Bye Bye Pension and Hello to matching 401k coming in 2023?

[upsbeernut]

That's why they want the 22.4 jobs . They can pay you less and match your 401k less.

Its all about the shareholders, UPS should have stayed private, we all would have been rich beyond comprehension and the employees would have cared from day one just like Publix. All this uncontrollable confusion and bad unorganization never would have happened. All employees would have been able to afford to buy stock which would have made this company a well oiled machine

 

[IVE GOTTA PACKAGE 4U]

1 million dollars.
35 years in retirement.
75/25 equities/bonds (8%/3% returns).
Drawing 72k a year....
He'll still have a couple hundred thousand left at 90 after 35 years.

And if we have another market downturn like 08-09?

 

[DriveInDriveOut]

Are you sure? Because if I live to age 90 I’ll burn through over 2.5 mil.

Your money makes money though, you don't withdraw it all at once. Your biggest concern, which the pension doesn't take into account, is inflation..... But you haven't taken social security into account so that could hedge it a bit.

 

[IVE GOTTA PACKAGE 4U]

Its all about the shareholders, UPS should have stayed private, we all would have been rich beyond comprehension and the employees would have cared from day one just like Publix. All this uncontrollable confusion and bad unorganization never would have happened. All employees would have been able to afford to buy stock which would have made this company a well oiled machine

The fat cats made a ton on that deal.

 

[Bubblehead]

401k is far superior to a pension

For who, the employer, or the employee?

 

[1989]

1 million dollars.
35 years in retirement.
75/25 equities/bonds (8%/3% returns).
Drawing 72k a year....
He'll still have a couple hundred thousand left at 90 after 35 years.

Who keeps equities in retirement? And at 75%?

 

[DriveInDriveOut]

And if we have another market downturn like 08-09?

Spend less money.

 

[DriveInDriveOut]

Who keeps equities in retirement? And at 75%?

Grow a pair.

 

[upsbeernut]

The fat cats made a ton on that deal.

Tons, as we make an couple of pounds along the 30year career always correcting their friend ups

 

[upsbeernut]

Lets all face it , UPS is divided into three companies. We would never win if UPS had a football team. That word and its definition has been banned from its culture

 

[1989]

And if we have another market downturn like 08-09?

You’re supposed to jump out a window.

 

[upsbeernut]

They don't want the union cause of fairness and reality. Its gonna blow up in their face cause if you want more volume you have to stop and fix the small problems then the big ones go away. The big word that's non existent is respect.

 

[hellfire]

If ups didn’t bail out the teamsters , the largest union of UPS teamster employees, central states, would have nothing to retire with soon.
Let’s keep digging our own grave teamsters

 

[BakerMayfield2018]

If ups didn’t bail out the teamsters , the largest union of UPS teamster employees, central states, would have nothing to retire with soon.
Let’s keep digging our own grave teamsters

I hate you. And your mother

 

[hellfire]

I hate you. And your mother

For that your mom sleeps on the floor next to my bed tonight

 

[hellfire]

I hate you. And your mother

You can go yourself

 

[Tony Q]

Whether or not this contract passes, the pension as we know will be replaced by a matching 401K in 2023 IMHO. I just wonder who gets grandfathered and who joins the matching 401K, would it be as simple as if your not vested by 2023 you go directly into the new plan? What would happen to most us who have more than 5 yrs with the company? This is all hypothetical, but I think the writing is on the wall. Especially after reading the memorandum of understanding.

Total misinformation, but if you want to listen to this then you are part of the real problem. We cant save members from themselves.

 

[TearsInRain]

How much 401k money will I need to draw $6k a month @ age 55?

i dunno that’s half of what i’ll have coming out of mine

 

[CoffeeStainedUniform]

I'd swap my pension for a 10-15% 401k match and be thrilled with the switch. I'm not sure how converting our annuities(pensions) over but I'm sure it could be done effectively.

Give a grandfathered option to all who are current employees to choose which plan they want. I think that would be a good way to make the move to a better/more modern retirement system.

 

[Really?]

How much 401k money will I need to draw $6k a month @ age 55?

$6000 for life for you $1.8 million