instead of a pension. You and the employer can put over 50k a year away. Everyone would retire multi millionaires putting that much away.

What it comes down to is I like to have control of MY money and what happens to it. The union will never let this happen they like to have control of OUR money.

Mrs coldworlds employer has a 401k match, profit sharing and a pension through the union...there are companies that do both still.