Pensions everywhere need to be alert.

[Over70irregs]

We have to learn from others. We cannot rest and be overconfident.

Chester employees could lose benefits, pensions due city's financial concerns

"The issue right now is Chester faces a $46.5 million deficit next year on a $55 million budget," said Vijay Kapor, the chief of staff for Chester's receiver.

6abc.com

 

[Phenom5]

This seems like a public pension so a bit different.
This is another reason we should be in favor of no longer having a pension but instead 401k contributions that are automatic. Id imagine they could easily do 10k per full-timer, if not more.

 

[UnionStrong]

This seems like a public pension so a bit different.
This is another reason we should be in favor of no longer having a pension but instead 401k contributions that are automatic. Id imagine they could easily do 10k per full-timer, if not more.

Fetterman to the rescue.

 

[MyTripisCut]

This seems like a public pension so a bit different.
This is another reason we should be in favor of no longer having a pension but instead 401k contributions that are automatic. Id imagine they could easily do 10k per full-timer, if not more.

401k can’t be touched til age 59&1/2. Why would anyone want to work an extra 4 and a half years? And why not just contribute yourself and have pension AND 401k?

 

[IVE GOTTA PACKAGE 4U]

401k can’t be touched til age 59&1/2. Why would anyone want to work an extra 4 and a half years? And why not just contribute yourself and have pension AND 401k?

You're incorrect

 

[MyTripisCut]

You're incorrect

Probably. Enlighten me please.

 

[IVE GOTTA PACKAGE 4U]

Probably. Enlighten me please.

What Is The Rule Of 55 And How Does It Work? | Bankrate

The rule of 55 can benefit workers with an employer-sponsored retirement account such as a 401(k) who are looking to retire early or need access to the funds if they’ve lost their job near the end of their career.

www.bankrate.com

 

[MyTripisCut]

What Is The Rule Of 55 And How Does It Work? | Bankrate

The rule of 55 can benefit workers with an employer-sponsored retirement account such as a 401(k) who are looking to retire early or need access to the funds if they’ve lost their job near the end of their career.

www.bankrate.com

Not all plans allow this. Plus you can’t take it and roll it to another plan like an IRA. I still think a pension and a 401k is better.

 

[Over70irregs]

If our plan does not allow this the rule is useless. Knowing our great leadership it doesn’t.

 

[IVE GOTTA PACKAGE 4U]

If our plan does not allow this the rule is useless. Knowing our great leadership it doesn’t.

Well if it does not allow that rule, if you have a IRA you can do a 72t

 

[UnionStrong]

Well if it does not allow that rule, if you have a IRA you can do a 72t

Thank you Mr Schwab

 

[IVE GOTTA PACKAGE 4U]

Thank you Mr Schwab

You're welcome

Rule of 72(t): Definition, Calculation, and Example

Rule 72(t), issued by the Internal Revenue Service, allows for penalty-free withdrawals from an IRA account and other specified tax-advantaged accounts.

www.investopedia.com

 

[Johney]

Well if it does not allow that rule, if you have a IRA you can do a 72t

Thank you Mr Schwab

I was thinking more in lines of "Thanks Dave"

 

[Johney]

Not all plans allow this. Plus you can’t take it and roll it to another plan like an IRA. I still think a pension and a 401k is better.

Maybe not all, but aren't you in the UPS/Teamster 401K plan? Are they not all the same for us? I thought we were all in the same plan?

 

[ManInBrown]

This seems like a public pension so a bit different.
This is another reason we should be in favor of no longer having a pension but instead 401k contributions that are automatic. Id imagine they could easily do 10k per full-timer, if not more.

No thanks. I’ll do the 401k on my own and take my pension also.

 

[Returntosender]

401k can’t be touched til age 59&1/2. Why would anyone want to work an extra 4 and a half years? And why not just contribute yourself and have pension AND 401k?

The person is bot paid to get people to change their position on pension vs 401k

 

[MyTripisCut]

Maybe not all, but aren't you in the UPS/Teamster 401K plan? Are they not all the same for us? I thought we were all in the same plan?

I am. We are.
But….
The article mentioned company sponsored plans. I’m assuming ours is not company sponsored at this point. That’s why I was reluctant to go down the rabbit hole. Also, if we were to negotiate a 401K with a match as opposed to a pension, I think it would be a mistake. We’d be opening Pandora’s box as to what percentage the match would be in negotiations down the line and we all know how UPS operates. The pension negotiation is an hourly contribution made by UPS and it just seems a better option to me to have both without the matching contribution.

 

[IVE GOTTA PACKAGE 4U]

I am. We are.
But….
The article mentioned company sponsored plans. I’m assuming ours is not company sponsored at this point. That’s why I was reluctant to go down the rabbit hole. Also, if we were to negotiate a 401K with a match as opposed to a pension, I think it would be a mistake. We’d be opening Pandora’s box as to what percentage the match would be in negotiations down the line and we all know how UPS operates. The pension negotiation is an hourly contribution made by UPS and it just seems a better option to me to have both without the matching contribution.

Well you know a lot of people would never put enough in their 401k to have a good retirement plan.
But it would be nice if they offered a small match on top of the pension

 

[Gone fishin]

We got 81 billion from Biden. We’re good in central states.

 

[Over70irregs]

If Central States was tight we could have gotten more in negotiations. We learned never the less.