Catatonic
Nine Lives
It was covered in Corporate yesterday or at least the details were out.
I got my info from a old Level 20 still there.
I thought you were retired?
Management Pension Buyout conversation time, again...
- Thread starter oldbrownguy
- Start date
I got my info from a old Level 20 still there.
I thought you were retired?
UpstateNYUPSer(Ret)
Well-Known Member
One of the first things my son did when he got his first "real" job was to start and fund his 401k. His company offers a full match to 4% and an additional 1% if he sets aside 6%. He has been contributing 10% for the past 3 years and while his balance is fairly modest now with time he will be able to look forward to a secure retirement.
MB is spot on when he says that anyone, hourly or mgt, who is not actively funding their retirement accounts has no one other than themselves to blame if things change.
MB is spot on when he says that anyone, hourly or mgt, who is not actively funding their retirement accounts has no one other than themselves to blame if things change.
Catatonic
Nine Lives
What'dyabringmetoday???
Well-Known Member
Can you post a picture of the Tundra?
Catatonic
Nine Lives
Any particular angle you desire?
What'dyabringmetoday???
Well-Known Member
No. I thought I saw a picture of a Tundra you had on here before.
Catatonic
Nine Lives
That was a stock photo I pulled from the Internet ... right color, TRD decals and I'm lazy.
What'dyabringmetoday???
Well-Known Member
I was wondering why it had PA plates.
Catatonic
Nine Lives
Here's a real picture of TuRDy
And the plate says
'Welcome to
Tusquittee
North Carolina'
which is where I have a second home.
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He stole it!
Catatonic
Nine Lives
Who would want anything from PA?
Brownwifey
Active Member
I agree with MB completely. We are all responsible for our own financial health. I'm sorry that pointing out that fact hurts some feelings. Sounds like when my son told me I hurt his feelings for pointing out the reason he got an friend was not turning in his homework.
Kill me now!
As for UPS, more details have been reported by WSJ this morning. In 2023 UPS will contribute 5-8% in your 401k based on seniority and offer "transition benefit" of 50% match up to 6% of employee contribution. (Effectively 3%). Sooooo, Snowflakes will get up to 11% PLUS their own 401k contributions.
Notable, the article pointed out that now future obligations are closed, UPS will be free to offer lump sum payouts or offload the pension system to a third party insurer. (Hint: GM did this)
Kill me now!
As for UPS, more details have been reported by WSJ this morning. In 2023 UPS will contribute 5-8% in your 401k based on seniority and offer "transition benefit" of 50% match up to 6% of employee contribution. (Effectively 3%). Sooooo, Snowflakes will get up to 11% PLUS their own 401k contributions.
Notable, the article pointed out that now future obligations are closed, UPS will be free to offer lump sum payouts or offload the pension system to a third party insurer. (Hint: GM did this)
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busterbrowns007
Member
I knew it was coming figured they steal my money eventually....
corporate greed 101....
corporate greed 101....
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Brownwifey
Active Member
Should have restated above that management will continue to accrue pension benefits thru 12/31/2022. None of those benefits will be lost, just no more accrual and switch entirely to 401k plan with higher ups contribution. Healthcare credits remain unchanged.
So if you are 50 or over, not a lot of damage.
Also, it doesn't mean you have to retire before 2023. Just that your pension will be frozen. I think there has been some confusion
Still not a warm hug from ups
So if you are 50 or over, not a lot of damage.
Also, it doesn't mean you have to retire before 2023. Just that your pension will be frozen. I think there has been some confusion
Still not a warm hug from ups
busterbrowns007
Member
UPS has methodically taking awayeverything that made this a good job...
Unfortunately there's nothing left to take...
Catatonic
Nine Lives
Except your paycheck so learn as much as you can that will help you in getting your next job.
Turdferguson
Just a turd
Glad to see you admit this is all your fault
Turdferguson
Just a turd
Did you do that at the same time you invented the apostrophe, and discovered the theory of relativity?
APeonInALandOfCorpLackies
Member
I definitely agree with you about saving as much as you're able. You were also a manager. There are specialist/admin/tech peons that
1) Don't make anywhere near what you did. (It's much easier to cap 401k if you're making $120k+, or hell, even 100k+) I believe a 10G, the top specialist peon you can be caps at somewhere around $90k, and that's if they've been here a long time at that level.
2) Didn't get MIP to "help" with some savings. (Also note, pension was calculated I believe as Salary+MIP.) Which specialists (and admin/tech) don't get.
3) We now have a hard cap on salary. There are aforementioned peons at such and still can't afford it even at cap.
4) UPSers have always been told to save. I wish I would've started earlier myself, but I fell into the not enough cash when you have to pay rent kinda thing.
Could they save more? I don't know. I know of people that are strapped just because of expenses from children. I can't imagine telling them that they should've not had kids, seems cruel. Do they have other expenses to cut? I know of a couple people first hand the answer is no, and they do live on the cheap. Ultra cheap mortgage, no new cars, etc. You guys talk like every non-union person is making bank. Some of are people are making $40k. Saving 45% of your salary.... They should've left UPS, but who had the foresight to say I won't have a pension so it's time to jump?
You talk as though a majority can just conjure up $18,000/yr. That's really not possible for some people. Me? I drove my parents 1987 Ford Taurus into the ground until the driver seat wasn't even attached to floor anymore and I still couldn't afford it; and no, I lived in a 1 bedroom ghetto apartment that was $490/month.
Now, I'm in that category of heading to retirement. I'm saving the max, but only because my wife works too. Heaven forbid she loses her job because that max savings would be toast.
busterbrowns007
Member
Retirement calculator websites down.... classic insult injuryi
