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UPS Health Benefits Shock for Retired Union Employees
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<blockquote data-quote="104Feeder" data-source="post: 1074160" data-attributes="member: 42554"><p><strong>Re: Health Benefit Shock</strong></p><p></p><p>There was some discussion in here about the defined benefit (pension) vs. a defined contribution (401k). In 104, our maximum pension contribution per year is $19,968 currently (2080 hours x $9.60/hr all compensable hours). To get that same contribution from a 401k you would need to to have a better than 11% company match (assuming $90k/yr) with the balance coming from your gross or net pay. I wouldn't fault the Company for not matching, as the $20k is on top of your pay and if you are maxing out your 401k every year, or even just doing 10% each year you should have plenty of money to budget for health care cost increases. Our retiree plan is excellent right now but with all the changes coming into play with Obamacare and whatnot I wouldn't bank on things staying the same until they figure it all out.</p></blockquote><p></p>
[QUOTE="104Feeder, post: 1074160, member: 42554"] [b]Re: Health Benefit Shock[/b] There was some discussion in here about the defined benefit (pension) vs. a defined contribution (401k). In 104, our maximum pension contribution per year is $19,968 currently (2080 hours x $9.60/hr all compensable hours). To get that same contribution from a 401k you would need to to have a better than 11% company match (assuming $90k/yr) with the balance coming from your gross or net pay. I wouldn't fault the Company for not matching, as the $20k is on top of your pay and if you are maxing out your 401k every year, or even just doing 10% each year you should have plenty of money to budget for health care cost increases. Our retiree plan is excellent right now but with all the changes coming into play with Obamacare and whatnot I wouldn't bank on things staying the same until they figure it all out. [/QUOTE]
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