Is this what forty years gets you in

[Brownslave688]

What does having a 35 year guy have to with the pension?

Exhibit 1,098,987 that your reading comprehension is terrible. Or maybe as@Re-Raise pointed out you have no idea how conversation works.

I’ll break it down to you.

I said that I thought their pension topped out. Implying after so many years/age you could continue working but not gain anything on your pension payout

Ok? Following?

@Re-Raise responded with the above statement.

This seems to be where you lost track so pay close attention. 30 years is considered common retirement length maybe now more people sticking around up to 35 but not longer very often. It would be expected that if a pension topped out it would be at that 30-35 year mark. Because of this it would be surprising to find someone still working beyond pension top out since they wouldn’t be adding anything to their pension.

Ok? No? If not I don’t think I can help anymore.

 

[UnionStrong]

Exhibit 1,098,987 that your reading comprehension is terrible. Or maybe ss @Re-Raise pointed out you have no idea how conversation works.

I’ll break it down to you.

I said that I thought their pension topped out. Implying after so many years/age you could continue working but not gain anything on your pension payout

Ok? Following?

@Re-Raise responded with the above statement.

This seems to be where you lost track so pay close attention. 30 years is considered common retirement length maybe now more people sticking around up to 35 but not longer very often. It would be expected that if a pension topped out it would be at that 30-35 year mark. Because of this it would be surprising to find someone still working beyond pension top out since they wouldn’t be adding anything to their pension.

Ok? No? If not I don’t think I can help anymore.

He’s full of himself so…..

 

[Re-Raise]

Exhibit 1,098,987 that your reading comprehension is terrible. Or maybe as@Re-Raise pointed out you have no idea how conversation works.

I’ll break it down to you.

I said that I thought their pension topped out. Implying after so many years/age you could continue working but not gain anything on your pension payout

Ok? Following?

@Re-Raise responded with the above statement.

This seems to be where you lost track so pay close attention. 30 years is considered common retirement length maybe now more people sticking around up to 35 but not longer very often. It would be expected that if a pension topped out it would be at that 30-35 year mark. Because of this it would be surprising to find someone still working beyond pension top out since they wouldn’t be adding anything to their pension.

Ok? No? If not I don’t think I can help anymore.

Thanks brother!

Your explanation is spot on

 

[DELACROIX]

Exhibit 1,098,987 that your reading comprehension is terrible. Or maybe as@Re-Raise pointed out you have no idea how conversation works.

I’ll break it down to you.

I said that I thought their pension topped out. Implying after so many years/age you could continue working but not gain anything on your pension payout

Ok? Following?

@Re-Raise responded with the above statement.

This seems to be where you lost track so pay close attention. 30 years is considered common retirement length maybe now more people sticking around up to 35 but not longer very often. It would be expected that if a pension topped out it would be at that 30-35 year mark. Because of this it would be surprising to find someone still working beyond pension top out since they wouldn’t be adding anything to their pension.

Ok? No? If not I don’t think I can help anymore.

A vast majority of our Teamster members are under defined pension plans that do not pay any increases after 30 or 35 years service. The UPS Pension Plan is a good example, it covers every member that has vested time as a part timer.
We have several part timers that have almost 44 years in working in our building, their pension benefits are frozen after 35 years.

Most of our current retirees are waiting till they are eligible for Social Security or Medicare under the Central and Southern. The Western pays far superior benefits for their future retirees, part time service included.

The failure of the International over the last twenty years to increase every member’s pension formula to the same levels that the West enjoys pretty much explains the bargaining power that the Union had with our pension benefits in the Central and Southern.

 

[burrheadd]

To be clear: you thought retirement pay was unlimited? Really? Into perpetuity?

What does having a 35 year guy have to with the pension?

Are you ignorant or obtuse…..

Serious question….

On topic…..

 

[Karma...]

be aware that new management do not have a defined pension ...instead a very very enhanced 401k plan which is far superior to a defined pension........its portable so those people are not welded to the company for life.......if the teamsters can figure out a way to implement a similar plan for teamsters their defined pension will be replaced.....that is unlikely because it would mean the demise of the present sluice plan ......also for management 2022 means the end of ups contributions into the management plan........the relationships between management and management employees ( no partners) has changed and at some point similar will happen with the teamsters........amd I dont think ups will being reverting back to being a private company any time at all...

 

[Re-Raise]

be aware that new management do not have a defined pension ...instead a very very enhanced 401k plan which is far superior to a defined pension........its portable so those people are not welded to the company for life.......if the teamsters can figure out a way to implement a similar plan for teamsters their defined pension will be replaced.....that is unlikely because it would mean the demise of the present sluice plan ......also for management 2022 means the end of ups contributions into the management plan........the relationships between management and management employees ( no partners) has changed and at some point similar will happen with the teamsters........amd I dont think ups will being reverting back to being a private company any time at all...

How is their 401k plan superior..if the company doesn’t even contribute after 2022?

 

[Karma...]

the match 401k is outstanding.....the 401k is portable....2022 has nothing to do with the 401k contributions......2022 is the curtailment of added contributions to peoples defined pensions .....after 35years in ones defined pensions payout got less and less........at some point there will be no defined pension with the older people dying off.....no company wants a defined pension being too expensive..thus portable 401ks........one of these days the teamsters will alter theirs ....its the smart decision......I was in the thrift plan and when it was discontinues I rolled it into ups stock....a brilliant move if I say so myself.....that alone is now just under 950,000 dollars.....add my social security, pension, ups stock and all the dividends.....its important to invest in a great company..........buy and hold.......dont sell the principals.....live off the dividends.........I do not see the teamster stock doing much.......ups makes money and employees are a part of it.....too bad the company and union cant/won't work together and everyone make money......those who work for just an hourly wage are being mislead by the union.....too bad....tripping over hundreds to get a nickel.......rheteric of either group is just propaganda .....good luck to all....

 

[Karma...]

and...with ups having portable 401k instead of a defined pension this frees up the younger management from being tied to the company longterm.....what will a younger teamster get if they leave before retirement ?.......not much at all.......now what is the better decision for younger people ?......what % of teamsters end up retiring ?.....where does all that money that ups put into their defined pension plan end up ?.....

 

[Re-Raise]

and...with ups having portable 401k instead of a defined pension this frees up the younger management from being tied to the company longterm.....what will a younger teamster get if they leave before retirement ?.......not much at all.......now what is the better decision for younger people ?......what % of teamsters end up retiring ?.....where does all that money that ups put into their defined pension plan end up ?.....

How much do they match? What percentage of an employee’s income can be contributed and is that matched at 100%?

 

[IVE GOTTA PACKAGE 4U]

and...with ups having portable 401k instead of a defined pension this frees up the younger management from being tied to the company longterm.....what will a younger teamster get if they leave before retirement ?.......not much at all.......now what is the better decision for younger people ?......what % of teamsters end up retiring ?.....where does all that money that ups put into their defined pension plan end up ?.....

Lots of young guys don't stay long enough to even be vested in the pension.

And a company really loves that for the part-timers because it saves them a boatload of money.
If they don't have 5 years with the company and they quit they don't get paid out anything That's a lot cheaper than paying into a 401k plan for them

 

[DELACROIX]

Lots of young guys don't stay long enough to even be vested in the pension.

And a company really loves that for the part-timers because it saves them a boatload of money.
If they don't have 5 years with the company and they quit they don't get paid out anything That's a lot cheaper than paying into a 401k plan for them

I vaguely remember that way back during the 1993 contract reading a news letter from the International stating that there were only 46 part timers collecting from the Company controlled UPS Pension Plan collecting roughly 300 dollars a month, the number of participants vested in that plan was close to what the UPS Retirement Plan for management had.

At one time the Company was putting close to annually 10 times more into their pension plan than their Union part timers. The part timer’s pension plan has always been a money shelter for the Company, a tax write off, now nobody becomes vested (5 years) and even if they worked past 5 years most will get peanuts when they finally become eligible at age 65.

The management plan was formulated to pay it’s retirees at 1/2 their base salary over the last 5 best years . So if a typical manager was making 150,000 a year they would be eligible for a 75,000 annual pension benefit. That does not include their MIP stock options or perks, and for the most part the MIP collected over the years pays more then their pension benefit.

Under the Central a part timer who has 35 years service clears 25,000 a year, it does not go up from that level no matter how much they make or work past that level.

 

[IVE GOTTA PACKAGE 4U]

I vaguely remember that way back during the 1993 contract reading a news letter from the International stating that there were only 46 part timers collecting from the Company controlled UPS Pension Plan collecting roughly 300 dollars a month, the number of participants vested in that plan was close to what the UPS Retirement Plan for management had.

At one time the Company was putting close to annually 10 times more into their pension plan than their Union part timers. The part timer’s pension plan has always been a money shelter for the Company, a tax write off, now nobody becomes vested (5 years) and even if they worked past 5 years most will get peanuts when they finally become eligible at age 65.

The management plan was formulated to pay it’s retirees at 1/2 their base salary over the last 5 best years . So if a typical manager was making 150,000 a year they would be eligible for a 75,000 annual pension benefit. That does not include their MIP stock options or perks, and for the most part the MIP collected over the years pays more then their pension benefit.

Under the Central a part timer who has 35 years service clears 25,000 a year, it does not go up from that level no matter how much they make or work past that level.

UPS went out of the pension business

 

[Brownslave688]

How is their 401k plan superior..if the company doesn’t even contribute after 2022?

Give us even 70% of what they put towards our pension and I’d be happy to drop our pension. 401k would be such a better return.

 

[Wally]

Been getting 3k a month for 12 years. Wife & my SS combined is 3115
It’s blood money. I spend it all.

How do you live on just 6k a month?

 

[IVE GOTTA PACKAGE 4U]

How do you live on just 6k a month?

I could live just fine on six grand a month if I was retired.

 

[BrownFlush]

How do you live on just 6k a month?

Are you serious when you ask this? Lol
That’s 6,115.00 month, buddy.
Really, it’s more like 5k a month.
After the church, tips, and giving a twenty here and there to people I see who I think could use it ( I ain’t tootin’ my own horn, I’m telling you why and how I spend it all every month)
@IVE GOTTA PACKAGE 4U is more than right…
My truck is 25 years old, my car is 7 years old and I don’t care… I get 10% off a lot of places we go, the distinction between need and want have become real clear
It’s more than enough. I’m a lucky man. I didn’t plan a thing.

 

[IVE GOTTA PACKAGE 4U]

Are you serious when you ask this? Lol
That’s 6,115.00 month, buddy.
Really, it’s more like 5k a month.
After the church, tips, and giving a twenty here and there to people I see who I think could use it ( I ain’t tootin’ my own horn, I’m telling you why and how I spend it all every month)
@IVE GOTTA PACKAGE 4U is more than right…
It’s more than enough. I’m a lucky man. I didn’t plan a thing.

He lives in a very high tax state
I'm very fortunate that my pension and 401k will not be taxed on the state or local level

 

[Wally]

Are you serious when you ask this? Lol
That’s 6,115.00 month, buddy.
Really, it’s more like 5k a month.
After the church, tips, and giving a twenty here and there to people I see who I think could use it ( I ain’t tootin’ my own horn, I’m telling you why and how I spend it all every month)
@IVE GOTTA PACKAGE 4U is more than right…
It’s more than enough. I’m a lucky man. I didn’t plan a thing.

Taxes alone would eat almost half here.

 

[BrownFlush]

Nobody retires in the south and moves north.
Come on down.