Would you rather?

Discussion in 'UPS Union Issues' started by edd_tv, Jul 19, 2014.

  1. edd_tv

    edd_tv Cardboard picker upper

    Have the money that company gives to the union for our pension fund going to an investment account not affiliated with a pension plan that you manage,(aRoth IRA or similar) or keep it the way it is?

    Overheard some drivers talking about this the other day. What says you?

    Me, id take the money and invest it myself.
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I would prefer the money be deposited directly in to my 401k.


    I would prefer a 401k investment equal to the exact same amount that ups contributes to the pension fund. The pension is shaky in some regions. Others are good, but I'd prefer personal performance through a 401k.

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    Saying this however, I think the union needs the pension money, or else it would really be weakened.

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  5. I'd rather have the money.
  6. 3 done 3 to go

    3 done 3 to go In control of my own destiny

    Absoluty. The money
  7. upschuck

    upschuck Well-Known Member

    Good question...Pension is guaranteed for life, and spouse(if applicable), where 401(k) is at the markets whim. I like to play it safe with monies that I need, and would invest conservatively, so probably would go with the pension. The money I put into 401(k) now I consider extra, and am more aggressive with, and have done well with, since I could live on pension and SS quite comfortably.
  8. Gumby

    Gumby *

    What If the pension fund, goes belly up? or God forbid ,you and tour wife die at the same time? that money is gone forever!

    Atleast your 401k plan can be passed down to your children or other relatives.
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  9. upschuck

    upschuck Well-Known Member

    Pension fund goes belly up, then the government insures maybe 80-90%(maybe) for single employer funds which I'm in.

    What if I live to be 150. Could go either way, but I prefer to play it safe with the money that I need. Kids will be set with my 401(k) the way it is, icing on the cake.
  10. Gumby

    Gumby *

    Im I
  11. Doing this would be the end if the union. No union, no money to invest as you please, as the money would not exist, as there would be no entity to negotiate for said money. We have pension contributions because we have a union. Period.

    File early, file often.
  12. upschuck

    upschuck Well-Known Member

    In single employer pension? UPS took ours over in 2008, and pays our pension if for some reason IBT can't pay their end of the bargain. UPS is on the tab through age 65, and then gets split. If you are not you should be. Multi employer pensions are guaranteed at a lesser %, maybe 50% or something.
  13. Gumby

    Gumby *

  14. Gumby

    Gumby *

    Sorry I messed it up.
    Im in an underfunded, multi employer fund.
    The teamsters were not good stewards of our money.
  15. Money that would not exist without a union.

    File early, file often.
  16. upschuck

    upschuck Well-Known Member

    My teamster part in underfunded as well, but UPS side is 105% or something like that.
  17. Gumby

    Gumby *

    Under 50%
  18. Gumby

    Gumby *

    Half of the money Is gone. and its not going up in value.
  19. upschuck

    upschuck Well-Known Member

    No, like mid 60's, I think.
  20. Yet it exists, it would not without a union. 50% of 0 is 0.

    File early, file often.