Brownslave688
You want a toe? I can get you a toe.
These are more the numbers I was thinking. Of course every where is different.
If I had to guess the pension was about the same in 1993 as it now where you are?
Pension letter
- Thread starter retired2000
- Start date
If I had to guess the pension was about the same in 1993 as it now where you are?
rod
Retired 23 years
Apparently not
Brownslave688
You want a toe? I can get you a toe.
rod
Retired 23 years
It ain't over until the fat lady sings. (I do plan on living a LOT longer) Longevity runs in my family. Grandma lived to 102. By herself until after her 100th B-day.
In 1993, the employer contribution was around $5,100 per year per employee. The max(35yrs)monthly benefit was just over $3,000.
In 2015 the employer contribution was around $19,000 with a max monthly payout of just under $4,000.
We have modified our green zone plan and increased payout levels the last few years.
Ms.PacMan
Well-Known Member
The max employer contribution is 25% of an employees salary not to exceed 53k total contributions.
By The Book
Well-Known Member
By The Book
Well-Known Member
So you took 35,000 and divided it by 52 weeks! We are talking about having your negotiated pension money in the contract put in your 401k. You are saying UPS is going to put in the max 401 k contribution into your 401k. Two different things completely. Your pension money should be about 1500 a month give or take. Thats 18,000 a year or 346.00 a week. So if a person is getting 3500 a month pension for 30 years that's pretty good when you factor in UPS put in less than half of that.
By The Book
Well-Known Member
Using Rods age(70) at 32,800 paid out for 16 years is only 2734 a month. That's 525,000. A retiree today receiving 4000 a month will get 48,000 a year, and at 16 years would have received 768,000. Food for thought. Pretty nice to work at UPS when you look at it this way.
MC4YOU2
Wherever I see Trump, it smells like he's Putin.
I had to go to the archives, but yes you're actually pretty close. It was 2.65 in 93 then increased to 3.30 by 97. My last year, 2015, it was roughly $9 based on a starting rate of 8.36 in 2013 then adding two annual increases of between .25 and .50 per hour, depending on whatever was left after healthcare premiums for those years. Still, even after the giant loss from the first market collapse after 9/11, and after they recalculated the accrual rate lower, I ended up fine and the plan (so far) is funded in the 90% range annually.
I'm hopeful Congress will pass the legislation that allows for the partitioning of the employers within a fund like CS, and prevent our retirees from being punished for others shortfalls.
Indecisi0n
Well-Known Member
Retirees just sit at home all day do they really need all that money?
(I kid )
(I kid )
Brownslave688
You want a toe? I can get you a toe.
Where are you getting 25% from? Your employer doesn't have a max only that combined contributions can't be over 53k or 100% of your salary. Whichever is less
upschuck
Well-Known Member
And what I am saying is if a pension fund can not survive with that much going in a week, they shouldn't be managing anything.
Ms.PacMan
Well-Known Member
Employers can only use 25% as a deduction on corporate taxes. Anything greater will incur penalties from the IRS. There are a lot of moving parts to a 401k.
Brownslave688
You want a toe? I can get you a toe.
The point is the pension isn't giving you the most bang for your buck. It's not giving you control over YOUR money.
But whatever it's a losing battle I guess we are just dumb truck drivers because most of us would rather get a check for a few thousand a month instead of retiring with millions to do with as we please.
Brownslave688
You want a toe? I can get you a toe.
So the IRS tells them they can put 35k then penalizes them for putting a large amount in?
Link?
upschuck
Well-Known Member
For the majority of employees, it probably is doing better than they would do.
Brownslave688
You want a toe? I can get you a toe.
http://www.forbes.com/sites/stuartr...s-owners-maximize-their-savings/#31f658943157
Ive about 30 articles. Not one has mentioned the 25%.
I think maybe you're confusing employer and employee
Brownslave688
You want a toe? I can get you a toe.
Are they?
@rod pension is being cut in half. We can never control what we get on the back end. The "promises" really mean nothing. All we can control is how much is put in on our behalf.
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