710 Votes No - 3 to 1 margin

[oldngray]

Where do you find the video URL.

sometimes it is the search link at top (http:// etc, or if you right click on the video itself you should see an option pop up to copy video url. Left click pauses the video while its playing so you need to right click.

 

[Booblebrown]

KJEZ, I want you to go in to work tomorrow morning and look around during the PCM at your co-workers and ask yourself how many of them would be able to survive their retirements without a defined pension benefit plan.

BTW, you contradict yourself in your post. You say that you trust yourself more than others to handle your money yet you allow the folks at SPDR to manage your investments for you.

Pension fund investment managers do a much better job than most of you give them credit for. No one could have predicted the economic downturn of 2008 and the effect it would have on our funds but for the most part those losses have been recouped and significant gains have been made.

I am very confident that my pension will be there in 2019 and throughout my retirement.

I agree that most guys would not survive without that pension or would have to work until they die. Alot of our guys don't participate in the 401k, which iI can't understand, but thats their choice. But in reality, with the amount we contribute into the pensions,even with the 08 downturn, we shouldn't have to supplement our retirement. My 401k did a 23% return last year. How long does it take for the pensions to rebound? I do realize pension funds are not invested like 401k's

 

[Anonymous 12]

sometimes it is the search link at top (http:// etc, or if you right click on the video itself you should see an option pop up to copy video url. Left click pauses the video while its playing so you need to right click.

Can you find that from an iPhone. I hate the computer. I also use iPad.

 

[UpstateNYUPSer(Ret)]

I would love for UPS to direct the money that they contribute on my behalf to my pension fund directly to my 401k. I would also love for my pension fund to transfer my accumulated balance to date to my 401k.

 

[oldngray]

Can you find that from an iPhone. I hate the computer. I also use iPad.

I don't use an iPhone so can't help you there. I don't know about iPad either because I have a tablet but its android that uses google as a browser so works almost like a computer.

 

[710 steward]

Upstate

What was the excuse before the 2007 downturn? We were given a raise in 93 or 94. Over a decade later with increasing contributions it was still exactly the same rate.

I think what KLEZ is saying is he should have the option to designate those funds, allow them to go into the Teamsters fund, or a combination of both. Btw, there is zero wrong with those thoughts. He is correct too. He can chose his financial people and oversee their work. If they aren't doing their job he can chose to take his money elsewhere. We are paying into a negative return fund and some of our constants believe this is not only acceptable but it is applauded.

 

[UpstateNYUPSer(Ret)]

Negative return fund? Last I heard our ROI in the Upstate NY pension fund was in the 10-15% range for 2013.

 

[710 steward]

Upstate

710 has its own fund and for 20 years there has not been a raise. Our contributions to that fund have increased by over $200 dollars weekly. Obviously inflation is a huge factor over the course of 20 years. So while the monthly pension amount has not changed, inflation has certainly changed that check. Now that we have exceeded $400 into this fund weekly tensions have grown and people have lost patience with our current leadership.

 

[Booblebrown]

Now that I see how dismal a decent retirement looks now, I wish we could defer to the 401 k as well. When I hired on 30 years ago, I could have retired at 2500.00 a month but for some reason fast forward 30 years and I get 2800.00. I know I could have done better for myself.

 

[Stonefish]

Now that I see how dismal a decent retirement looks now, I wish we could defer to the 401 k as well. When I hired on 30 years ago, I could have retired at 2500.00 a month but for some reason fast forward 30 years and I get 2800.00. I know I could have done better for myself.

At what age can you take your money out of 401k without penalties

 

[UpstateNYUPSer(Ret)]

At what age can you take your money out of 401k without penalties

59 1/2

 

[Stonefish]

59 1/2

So if you started when you were 18 and worked 30 years wanted to retire that defined benefit pension doesn't sound so bad

 

[IVE GOTTA PACKAGE 4U]

At what age can you take your money out of 401k without penalties

Age 55 if you are seperated from the employer. You would have to do a 72T = equal distributions over a 5 year period.

 

[Stonefish]

Age 55 if you are seperated from the employer. You would have to do a 72T = equal distributions over a 5 year period.

At age 55 not age 48 $269,000 in defined benefit pension payments before you can even think about 401k

 

[710 steward]

So if you started when you were 18 and worked 30 years wanted to retire that defined benefit pension doesn't sound so bad

Stone

The minimum retirement age in my local is 52. There is no 30 at any age. You are saying that $2800 a month is justification for those 7 1/2 years? I disagree. If 18 thousand was invested at 5% for the same 30 years you'd have 1.2+ million. How does $2800 a month look now? That same 1.2 mil at 5% is a 60 grand a year payday. $2800 is almost nothing now. Where will it be in even 5 years?

Guys the camels back was broken years ago. We need to take action now and tell our leaders the current business model is unacceptable and we demand change.

 

[Stonefish]

Stone

The minimum retirement age in my local is 52. There is no 30 at any age. You are saying that $2800 a month is justification for those 7 1/2 years? I disagree. If 18 thousand was invested at 5% for the same 30 years you'd have 1.2+ million. How does $2800 a month look now? That same 1.2 mil at 5% is a 60 grand a year payday. $2800 is almost nothing now. Where will it be in even 5 years?

Guys the camels back was broken years ago. We need to take action now and tell our leaders the current business model is unacceptable and we demand change.

In your fund maybe not mine

 

[UpstateNYUPSer(Ret)]

So if you started when you were 18 and worked 30 years wanted to retire that defined benefit pension doesn't sound so bad

You assume 30 and out. Ours is 30 and 55.


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[IVE GOTTA PACKAGE 4U]

At age 55 not age 48 $269,000 in defined benefit pension payments before you can even think about 401k

Dont forget you will have to pay some of that money towards your healthcare. If you can afford to go....run like hell!

 

[rod]

Where do you find the video URL.

On You tube you just find the video you want-- click on "share" --the url will become highlighted-- click on "edit" on your computer screen -- click on "copy" then save that page--open up BC. Find where you want to put it and click on"paste" -- It will then show up on your post. That's how I do it-- but being I am a total loser when it comes to internet smarts I'm sure there is an easier way.

 

[BigUnionGuy]

I think what KLEZ is saying is he should have the option to designate those funds, allow them to go into the Teamsters fund, or a combination of both.

But, he doesn't have that option. Never has.... and never will.

When I hired on 30 years ago, I could have retired at 2500.00 a month but for some reason fast forward 30 years and I get 2800.00. I know I could have done better for myself.

If you are such a savvy financial planner.... why have you just been driving a truck ?

If 18 thousand was invested at 5% for the same 30 years you'd have 1.2+ million.

You haven't had $18,000 a year in contributions, paid on your behalf for the last 30 years....

So, it's a moot point.

People have lost patience with our current leadership.

We need to take action now and tell our leaders the current business model is unacceptable and we demand change.

Are you announcing your candidacy for Local Union office ?



-Bug-