retirement

[falcon back]

Fiscally viable is one thing, more profitable is a whole other animal. I've never asked for UPS pay and benefits but if I work a long time with them telling me every year that this is what I'll get then they should have kept their word. This is what should have been done: they should have announced the traditional pension has come to an end. Newhires are already under the new plan and the rest of you if you have at least 5 years on the traditional plan will go on the new plan as soon as you reach 25 qualified years towards the traditional plan unless you decide to switch to the new plan now. If you have 22 years for example and decide to stay with the traditional you will go on the new plan as soon as you work three more years of at least 1000 hours a year. This would have been fair. But no, they lied to us about having a choice plus this was in the works for awhile so sending us glossy brochures telling us what we'd get on the traditional if we stay while planning to force us off the traditional was B.S. They were already reaming us on raises so the least they could have done is gI've us a full pension if we stuck with them. And in no time during that period did I hear the company was in danger of going out of business. The company wanted to build Ground infrastructure as quickly as possible and lied their heads off about better pay coming soon and how quickly we'd top out. You called me the world's biggest sucker in another thread. I'd rather be that than to be a part of a group that cheated people out of their most productive years with constant lies.

Alan Graf should have consulted with you before any money matters were discussed. Who wouldn't want the input from a person who lives in their car.

 

[vantexan]

Alan Graf should have consulted with you before any money matters were discussed. Who wouldn't want the input from a person who lives in their car.

Just be fair. You're one of those I got mine, too bad for you kind of people.

 

[vantexan]

I am surprised you quit accusing the company of ending the Portable. Nothing has been reported about that, yet you say it's gonna happen. At least Fedex hasn't joined many other companies that have quit matching 401k deposits. I guess you will accuse them of that next.

I said that wasn't set in stone, but it sure reminded me of how they gave us a choice but didn't honor that choice.

 

[vantexan]

No hard feelings. It's just ironic that a native-born American would leave the country because he couldn't achieve a decent life while others immigrate here with next to nothing and manage to succeed. Oh well, I guess they're vanilla too.

Nah, they just never worked at FedEx. By the way people born in Argentina are native-born Americans too.

 

[Fred's Myth]

Alan Graf should have consulted with you before any money matters were discussed. Who wouldn't want the input from a person who lives in their car.

From your constant criticism, I’d say now he’s living in your head. You poor slob.

 

[vantexan]

From your constant criticism, I’d say now he’s living in your head. You poor slob.

I am, and it's nasty in here.

 

[falcon back]

Just be fair. You're one of those I got mine, too bad for you kind of people.

Nobody should blame others for taking advantage of the benefits that where offered at that time. You don't hear new hires complaining about not getting to jump seat, or having the ability to buy cheap gas at the hub gas station or any other benefits I had that they don't. They took those away and people just had to accept it. Move on.

 

[dezguy]

Nobody should blame others for taking advantage of the benefits that where offered at that time. You don't hear new hires complaining about not getting to jump seat, or having the ability to buy cheap gas at the hub gas station or any other benefits I had that they don't. They took those away and people just had to accept it. Move on.

... Or new hires don't even know about it so they can't complain. I can't remember the last time I heard anyone at my station talk about jump seating.

 

[rod]

But everyone has a different income need and nobody knows what their last day on this earth is.

That is debatable.

 

[vantexan]

Nobody should blame others for taking advantage of the benefits that where offered at that time. You don't hear new hires complaining about not getting to jump seat, or having the ability to buy cheap gas at the hub gas station or any other benefits I had that they don't. They took those away and people just had to accept it. Move on.

Not complaining about something I never had. I'm pointing out they didn't live up to their promises. They lied.

 

[DeathPanel2020]

Gain? You don't gain anything. You are reimbursed for your insurance premium. This isn't money to buy a car, it is there to pay insurance premiums,

Makes sense now. My understanding was it was like the health savings account, that of course could only be used for medical reasons.
When I called, couldn't understand the young lady on the phone (very strong accent). Appreciate the help Falcon.

 

[DeathPanel2020]

Hey Texan. I posted here that had talked to retirement. Like I said, I don't care who believes me. If they were smart enough, they could use the chart of the website to confirm the figures. It is just like waiting on collecting SS. You get 8% a yr increase for every year you delay taking it. There is a break even year involved. You must live long enough for the wait to pay off.

Your math is correct though. If a man retired TODAY and took his pension on Sept. 1, 2020 and was due 30k in his Traditional on Sept 1, 2020. By waiting till Sept 1, 2021, he would get a 10% bump. Doodlebug said she saw the same results. NC got bad info from someone in India most likely. The chart is there for everyone to see. Just think, if you had a 10% bump, you could have bought new tires for your sleeping quarters instead of having to buy recaps.

I have 31 years and I put my numbers in for the next September 2021. Not to brag, but it was just under a 10% bump (received $14,800 on my $150K). Of course you get more, with more years and credits. A few folks that are retiring with 27 and 32 years, saw a 7 to 10% increase, when they put the numbers in for next year.

 

[vantexan]

I have 31 years and I put my numbers in for the next September 2021. Not to brag, but it was just under a 10% bump (received $14,800 on my $150K). Of course you get more, with more years and credits. A few folks that are retiring with 27 and 32 years, saw a 7 to 10% increase, when they put the numbers in for next year.

You're talking about the portable pension?

 

[59 Dano]

Fiscally viable is one thing, more profitable is a whole other animal. I've never asked for UPS pay and benefits but if I work a long time with them telling me every year that this is what I'll get then they should have kept their word. This is what should have been done: they should have announced the traditional pension has come to an end. Newhires are already under the new plan and the rest of you if you have at least 5 years on the traditional plan will go on the new plan as soon as you reach 25 qualified years towards the traditional plan unless you decide to switch to the new plan now. If you have 22 years for example and decide to stay with the traditional you will go on the new plan as soon as you work three more years of at least 1000 hours a year. This would have been fair. But no, they lied to us about having a choice plus this was in the works for awhile so sending us glossy brochures telling us what we'd get on the traditional if we stay while planning to force us off the traditional was B.S. They were already reaming us on raises so the least they could have done is gI've us a full pension if we stuck with them. And in no time during that period did I hear the company was in danger of going out of business. The company wanted to build Ground infrastructure as quickly as possible and lied their heads off about better pay coming soon and how quickly we'd top out. You called me the world's biggest sucker in another thread. I'd rather be that than to be a part of a group that cheated people out of their most productive years with constant lies.

What part of "promising paychecks to people for 20 years after they quit working for you is not the smartest thing to do" do you fail to understand?

 

[Fred's Myth]

What part of "promising paychecks to people for 20 years after they quit working for you is not the smartest thing to do" do you fail to understand?

Who made the promise?

 

[vantexan]

What part of "promising paychecks to people for 20 years after they quit working for you is not the smartest thing to do" do you fail to understand?

What part of "if you make a promise keep your word" do you not understand? And no one offers pensions willy nilly. They have actuaries who figure out what it will take going forward and that was figured out long before they terminated the plan. They had some consultant tell them the best, fastest ways to come up with the money to build Ground infrastructure. We got screwed. They could have done it the way I mentioned and year over year their employees switched to the new plan would have increased. But no, they were eager to get Ground going as fast as possible and we didn't matter.

 

[59 Dano]

What part of "if you make a promise keep your word" do you not understand?

They kept their word. What part of that do you not understand? What was the "promise" that was made to you?

And no one offers pensions willy nilly. They have actuaries who figure out what it will take going forward and that was figured out long before they terminated the plan.

Your delusional reasoning is so horribly ignorant that I don't even know if it can be deemed nonsense. They realized -about the same time as everyone else started to realize- that defined benefit plans in perpetuity were prohibitively expensive. There are too many factors that must fall into place in order to meet all future obligations, and anything that doesn't fall into place is made up by further hits to the bottom line.

The alternative is to risk not being able to meet pension obligations.

They had some consultant tell them the best, fastest ways to come up with the money to build Ground infrastructure. We got screwed. They could have done it the way I mentioned

Who the hell in their right minds would take any kind of financial advice from you???

 

[vantexan]

They kept their word. What part of that do you not understand? What was the "promise" that was made to you?



Your delusional reasoning is so horribly ignorant that I don't even know if it can be deemed nonsense. They realized -about the same time as everyone else started to realize- that defined benefit plans in perpetuity were prohibitively expensive. There are too many factors that must fall into place in order to meet all future obligations, and anything that doesn't fall into place is made up by further hits to the bottom line.

The alternative is to risk not being able to meet pension obligations.



Who the hell in their right minds would take any kind of financial advice from you???

MetLife is administrating our pension. It didn't disappear, just got shifted to someone else. It's not a matter of not being able to pay, they're carrying a plan now that still requires some payment from them. They could have wound it down in a much fairer way. They wanted to build Ground infrastructure quickly, and they took from us to do so. And again, you must marginalize anyone who brings up the truth. You're an enabler, pure and simple.

 

[yadig]

Truck driver at express with overtime makes 90,000 to 100,000. What do you make bacha?

 

[59 Dano]

MetLife is administrating our pension. It didn't disappear, just got shifted to someone else. It's not a matter of not being able to pay, they're carrying a plan now that still requires some payment from them. They could have wound it down in a much fairer way. They wanted to build Ground infrastructure quickly, and they took from us to do so. And again, you must marginalize anyone who brings up the truth. You're an enabler, pure and simple.

Nothing wrong with what they did other than it being unpopular. ::::