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Brown Cafe UPS Forum
UPS Retirement Topics
Retirement...contract talks
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<blockquote data-quote="realbrown1" data-source="post: 2215694" data-attributes="member: 46221"><p>I don't know how terrible it would be?</p><p></p><p>A driver starting today would get $100 matched per week with $100 contributed himself.</p><p></p><p>That's $200 per week for about $10,400.00 invested per year.</p><p></p><p>On a 30 year career, that would be about $312,000.00.</p><p></p><p>Add investment returns to that, compounded interest, and you would be looking at well over $1 million dollars when you retire.</p><p></p><p>To get that type of return on your pension plan drawing $60k a year, you would have to live a minimum of 20 years past your retirement date, and still may never catch the continual investment return that would continue well into your retirement with a 401k plan.</p><p></p><p>A 401k plan is far superior, and safer.</p><p></p><p>But let's try and negotiate an 8% match instead of 6%.</p><p></p><p>It would still be far cheaper for UPS than the pension plan ponzi schemes still out there.</p></blockquote><p></p>
[QUOTE="realbrown1, post: 2215694, member: 46221"] I don't know how terrible it would be? A driver starting today would get $100 matched per week with $100 contributed himself. That's $200 per week for about $10,400.00 invested per year. On a 30 year career, that would be about $312,000.00. Add investment returns to that, compounded interest, and you would be looking at well over $1 million dollars when you retire. To get that type of return on your pension plan drawing $60k a year, you would have to live a minimum of 20 years past your retirement date, and still may never catch the continual investment return that would continue well into your retirement with a 401k plan. A 401k plan is far superior, and safer. But let's try and negotiate an 8% match instead of 6%. It would still be far cheaper for UPS than the pension plan ponzi schemes still out there. [/QUOTE]
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