Transfers?

[Overpaid Union Thug]

If they could figure out a way to transfer monies from one pension plan to another, it should not be complicated at all.

Yep. Or MAYBE keep the transferee in their original pension plan.

 

[jerseyupser]

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[1989]

Yep. Or MAYBE keep the transferee in their original pension plan.

Then you would have several people under different contracts. My in my last 2 buildings there were 12 transfers.

 

[Overpaid Union Thug]

Then you would have several people under different contracts. My in my last 2 buildings there were 12 transfers.

The agreement would be that the transfer would stay in their original pension but would fall under the contrac for their new area for all other items. If transfers were only allowed within the region (which is probably better) that would never be an issue.

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[1989]

Transfers within the same pension plan, as they are in the west, should be allowed and negotiated in each supplement.

I just think it would be difficult for the company/local to keep track of many different pension contribution rules/rates/payments, etc.

One pension plan in the US...no problemo.

 

[calcio56]

If the hourly rates are the same (or very similar) why have different pension rates?

 

[barnyard]

If the hourly rates are the same (or very similar) why have different pension rates?

Some locals have done a better job investing their pension funds then others.

 

[1989]

If the hourly rates are the same (or very similar) why have different pension rates?

Alaska has a different pension rate than New Mexico.

 

[calcio56]

I get the investment thing, just sucks we can't get our together enough to have consistency across the board..

1989...thanks?

 

[barnyard]

If we had a defined contribution pension, instead of defined benefit, it would make transfers way, way, way easier.

 

[1989]

If we had a defined contribution pension, instead of defined benefit, it would make transfers way, way, way easier.

A defined benefit across the board would work best.

 

[barnyard]

A defined benefit across the board would work best.

Nope. That is what puts retirement trusts into bankruptcy. Defined benefit plans are not sustainable.

 

[upschuck]

Defined benefit plans are not sustainable.

Not true, mismanaged defined benefit plans are not sustainable.

 

[barnyard]

Not true, mismanaged defined benefit plans are not sustainable.

Name 1 defined benefit pension plan that is more than 40 years old and is still healthy.

The problem with any defined benefit plan is that eventually you will have many members drawing from it to the point where they have received way more than was deposited on their behalf.

 

[upschuck]

Name 1 defined benefit pension plan that is more than 40 years old and is still healthy.

I am sure the UPS management one is.

The problem with any defined benefit plan is that eventually you will have many members drawing from it to the point where they have received way more than was deposited on their behalf.

That is the magic of what interest/dividend compounding does, and what a good financial manager will do for you. If I just wanted to get what I put in, I would stash all my cash under my bed.

 

[1989]

Nope. That is what puts retirement trusts into bankruptcy. Defined benefit plans are not sustainable.

If I were to retire right now, it would take 2 employee contributions to cover my pension. When I do retire 3-3 1/2. Is that sustainable?

 

[barnyard]

I am sure the UPS management one is.

Then why has UPS discontinued a pension for all new management???

 

[UpstateNYUPSer(Ret)]

A defined benefit across the board would work best.

I agree and would love to see that in place beginning May 2019.

 

[UpstateNYUPSer(Ret)]

Then why has UPS discontinued a pension for all new management???

The mindset of young management personnel is different from that of their predecessors. Most will not stay with one company for their entire professional careers and prefer the portability of a 401k.

 

[1989]

Then why has UPS discontinued a pension for all new management???

It's still there....I think (hope)...they went a cheaper route.