Brown Down
Well-Known Member
That was actually brought up at our contract proposal meeting. Cant remember the exact asking percent but i think it was 7.
Pensions everywhere need to be alert.
- Thread starter Over70irregs
- Start date
It's a good way to give us a raise while saving us and the company some money on taxes
ManInBrown
Well-Known Member
Not only open for negotiation, but how would a 401k match ever be anywhere near equal to what we get as a pension? Ours is being bumped to $5050 per month Jan 1. I do 14% Roth. Are they matching the entire 14%? It doesn’t add up, I don’t see how it would ever equate to a pension. And they could never do it for current Employees. It would have to only be future employees. Hard no for me. There’s a reason I put so much in the 401k. Because I want to be super comfortable in retirement. id love to have that extra $300-$350 per week, but I know it’s going to pay off in retirement.
The 401K will help maintain your standard living as you get older. You not get raises in your pension. What might seem like a livable number right now will probably not meet your needs in 10 to 20 years.
ManInBrown
Well-Known Member
Correct, the pension is just an add on, but it’s still a lot of money. And I’m not anywhere near retirement. As of Jan 1 that $60k a year. What match would ever come out to $60k a year? The 401k is the big treasure to help maintain a comfortable life. Again, can someone explain how a 401k match would ever equate to what you would receive as a pension?
I thought the guys wanted 401K match on top of the pension contribution.
ManInBrown
Well-Known Member
I thought someone said the company wanted out of pensions and instead make it a 401k match. Maybe in another thread, and I’ve had a few old timers close to retirement recently tell me the same thing. Eventually there will be no pension, the company will do a 401k match instead.
You have to be one hell of a match to equal a pension.
Plus do people know enough how to invest their money?
ManInBrown
Well-Known Member
If we are talking about two separate things and people just want a 401k match for the hell of it, I don’t blame UPS one bit for not doing a match. We’re paid very well. I would take it, but I don’t think it’s necessary. FedEx gives a match, and they are also paid poverty wages for a large part of the workforce who aren’t topped out. I don’t think we deserve a match. It’s the old argument about how package car drivers miss so much of their families life. UPS is running a business, if you want to be home at 4 everyday this isn’t the job for you. Never bothered me one bit when I was a package driver that they were so heartless. Just make sure my check is there on Friday. All I cared about.
What about some of the other pension funds that don't have a big payout.
Maybe they should get a match to help make the playing field a little more equal?
DELACROIX
In the Spirit of Honore' Daumier
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
That “Rule of 55” only applies to the 401k it has nothing to do with individual pension accounts.
It just eliminates the “additional 10 % penalty from the 30% early withdraw. You still have to pay a 20 % IRS tax even after age 59 1/2.
According to the Contract language (Article 34) Master monetary contributions are supposed to be going into our individual pension trusts. Last I heard that weekly total is over 500 dollars, same as our Health and Welfare contributions.
Every pension trust in America can only dream if it had access to that kind of employee contributions. We are talking about over 2,000 a month, can you imagine the return over a 25 or 30 year span. Even with market fluctuations it probably would pay out well over 10,000 a month easily. Right now Peer 80 is quoting close to a 9,000... 300 dollars per service year.
Unfortunately most other plans don't pay nowhere near that kind of money.
The question is how many 40-year employees does the company want?
DELACROIX
In the Spirit of Honore' Daumier
...or account to the (supposed) hourly monetary contributions and raises...?
We have members that have not accrued pension increases for over a decade.
What happened to those monetary pension contributions?
Just look at the part time pension service formula for 35 years... it stops .. we have several part timers with over 40 years in ... are they also getting those monetary contributions or benefit improvements and if not why?
Hopefully they can address some of these issues in upcoming contract
DELACROIX
In the Spirit of Honore' Daumier
They are playing the attrition factor ... promising a pension benefit knowing full well a very few will be able to obtain.
Money in the bank....
The Company does not care how many 40 + employees they have as long as they do not have to contribute to their pension plans.
DELACROIX
In the Spirit of Honore' Daumier
Brother ... this problem has been going on for decades..
...and it has been brought to their attention by many...
Etc etc...Maybe that's where you're at.
I'm not sure about the part-timers in my local but I know for the full timers we keep accumulating pension credits and the company's paying a boat load of money every week into our pension plan and neither one of us is getting the bang for the buck.
Trust me I know my brother.Brother ... this problem has been going on for decades..
...and it has been brought to their attention by many...
Certain areas of the country gets everything and everyone else gets crapped on
Over70irregs
Well-Known Member
Pension is holy grail for our industry. Build everything around it. Never….Ever….give up the pension. Don’t let them sell you on “$ hybrid” model. Your friends will be jealous but you put in the work. Look up story of Jacob n Esau. Don’t give up your birthright.
NAHimGOOD
Nothing to see here.... Move along.
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