Pension Consolidation

[ManInBrown]

I wonder how that would affect transferring, if true? In the 177 we can't transfer out of the district. I'd love to get out of here.

 

[barnyard]

I would love to see a transition to defined contribution. I have 15 years FT and have zero confidence that I will collect anything from Central States.

 

[MAKAVELI]

I would love to see a transition to defined contribution. I have 15 years FT and have zero confidence that I will collect anything from Central States.

Be careful of what you wish for.

 

[barnyard]

Be careful of what you wish for.

The math says defined benefit pensions do not work. There is a reason why 1 pension plan after another is failing. They do not work.

I trust me way, way, way more than I trust anyone on the Central States BOD.

 

[IVE GOTTA PACKAGE 4U]

I would love to see a transition to defined contribution. I have 15 years FT and have zero confidence that I will collect anything from Central States.

I know!!

 

[barnyard]

and here is the thing with defined contribution... It does not matter how many years I put in, when I leave, I am taking my 401k with me. I am not talking about a 3% match BS either. If UPS is contributing $25k per year for my pension, that is what I would like to see put into my 401k.

 

[MAKAVELI]

and here is the thing with defined contribution... It does not matter how many years I put in, when I leave, I am taking my 401k with me. I am not talking about a 3% match BS either. If UPS is contributing $25k per year for my pension, that is what I would like to see put into my 401k.

What makes you think they will be putting in $25k? The personal contribution limit is $18,000.

 

[MyTripisCut]

What makes you think they will be putting in $25k? The personal contribution limit is $18,000.

Not if the company matches a certain percentage. Individual can put in 18G, company can match what they want.

 

[UpstateNYUPSer(Ret)]

Not if the company matches a certain percentage. Individual can put in 18G, company can match what they want.

Not quite:

The employer matching contributions don't count toward the maximum limits that you can contribute to a 401(k) plan. There is, however, a combined contribution limit of $53,000 for the employer and employee contributions in 2015. Also, in 2015, the employee's contribution limit is $18,000.

 

[UpstateNYUPSer(Ret)]

Not if the company matches a certain percentage. Individual can put in 18G, company can match what they want.

Keep in mind that there is a also a "catch up" feature where participants 50 or older can contribute an additional amount. The catch up limit this year is $6K.

 

[MyTripisCut]

Not quite:

The employer matching contributions don't count toward the maximum limits that you can contribute to a 401(k) plan. There is, however, a combined contribution limit of $53,000 for the employer and employee contributions in 2015. Also, in 2015, the employee's contribution limit is $18,000.

If an individual contributed the max amount and the company matched a percentage to get to 53,000, that would be quite a match. I don't know of too many companies that would match 2-1 percentage points.

 

[UpstateNYUPSer(Ret)]

If an individual contributed the max amount and the company matched a percentage to get to 53,000, that would be quite a match. I don't know of too many companies that would match 2-1 percentage points.

My son's employer offers a full match to 4% and an additional .5% per 1% up to 6%. He sets aside 10% and they match half of that. Pretty sweet deal.

 

[barnyard]

What makes you think they will be putting in $25k? The personal contribution limit is $18,000.

Just throwing out a number for conversations sake.

When many think of going to a 401k, they think of a 3% match or some other BS number. I am suggesting that UPS contribute a certain amount per hou worked (just like they do now), but instead of giving it to the Teamsters, they give it to the 401k of my choice.

 

[PT Car Washer]

Just throwing out a number for conversations sake.

When many think of going to a 401k, they think of a 3% match or some other BS number. I am suggesting that UPS contribute a certain amount per hou worked (just like they do now), but instead of giving it to the Teamsters, they give it to the 401k of my choice.

Do you really think that the Teamsters are going to negotiate themselves out of a multi billion dollar pension program?

 

[barnyard]

No.
and it bums me out to no end.

 

[UpstateNYUPSer(Ret)]

Do you really think that the Teamsters are going to negotiate themselves out of a multi billion dollar pension program?

They would if the company pays to pull us all out of their plans first.

 

[MAKAVELI]

Just throwing out a number for conversations sake.

When many think of going to a 401k, they think of a 3% match or some other BS number. I am suggesting that UPS contribute a certain amount per hou worked (just like they do now), but instead of giving it to the Teamsters, they give it to the 401k of my choice.

Eliminating your pension would be the downfall of the Teamsters in my opinion.

 

[UpstateNYUPSer(Ret)]

Eliminating your pension would be the downfall of the Teamsters in my opinion.

UPS pays 76% of our (Upstate NY) monthly pension contributions.

 

[MAKAVELI]

UPS pays 76% of our (Upstate NY) monthly pension contributions.

Pensions and Healthcare are the two benefits that most union members care most about. Eliminating one of them would severely weaken the unions bargaining power and ability to negotiate future contracts.

 

[UpstateNYUPSer(Ret)]

Pensions and Healthcare are the two benefits that most union members care most about. Eliminating one of them would severely weaken the unions bargaining power and ability to negotiate future contracts.

Putting the same hourly contribution directly in to our 401k's would be an easy sell.