Pension letter

[Brownslave688]

Central States members paid just as much into their pensions and were getting much less in pensions even before the recent slashing of benefits. That can't be blamed anywhere other than mismanagement of the fund.

Central states got ed when all
Of the other trucking companies went under.

The union was looking out for teamsters but not upsers when they wouldn't let ups break off.

 

[MC4YOU2]

I'm talking about guys building credit in the 70's and 80's

When I started in 1989 the contribution rate was about $6 an hour X 2080 or $12,300 annually. I don't know what the rate was in the 70's, but even if it was say $3 an hour, that's still almost $6K a year. Invested correctly that's plenty to realize a profit.
I do recall we all took a big hit after the market crash after 9/11 but most of that came back. The real downer I think, is the non contributors.

 

[Brownslave688]

When I started in 1989 the contribution rate was about $6 an hour X 2080 or $12,300 annually. I don't know what the rate was in the 70's, but even if it was say $3 an hour, that's still almost $6K a year. Invested correctly that's plenty to realize a profit.
I do recall we all took a big hit after the market crash after 9/11 but most of that came back. The real downer I think, is the non contributors.

Was that all health and welfare ? Like that $6 an hour included the money that went for health insurance.

 

[MC4YOU2]

Was that all health and welfare ? Like that $6 an hour included the money that went for health insurance.

No, that's always been separated. The closest they've been is an optional increase that we voted on in our Joint Council. We usually got an increase of $1 an hour each contact year to pension. As health care costs increased, they took .50¢ per hour away to cover that. We had the option of allocating the remaining amount as an addition to wage or pension, which we always went with pension.

 

[By The Book]

Was that all health and welfare ? Like that $6 an hour included the money that went for health insurance.

Like you said earlier, have the money go into your 401k and manage it yourself...that sounds too good to be true because the union will never let that happen. Just like they didn't in 97'. We are where we are and need to go to meetings to voice concerns we have....en masse. Each fund has managers, from both sides and when the stock market took a hit the funds lost a ton. Now they are investing in safer investments, basically scared to get back in. The wheels move slow on moving money around.

 

[rod]

Like you said earlier, have the money go into your 401k and manage it yourself...that sounds too good to be true because the union will never let that happen. Just like they didn't in 97'. We are where we are and need to go to meetings to voice concerns we have....en masse. Each fund has managers, from both sides and when the stock market took a hit the funds lost a ton. Now they are investing in safer investments, basically scared to get back in. The wheels move slow on moving money around.

I bet 75% of the young people wouldn't save a dime toward retirement if given that option.

 

[Brownslave688]

I bet 75% of the young people wouldn't save a dime toward retirement if given that option.

Wouldn't have to be a choice. The company can put something like 40k a year into a 401k on our behalf.


Just make it so you're not vested til you turn 50 or something.

 

[Ms.PacMan]

Wouldn't have to be a choice. The company can put something like 40k a year into a 401k on our behalf.


Just make it so you're not vested til you turn 50 or something.

That's a pension...

 

[Brownslave688]

That's a pension...

 

[Ms.PacMan]

Definition of pension plan as defined by Investopedia

DEFINITION of 'Pension Plan' A type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee's future benefit. The pool of funds is then invested on the employee's behalf, allowing the employee to receive benefits upon retirement.

Definition of 401k as defined by the IRS

1. 
   401(k) Plan is a defined contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan.

 

[Billy Ray]

As of Feb 1st I have got $525,000 in pension money out of them--------I'm shooting for at least a million.

In this post you are boasting about being into them for a half mil. because you retired early. In the same thread, you complain about the pension fund going broke.

Does anyone else see the conflict of ideology here?

 

[Brownslave688]

Definition of pension plan as defined by Investopedia

DEFINITION of 'Pension Plan' A type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee's future benefit. The pool of funds is then invested on the employee's behalf, allowing the employee to receive benefits upon retirement.

Definition of 401k as defined by the IRS

1. 
   401(k) Plan is a defined contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan.

Yeah what are you struggling with here?

 

[FrigidFTSup]

Remember that little strike thingy we went on?

Yeah, and yet we're still here.

 

[FrigidFTSup]

And living "day to day" must be hard.

Never knowing.... if you will have a job.... tomorrow.


Management people that talk smack, are expendable.



-Bug-

You're the only one here talking smack.


Oh and I've never once feared for my job. But thanks for the concern.

 

[upschuck]

Wouldn't have to be a choice. The company can put something like 40k a year into a 401k on our behalf.


Just make it so you're not vested til you turn 50 or something.

40k? I don't think so, no way UPS puts that much in

 

[Brownslave688]

40k? I don't think so, no way UPS puts that much in

A company meaning any employer.

 

[Brownslave688]

40k? I don't think so, no way UPS puts that much in

And you're right it's 35k.

The employer + employee contributions can not exceed 53k.


This was 2015 limits. Don't know if they have changed.

 

[Inthegame]

When I started in 1989 the contribution rate was about $6 an hour X 2080 or $12,300 annually. I don't know what the rate was in the 70's, but even if it was say $3 an hour, that's still almost $6K a year. Invested correctly that's plenty to realize a profit.
I do recall we all took a big hit after the market crash after 9/11 but most of that came back. The real downer I think, is the non contributors.

Check those numbers. In 1993 the contribution rate in my plan (most are very similar) was $2.45 X 2080.

 

[upschuck]

And you're right it's 35k.

They put $673 a week into the pension? We should be getting a much better pension.

 

[Brownslave688]

They put $673 a week into the pension? We should be getting a much better pension.

Holy cow....



No I'm saying the company could put our pension contributions into a 401k for us. No match needed or anything. They CAN if they so choose put up to 35k a year into a 401k for each employee.