Early retirement

[IVE GOTTA PACKAGE 4U]

This is what I tell our young guys. We have a few kids in their early 20's just get hired in the past year. They are in such great shape if they are smart with their money.

I twist arms all of the time. Then I kindly remind them that our pension is underfunded

 

[Rack em]

I'm glad someone told me to start my 401k and put money into the stock options. I started that when I was 23 and if it weren't for a coworker taking the time to explain things to me I probably still wouldn't have either of those things.

 

[UpstateNYUPSer(Ret)]

Do I correctly understand that there is no adjustment for inflation?

Defined benefit plans are not COLA'd.

 

[Babagounj]

My pension is actually a Life Annuity .
Monthly benefit for your lifetime only.

 

[1989]

Pension amounts for employees who work for the same company and are covered by the same pension fund are the same regardless of what local they belong to.

Not true, the west has different contribution amounts, therefore slightly different payouts.

 

[UpstateNYUPSer(Ret)]

Not true, the west has different contribution amounts, therefore slightly different payouts.

I was talking about those pensions where the only contributions are from the employer. Peer 80 and 85 require employee participation and will produce higher monthly payments.

 

[1989]

I was talking about those pensions where the only contributions are from the employer. Peer 80 and 85 require employee participation and will produce higher monthly payments.

For example, the west gets peer 80. It does to allow employees to contribute. In 2013 arizona local 104 basic contributions were $8.46 an hour plus $1.39 towards peer, and montana JC3 were $8.84 plus $1.46. So montana got .38 more an hour, or $790.40 more in contributions that year.

 

[104Feeder]

I don't think any drivers anywhere in the US have UPS insurance now - only Teamcare.

WCT and Local 177 N.J. have our own healthcare plan through Aetna NAP. Retiree H/C is $300/mo up to age 65, $50/mo post-65 coverage. Andy M and our NJ best friends saved us from Teamcare

 

[bottomups]

I don't think any drivers anywhere in the US have UPS insurance now - only Teamcare.

No Teamcare in Local 344.

 

[rod]

Do I correctly understand that there is no adjustment for inflation?

You are correct. I haven't had a pension raise in 15 years --------but as of today I've collected $558,000 on it. Apparently the pension plan will be broke in 9 more years----we will see. I'm lucky in the fact that I could still survive on other sources of income "IF" it does go broke.

 

[Rack em]

For example, the west gets peer 80. It does to allow employees to contribute. In 2013 arizona local 104 basic contributions were $8.46 an hour plus $1.39 towards peer, and montana JC3 were $8.84 plus $1.46. So montana got .38 more an hour, or $790.40 more in contributions that year.

Hell yeah we did!