Pension changes?

[Coldworld]

You would need a tremendous amount of income diverted to equal any pension monthly cash flow. Millions.

Only if you’re going to live to be 105 like @rod…he’s going to suck out every penny he can out of the pension before he croaks.

 

[BigUnionGuy]

Seriously...Hoping you are correct..

Just an Observation...

Differing opinions.... make the world "go round" my friend.




It's funny, that @Wally keeps referring to the Central States Pension.

 

[Wally]

Differing opinions.... make the world "go round" my friend.




It's funny, that @Wally keeps referring to the Central States Pension.

Well they are currently enjoying "Favored Nation Status".

 

[oldngray]

Differing opinions.... make the world "go round" my friend.




It's funny, that @Wally keeps referring to the Central States Pension.

While everyone else points to @Wally and goes

 

[Wally]

Only if you’re going to live to be 105 like @rod…he’s going to suck out every penny he can out of the pension before he croaks.

Retire at 55 and you are looking at around a 30 year payout plan. Factor in inflation too. That's a lot more money than most plan on.

 

[RTS313]

401k makes more sense if you start out that way but no way the union would let people convert their accrued pension credits to one.

Only that guy who wants bit coin in 401k will give up his pension credit for bitcoin

 

[I have NOT been lurking]

Well they are currently enjoying "Favored Nation Status".

 

[pkgdriver]

401k makes more sense if you start out that way but no way the union would let people convert their accrued pension credits to one.

Around my 2nd year in I saw the kind of shape Central States was in. Off to the races with the 401k. My 401k this year has produced about 75% of my pension check in income each month.

 

[IVE GOTTA PACKAGE 4U]

Around my 2nd year in I saw the kind of shape Central States was in. Off to the races with the 401k. My 401k this year has produced about 75% of my pension check in income each month.

These young guys don't get it.

 

[pkgdriver]

These young guys don't get it.

A few in my center do. Less than years ago IMO. Some the light NEVER goes on.

 

[Over70irregs]

The "Writing is on the Wall"....Come 2028....UPS will he targeting every Union Pension Plan Period, again see what they did with their own management. Expect no more monetary increases with the West or another Monetary Contribution Plan they are involved in, they will freeze everyone's pension benefits for everybody under the Central and will create a 401K for it's Union members similar to the Management one. I suspect the deal has already been done, just study the language under Article 34 (Master).

The Central was screwed with this Contract and previously, it members will still be stuck with having an inferior pension benefit no matter how many years they are vested compared for those under the West Conference. The West will do very well and will stay in their current Contribution rates, the Markets currently will provide a massive increase in their final pension benefits even without any further pension monetary contribution increases.

Said this in the past, but again every rank and file member under the Company's controlled defined pension plan like the Central were again ignored even with this last contract, particularly the Senior Part Timers close to retirement. We call ourselves a Union, yet we will have a great divide in pension benefits depending on what conference you are under or who is in charge. Nothing has changed....

Is it really a divide or common sense learned from the past?

 

[Over70irregs]

Honestly, I'm surprised it had survived the way it's set up as long as it has. Every major corporation I know of slid the 401K deal in long ago.
I think they will camouflage it like many did to make the penetration seem ok so to forget what we're losing. Ups will match what you put in or maybe 50%.
Time goes by and different language sells something else and before you know it, you're retirement is all on you.

Truer words never spoken.

 

[Wally]

Anyone seeing government employee pensions disappearing for the 401k?

 

[UnionStrong]

Anyone seeing government employee pensions disappearing for the 401k?

Nope

 

[UnionStrong]

Truer words never spoken.

He means non Teamster union corporations.

 

[Over70irregs]

I could see the kids wanting a 401k because the average young person stays at a job for like 3-4 years before bouncing to somewhere else. For them a 401k makes sense.. but not for us old duffs like @Thebrownblob!!

I was told never give up the pension. That is the single most differentiator

Anyone seeing government employee pensions disappearing for the 401k?

They have a $ printer….

 

[542thruNthru]

Never fear... The West's money is here.

 

[Over70irregs]

Never fear... The West's money is here.
View attachment 461346

Still not understanding how the West was so better managed.

 

[542thruNthru]

Still not understanding how the West was so better managed.

You answered your own question brother...

 

[Coldworld]

Still not understanding how the West was so better managed.

Think it comes down to the diversity of the plan…we don’t just have transportation companies that have been going under for the last 50 years. Actually, the plan has participating companies in many more states than just the West.