Would you rather?

[IVE GOTTA PACKAGE 4U]

No, like mid 60's, I think.

Our pension fund Is under 50%. it was a big reason for our NO Vote.

 

[upschuck]

I think UPS paid $4-6 billion to get out of the IBT pension plan. Was leery at first, but then learned some facts, and feel better that I'm out.

 

[IVE GOTTA PACKAGE 4U]

I think UPS paid $4-6 billion to get out of the IBT pension plan. Was leery at first, but then learned some facts, and feel better that I'm out.

Central states?

 

[upschuck]

Central states?

Yes

 

[IVE GOTTA PACKAGE 4U]

Yes

I believe the number was 6 billion

 

[Brownslave688]

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.

Your pension is invested in the market also. If the market collapses it won't really matter.

I'd rather have the money directly into my 401k. We would all retire multi millionaires.

 

[710 steward]

I disagree. Look at the UAW. Those pensions are from the company but negotiated through the union. People still want top wages, benefits, and a negotiated retirement. Nothing really changes. People desire security and that is union protection. I encourage everyone to educate themselves on $275 a week at 5% interest for 30 years. I assure you that the monthly pension will not interest you in the slightest. You could draw out 5% forever and never touch the principal. That means when you unfortunately pass your spouse will get the same 5% and your loved ones can split the principal when that person unfortunately passes. I could easily go on and on about this. This is an easy choice. At 710 even with the pension amount still at the 2012 level one could max out a 401k and an IRA with money left over to invest elsewhere. That's crazy considering we haven't gotten a pension increase in over 15 years but apparently it's ok because we issue gift cards instead.

 

[UpstateNYUPSer(Ret)]

I'd rather have the money directly into my 401k. We would all retire multi millionaires.

You would think so but, sadly, there would be those who would squander their new found wealth and would end up with less than if the money was still in their pensions.

 

[UpstateNYUPSer(Ret)]

I think UPS paid $4-6 billion to get out of the IBT pension plan. Was leery at first, but then learned some facts, and feel better that I'm out.

UPS just bought out their liability in the New England pension fund. I would love for them to take a ride down the Mass Pike to the NY Thruway and buy out the Upstate NY pension fund, which is around 60% funded.

 

[710 steward]

You would think so but, sadly, there would be those who would squander their new found wealth and would end up with less than if the money was still in their pensions.

No offense here Dave, but what's your point? I know guys that as soon as they get their pension check it's gone immediately. Those that choose to squander will squander. You can't be big brother to everyone.

 

[UpstateNYUPSer(Ret)]

No offense here Dave, but what's your point? I know guys that as soon as they get their pension check it's gone immediately. Those that choose to squander will squander. You can't be big brother to everyone.

The defined benefit pension plan was created to take care of employees who, for lack of a better word, were too stupid to take care of themselves. Work 30 years and receive a monthly check.

The difference between squandering a monthly check and taking sizable withdrawals from your 401k can be substantial.

No, you can't be big brother to everyone, but there are those for whom a pension is a much better fit.

 

[710 steward]

No, you can't be big brother to everyone, but there are those for whom a pension is a much better fit.[/quote]

A 401k could have extra rules administered to create the same affect.

 

[UpstateNYUPSer(Ret)]

Such as both spouses, if applicable, having to sign off on any withdrawals?


Resident know-it-all.

 

[upschuck]

Your pension is invested in the market also. If the market collapses it won't really matter.

I'd rather have the money directly into my 401k. We would all retire multi millionaires.

But pension is guaranteed to be there as long as union doesn't negotiate it away(UPS and then the govt). How many multi millionaires committed suicide last few years when then market tanked and they lost the majority of their wealth. That happens a lot. It is all rosy when then market is going up...... I will live quite comfortably in retirement.

That is just me, but I like the security. I have plenty in 401k, and will probably increase it in Aug again.

 

[upschuck]

I disagree. Look at the UAW. Those pensions are from the company but negotiated through the union. People still want top wages, benefits, and a negotiated retirement. Nothing really changes. People desire security and that is union protection. I encourage everyone to educate themselves on $275 a week at 5% interest for 30 years. I assure you that the monthly pension will not interest you in the slightest. You could draw out 5% forever and never touch the principal. That means when you unfortunately pass your spouse will get the same 5% and your loved ones can split the principal when that person unfortunately passes. I could easily go on and on about this. This is an easy choice. At 710 even with the pension amount still at the 2012 level one could max out a 401k and an IRA with money left over to invest elsewhere. That's crazy considering we haven't gotten a pension increase in over 15 years but apparently it's ok because we issue gift cards instead.

The UPS pension goes up each year. So in the next two to three contracts that I work, I would think it would still go up. Also in the state I live in, the first $30,000 or so of pension disbursements is tax free.

 

[710 steward]

Such as both spouses, if applicable, having to sign off on any withdrawals?


There could be a maximum yearly withdrawal percentage administered. One you hit your own personal limit that's it for the year. Those kind of safety nets would work just fine.

 

[oldngray]

The UPS pension goes up each year. So in the next two to three contracts that I work, I would think it would still go up. Also in the state I live in, the first $30,000 or so of pension disbursements is tax free.

Not true. It is a defined pension so what you get is fixed when you retire. There have recently been increases for those yet to retire but for many years there were no increases.

 

[upschuck]

Not true. It is a defined pension so what you get is fixed when you retire. There have recently been increases for those yet to retire but for many years there were no increases.

I have not retired yet. Got anywhere from 5 to 16 years left.

We had increases every time since UPS took over.

 

[oldngray]

I have not retired yet. Got anywhere from 5 to 16 years left.

We had increases every time since UPS took over.

The only increase my local had was $300 per month with 30 years in the last contract and nothing else for many years previously.

 

[jpf75]

maybe its time for ups to form there own union and have there own pension plan and own health insurance. this way we wouldn't have to pay for other peoples plans. we could have better plans!!!