UPS getting “BAD DEAL” in contract? Lol

[UpstateNYUPSer(Ret)]

They weren’t, but the reality is that pension benefits are becoming obsolete. With a 401k, the money is easy to liquidate with a death or succession. If the company made an offer to put all our pension into our 401k, I’d really consider it.

It is a bit more complicated than that.

It's not as if you have an account at the pension office in which contributions made on your behalf are deposited. Basically, you are working to pay my pension benefits while a future hire will be working to pay yours. There is no way that the Company could keep this arrangement intact if they were to carve out "your" money and deposit it in to "your" 401k. This would only work for future hires.

BTW, while it is much easier to liquidate a 401k, it is not as easy as you may think. There are specific rules which govern how the money can be passed down.

 

[UpstateNYUPSer(Ret)]

We need to mentally and fiscally prepare them for the pension fight..

...while at the same time strongly encouraging them to fund their 401k's...

 

[Over70irregs]

They weren’t, but the reality is that pension benefits are becoming obsolete. With a 401k, the money is easy to liquidate with a death or succession. If the company made an offer to put all our pension into our 401k, I’d really consider it.

The human nature side of pension is you cannot touch it. With the 401k raiding it might be best to be the light on the hill for the nation. We bleed and sweat too much physically to possibly have nothing at the end. Self 401k + Company Pension makes us unicorns …..

 

[9.5mania]

It is a bit more complicated than that.

It's not as if you have an account at the pension office in which contributions made on your behalf are deposited. Basically, you are working to pay my pension benefits while a future hire will be working to pay yours. There is no way that the Company could keep this arrangement intact if they were to carve out "your" money and deposit it in to "your" 401k. This would only work for future hires.

BTW, while it is much easier to liquidate a 401k, it is not as easy as you may think. There are specific rules which govern how the money can be passed down.

This is all true, I was speaking in more general terms, not specifics on how UPS would accomplish this. I believe if they wanted to, they could.

 

[UpstateNYUPSer(Ret)]

The human nature side of pension is you cannot touch it. With the 401k raiding it might be best to be the light on the hill for the nation. We bleed and sweat too much physically to possibly have nothing at the end. Self 401k + Company Pension makes us unicorns …..

The loosening of the rules during Covid will soon be a thing of the past.

 

[UpstateNYUPSer(Ret)]

This is all true, I was speaking in more general terms, not specifics on how UPS would accomplish this. I believe if they wanted to, they could.

For future hires only.

 

[KearsargeCoop]

We need to mentally and fiscally prepare them for the pension fight..

My U5 meeting last week was "Strike Fund 2028" and some guys were laughing. But the focus of it was preparedness. Feed your savings in case. If we don't strike, feed your IRA, etc. Alot of young guys walked away asking lots of questions.

 

[UpstateNYUPSer(Ret)]

My U5 meeting last week was "Strike Fund 2028" and some guys were laughing. But the focus of it was preparedness. Feed your savings in case. If we don't strike, feed your IRA, etc. Alot of young guys walked away asking lots of questions.

....or, and this may be better advice, start buying short term (12-24 month) CD's and reinvest the principal and earnings when they mature, making sure that these funds will be liquid on or around 8/1/28...

It may also be a good idea to be a few months ahead on your mortgage.

 

[TheDudeAbides92]

He can go live in Israel if he hates it

I think all our politicians should be exiled to Israel since that seems to be who they’re working for just go

 

[KearsargeCoop]

....or, and this may be better advice, start buying short term (12-24 month) CD's and reinvest the principal and earnings when they mature, making sure that these funds will be liquid on or around 8/1/28...

It may also be a good idea to be a few months ahead on your mortgage.

I did mention that as well. I took a poll of how many have car payments. I told them they could offset or even make money by investing their car payment savings into short term CDs.

 

[Over70irregs]

....or, and this may be better advice, start buying short term (12-24 month) CD's and reinvest the principal and earnings when they mature, making sure that these funds will be liquid on or around 8/1/28...

It may also be a good idea to be a few months ahead on your mortgage.

Good stuff. We need to push our grassroots prepare plan. Union can only do so much because of golf course deals and horse trading.

 

[UpstateNYUPSer(Ret)]

I did mention that as well. I took a poll of how many have car payments. I told them they could offset or even make money by investing their car payment savings into short term CDs.

Had a former co-worker who told us that he spent on average $15/day while on road. When we showed him the math ($15 * 20 = $300) he was surprised because back then $300/month was a payment for a decent car.

 

[Over70irregs]

I think all our politicians should be exiled to Israel since that seems to be who they’re working for just go

Israel is a biblical political journey that has it’s own path behind the scenes.

 

[BigUnionGuy]

Neither was delivering ground on weekends...

It has always been an option.

 

[BigUnionGuy]

Based on the track record of how our fund has been managed, I'd much rather have them give me the money directly. Just an opinion...

Go work at a non-unionized trucking company.

 

[9.5mania]

For future hires only.

There are things like pension buyouts. It’s not as uncommon as you may think. UPS will fund current pension benefits, offer buyouts to those in them now, while also eliminating future pensions for new hires. All can be done.

 

[UpstateNYUPSer(Ret)]

There are things like pension buyouts. It’s not as uncommon as you may think. UPS will fund current pension benefits, offer buyouts to those in them now, while also eliminating future pensions for new hires. All can be done.

Pension buyouts are when a company pays their withdrawal liability to pull their hourlies from that plan and to either put them in to their pension plan or company 401k's.

 

[BigUnionGuy]

There are things like pension buyouts. It’s not as uncommon as you may think. UPS will fund current pension benefits, offer buyouts to those in them now, while also eliminating future pensions for new hires. All can be done.

For management people....

 

[9.5mania]

Pension buyouts are when a company pays their withdrawal liability to pull their hourlies from that plan and to either put them in to their pension plan or company 401k's.

They also do them to eliminate pension plans. My point is that there are mechanisms in place that companies use to eliminate them. I’m not saying UPS should or would, my point is that other companies offer buyout options so it’s not outside the realm of possibilities.

@UpstateNYUPSer(Ret), you say this is only an option for new hires while I disagree and buyouts can happen to all employees including those retired. We will have to agree to disagree on this, enjoy your weekend!

 

[MECH-II]

VOTE NO