I agree with you on the part that I like to see a little bit more money put into the pension every year.
Well, we don’t personally invest any money in our pension it is invested for us. I do, however personally, invest in other things.
I believe what he's trying to say is no matter how much you put away in your 401k the money goes up every year because you get a raise every year.
I’ve maxed out my 401(k) for close to a decade, anyone not doing close to the same and counting only on pension, is short, changing their retirement already in my opinion.
Yep. That 50 cents from 7 years ago might need 75 cents today. So over the span of two contracts that's a major loss.
Everyone's situation is different
It doesn’t work that way brother.
They still need to increase the contributions a little bit every year.
And my plan has averaged $160 per benefit year for full timers and we just got to the point we can add enhancements. Took almost 20 years to climb out of it. But our future members will get up to almost $300 per benefit year and I’m happy for them.2080 X $14 per hour = 29,120 a year, divided by 52 weeks = $ 560 a week going into the Western's pension plan per full time member. I believe that their part timers under peer 80 would be half of that ($ 280)/ 16,000 a year. Remember that both their part time years and full time years are combined when you retire, so unlike most of the rest of us...
That will continue and improve till 2028....
That .50 per hour (40 hour week) health and welfare/pension increase from I seen will be divided up between both plans, depending on the health of both plans. I expect that most of those increases will go into the Health and Welfare plans (per Article 34 (Master).
There are so many other pension plans and formulas that really needed improvements that didn't happen with this TA..those members in the West should not complain and they know it. I expect at the end of 2028 their pay out will be close to 400 dollars a service year even without outstanding returns with your pension plan investments or new participants.
For example with a $ 400 service year formula their 30 year pension at any age would pay out with 5 years part time and 25 years full time approximately: 5 x 200 (part time) = 1,000....25 X 400 (full time) = 10,000 ... grand total 11,000 a month...now compare those totals for the IBT/UPS Pension Plan....
Even if there are no significant improvements in the Western, speculating that the totals right now are at $ 300 a service year...5 X 150 (part time) = 750.....25 X 300 (full time) = 7,500 ....8,250.
These estimates have to be close, if not please correct me...
I understand that, but this was the time to fight for the raises, especially part timers. In five years we can revisit the pension fund contributions. but don’t hold up a good contract at a time when almost all the funds are green and we have reserves and enhancements and a labor friendly president. That’s the whole point here.
I told you I'm voting yes on this contract
Apparently that type of thinking is wrong?
Our pension has not kept up with inflation
Get with it. That "freeze" talk is so yesterday! You don't need extra money.
The pension isn't frozen
Contributions being the same year to year is frozen to me. If healthcare goes up the contribution could decrease.
