Nys teamsters pension & retirement fund

[upschuck]

The union is here to negotiate what WE WANT. Without us the union does not exist.


Getting away from this is why Hoffa needed Canada to squeak out a victory in the general election.

I highly doubt that the general union population would want a 401k contribution instead of a pension. Look at the blowback when management went to 401k contribution instead of pension.

 

[upschuck]

The company will put in on average at least 25k per year on my behalf for my career.

25k x 35 = 875,000


That's with 0% return. At 4K a month payout I'll have to live 18 years into retirement just to get my money back

Like I said, properly managed.

 

[Future]

Side note ...there where retired 30yr retirees ...collecting ..... more then 5000 a month ...from this pension

 

[upschuck]

Side note ...there where retired 30yr retirees ...collecting ..... more then 5000 a month ...from this pension

That was way to much for 30 yrs ago. Probably more than they made working.

 

[1989]

We are at 35.04 we should be at $36.65

You don't deserve 36.65.

 

[oldngray]

I highly doubt that the general union population would want a 401k contribution instead of a pension. Look at the blowback when management went to 401k contribution instead of pension.

Starting from scratch most would probably prefer the 401k. The problem is when they already have years invested in a pension.

 

[Brownslave688]

I highly doubt that the general union population would want a 401k contribution instead of a pension. Look at the blowback when management went to 401k contribution instead of pension.

The younger the workers the more likely they are to accept it.


As they watch pension after pension fall or make serious cuts they will realize there's no real guarantee you'll have your pension.

 

[Brownslave688]

Starting from scratch most would probably prefer the 401k. The problem is when they already have years invested in a pension.

Yep. 10 years in and I'd still give up all of my accrued pension for that money to go into my 401k.

Now another 10 years in and that won't be so easy a choice.

 

[Future]

That was way to much for 30 yrs ago. Probably more than they made working.

Hell ya ... they where giving the fund away ...at one time ....just so it wouldn't get taxed

 

[Future]

That was way to much for 30 yrs ago. Probably more than they made working.

Phrased that wrong .... 30 yr employees ...10 or 15 years ago ...collecting more then 5000 a month

 

[oldngray]

Phrased that wrong .... 30 yr employees ...10 or 15 years ago ...collecting more then 5000 a month

That sounds more like a government employee pension.

 

[Future]

That sounds more like a government employee pension.

There was such a surplus .... at one time .... that if it wasn't distributed.... it would have been taxed very heavily ...thus they gave out heavy amounts

 

[Brownslave688]

Like I said, properly managed.

Maybe they've learned from their mistakes.


Won't hold my breath.

 

[1989]

A pension is simply never going to touch the return on investment a 401k can.

The company will put in on average at least 25k per year on my behalf for my career.

25k x 35 = 875,000


That's with 0% return. At 4K a month payout I'll have to live 18 years into retirement just to get my money back


Or I could retire with 2-3 million and have all of that money to do with as I please at 59.5.


It's a no brainer.

I understand what you are saying, and I agree with what you are saying. But you can still have other retirement accounts. If ups matched a portion of your 401k (which I believe is the worst retirement account, due to its rules). You would be lucky to get 10k a year.

You need to match apples to apples. Base your numbers on the amount you think ups will give you. I think 10k is fair.

10k x 35 years = 350,000 in contributions.

A properly run pension 26 years = $60k a year. Currently a 14.3% ROI.

 

[1989]

More than twice the size ?





That would be beyond.... stupid.

In that case, you know what we have to do.

Nobody is forcing you to work at UPS.


There are all kinds of jobs available.

Just name one.... with the same pay, benefits, and pension.


Here is a hint, there aren't many.



-Bug-

When did the central states pension start?

 

[upschuck]

Hell ya ... they where giving the fund away ...at one time ....just so it wouldn't get taxed

Our pension just paid an end of year 13th check, not an upped benefit.

 

[Brownslave688]

I understand what you are saying, and I agree with what you are saying. But you can still have other retirement accounts. If ups matched a portion of your 401k (which I believe is the worst retirement account, due to its rules). You would be lucky to get 10k a year.

You need to match apples to apples. Base your numbers on the amount you think ups will give you. I think 10k is fair.

10k x 35 years = 350,000 in contributions.

A properly run pension 26 years = $60k a year. Currently a 14.3% ROI.

You have yet to make any points as to why 401k are so terrible.

 

[Brownslave688]

Our pension just paid an end of year 13th check, not an upped benefit.

Which Is a whole lot smarter way to do it.

 

[oldngray]

You have yet to make any points as to why 401k are so terrible.

The bottom line is the union doesn't want to give up control of the money. Using the excuse people can't be trusted with their own money.

Hollow argument with how the pension funds have been managed.

 

[Future]

Our pension just paid an end of year 13th check, not an upped benefit.

We just gave ...another part of our raise ...too the pension ....SOB!