is there any chance of 25 and out at any age next contract?

[1989]

Jumpman, I've been saying the same thing for the last few years. No way on GOD's green earth that anyone who started driving 5 years ago will make it to peer 80 here in So Cal. We're all dealing with a new animal in UPS. The workload is through the roof and the strain on the mind and body will eventually wear all of us down. I can't see a twenty-something new driver reaching retirement age. Could pensions be a thing of the past?

The hardest years on my body were 1997-2001. Gateway, dell, and compac/hp. Those desktops were much heavier/bulkier than the laptops of today. It would take all day to deliver 100 computers=200 boxes to the 48th floor in 3 or 4 old non-power steering package cars.

 

[1989]

This is current. Not the new contract...

http://tdu.org/files/UPS-Pension-Comparison.pdf


Next time, just google it like I did.

This washington local 639 is washington d. c. not washington state. All of Washington state is in the western conference.

 

[barnyard]

The economics of defined benefit retirement plans do not work. In Europe, pensions fluctuate with the economy. Their belief is that the health of the plan is more important than keeping a defined benefit.

Here in the states, retirees scream if their benefit is reduced, even if maintaining a specific monthly payment means bankrupting the plan.

I suspect increases in the cost of health care is going to doom most defined benefit pensions. Maybe that would bring about a plan to transition to a defined contribution plan.

 

[1989]

The economics of defined benefit retirement plans do not work. In Europe, pensions fluctuate with the economy. Their belief is that the health of the plan is more important than keeping a defined benefit.

Here in the states, retirees scream if their benefit is reduced, even if maintaining a specific monthly payment means bankrupting the plan.

I suspect increases in the cost of health care is going to doom most defined benefit pensions. Maybe that would bring about a plan to transition to a defined contribution plan.

What does health care have to do with your pension? Arnt they separate animals? You get your pension, say $2000 a month regardless (no health care coverage).

Actuaries look at the future or my pension plan. Then set what percentage of contributions are paid out for that year. Which I think is 1.2% in 2014. So let's say ups contributed $15,000 in 2014. $15,000 * .012 = $180 a month in future benefits for 2014. I don't think health care costs are a factor.

 

[clean hairy]

go on upser.com they have a retirement calculator it is easy to you just put in the date you will retire and it will give you your amount you will recive

Where do you find the retiremnet calculator on there?

 

[burco8080]

my money

 

[ski or die]

I was in clerical union. Our base pay was very close to our pension at 30 years. Part of the problem for delivery and feeder drivers is the amount of overtime. They get used to this as being part of their monthly income and live accordingly. When retirement comes, it's quite a drop in income because of the overtime loss. If the drivers can attempt to live at the level of the pension and invest the overtime, it will become a lot easier at retirement. I was lucky enough to be able to retire at the age of 49 with 30 years of service and receive a full pension and insurance. With the pension being similar to my salary it hasn't been a problem at all. The nicest thing was to turn 65. Medicare and a good supplement is so much better than the UPS insurance pkg. As for the comment that someone mentioned, "give me $500,000 and they would leave". My pension so far that has been paid to me is almost $600,000. I am still young enough a healthy enough, I plan on another $500,000, which put me over $1,000,000. I follow the information each year concerning the health of our plan. The money some of the locals pay their retirees can be envious. But, the long picture, a healthy plan and not having to worry as much about a possible decrease is in my mind much better. As most people who retire, no matter what kind of pension or retirement package, you just have to learn to live within your means. And also to be sure and use Senior Discounts whenever possible. Saved $3.69 at Golden Corral today. Enough for lunch tomorrow.

 

[Mugarolla]

I was in clerical union. Our base pay was very close to our pension at 30 years. Part of the problem for delivery and feeder drivers is the amount of overtime. They get used to this as being part of their monthly income and live accordingly. When retirement comes, it's quite a drop in income because of the overtime loss. If the drivers can attempt to live at the level of the pension and invest the overtime, it will become a lot easier at retirement. I was lucky enough to be able to retire at the age of 49 with 30 years of service and receive a full pension and insurance. With the pension being similar to my salary it hasn't been a problem at all. The nicest thing was to turn 65. Medicare and a good supplement is so much better than the UPS insurance pkg. As for the comment that someone mentioned, "give me $500,000 and they would leave". My pension so far that has been paid to me is almost $600,000. I am still young enough a healthy enough, I plan on another $500,000, which put me over $1,000,000. I follow the information each year concerning the health of our plan. The money some of the locals pay their retirees can be envious. But, the long picture, a healthy plan and not having to worry as much about a possible decrease is in my mind much better. As most people who retire, no matter what kind of pension or retirement package, you just have to learn to live within your means. And also to be sure and use Senior Discounts whenever possible. Saved $3.69 at Golden Corral today. Enough for lunch tomorrow.

You said you retired at 49. Turned 65 recently I assume. You have drawn around $600K.

If you got $500K when you retired, you could have tripled it in the past 15 years.

You could also have squandered it away.

I would take the $500K. But that is just me.

 

[UpstateNYUPSer(Ret)]

If you got $500K when you retired, you could have tripled it in the past 15 years.

That's a bit optimistic. Even with an 8% return over each of those 15 years, and taking in to account compounding, the best you would have realized was a 150% return, which is nothing to sneeze at.

 

[brownmonster]

That's a bit optimistic. Even with an 8% return over each of those 15 years, and taking in to account compounding, the best you would have realized was a 150% return, which is nothing to sneeze at.

At 8% your money will double in 9 years. The rule of 72.

 

[ski or die]

You said you retired at 49. Turned 65 recently I assume. You have drawn around $600K.

If you got $500K when you retired, you could have tripled it in the past 15 years.

You could also have squandered it away.

I would take the $500K. But that is just me.

Correct, recently turned 65 and very happy with my Medicare and Supplement Insurance. No comparison to what UPS offers. Also, correct on the "squander it away". Those trips to the strip clubs, that $500,000 would've all been gone in a couple of months. This way with my monthly check, a can stretch it out and continue to go to the clubs until I'm 95.

 

[Mugarolla]

Correct, recently turned 65 and very happy with my Medicare and Supplement Insurance. No comparison to what UPS offers. Also, correct on the "squander it away". Those trips to the strip clubs, that $500,000 would've all been gone in a couple of months. This way with my monthly check, a can stretch it out and continue to go to the clubs until I'm 95.

Nothing wrong with that. There is something to be said for security.

Having $500K up front would be awful temping to do things with instead of investing for the future.

It could disappear very quickly.