UPS to freeze pension plans for nonunion staffers

[Catatonic]

The cabinets are being replaced.

And that's that!

 

[Oak]

Leaving lino in place and going over it has two major advantages.

1) It does a very good job as a moisture retarder. Moisture vapor from below the subfloor is one of the biggest reasons for flooring failures.

2) Depending on the age of the lino, it very likely contains asbestos. Best left undistrubed.

 

[Over 70]

One of my wife's coworkers was freaking out. My mom and dad had to sell they had already lost 300k.


All I could think was IDIOTS. I used it to teach my wife they hadn't actually LOST any money until they sold. That's when they screwed themselves.

I remember around 2008 when all my dad's coworkers were freaking out about their company stock and selling taking huge loses.

The old man took 100% of his retirement which was sizable and put it into the company's stock (A natural gas public utility). It more than tripled in a few short years. Bold move but paid off big time. Retired at 55

 

[Scuba_Steve]

They are being very vague about what "frozen" means.

What is frozen? If someone is 54 and 11 months on 1/1/2023 does that mean they are calculated like early retirement(before 55) with the massive penalty that has on that date and that is what they will be frozen at that point? Or will the age still be taken into consideration just other stuff like salary used frozen?

Or is it frozen for years of service credits, or frozen for last 5 years of pay calculations?

They are being not clear enough to me.

As someone who will also be very close to 55 when the freeze occurs I expect a massive massive screw job is coming.

And they just HAD to screw pre-2008 people with the special reduction in 401k matchings....seriously why bother with taking a percent to two away from them and bothering with a special rule different from everyone else? Seriously nickle and diming going on there.

 

[Faceplanted]

They are being very vague about what "frozen" means.

What is frozen? If someone is 54 and 11 months on 1/1/2023 does that mean they are calculated like early retirement(before 55) with the massive penalty that has on that date and that is what they will be frozen at that point? Or will the age still be taken into consideration just other stuff like salary used frozen?

Or is it frozen for years of service credits, or frozen for last 5 years of pay calculations?

They are being not clear enough to me.

As someone who will also be very close to 55 when the freeze occurs I expect a massive massive screw job is coming.

And they just HAD to screw pre-2008 people with the special reduction in 401k matchings....seriously why bother with taking a percent to two away from them and bothering with a special rule different from everyone else? Seriously nickle and diming going on there.

Nickle and diming..... kinda like when an on road walks up to a driver with the magic sheet and ask what he was doing at 123 main st for 4 minutes? "That stop should have took 2"

 

[twoweeled]

I guess it sucks to be management at UPS.

Yeeaaah, management is just the first step, is my guess. Sucks to be management today!

 

[twoweeled]

I could retire on my 401k holdings.
Live within your means and contribute the max.
Worked for me.

Looks like the tax reform will reduce that marginal tax rate.

Note: I have not touched my 401k or my outside investments which are much more than my 401k.

Oooohh so true. Max out! Dang me! Your outside investments are much more than your 401K??
Will you put me in your Will? Pleeease! Ah come on!

 

[TearsInRain]

was expecting a big nerf today, instead my retirement got a small buff

thanks UPS?

The problem with a 401k is it's not enough to retire on by itself. And all those pre tax contributions will be taxed when withdrawn, most likely at a higher rate.

you should stay away from investing threads cuz that's pretty stupid to say

 

[TearsInRain]

What the hell is bojangles?

found the yankee

 

[MAKAVELI]

was expecting a big nerf today, instead my retirement got a small buff

thanks UPS?



you should stay away from investing threads cuz that's pretty stupid to say

And you should quit while you're ahead.
Do You Owe Taxes on Your 401(k) When You Retire?

 

[TearsInRain]

And you should quit while you're ahead.
Do You Owe Taxes on Your 401(k) When You Retire?

um okay that's investing 101 thanks for sharing but what's your point?

 

[Brownslave688]

And you should quit while you're ahead.
Do You Owe Taxes on Your 401(k) When You Retire?

Not on a Roth 401k.


That's why my 401k will be the last thing we touch in retirement. If it ever gets touched.

 

[MAKAVELI]

Not on a Roth 401k.


That's why my 401k will be the last thing we touch in retirement. If it ever gets touched.

Both have a limit on contributions. You pay either way.

 

[Brownslave688]

Both have a limit on contributions. You pay either way.

You really struggle with this don't you?


Throw out random "facts" that have nothing to do with what was said so you sound smart?

 

[TearsInRain]

Both have a limit on contributions. You pay either way.

are you serious?

 

[DriveInDriveOut]

You really struggle with this don't you?


Throw out random "facts" that have nothing to do with what was said so you sound smart?

Strippers and blow are far less complicated.

 

[IVE GOTTA PACKAGE 4U]

Strippers and blow are far less complicated.

You can buy lots of that stuff when you have a big 401k

 

[DriveInDriveOut]

You can buy lots of that stuff when you have a big 401k

But I need it now!

 

[MAKAVELI]

You really struggle with this don't you?


Throw out random "facts" that have nothing to do with what was said so you sound smart?

Why are you struggling with the fact that you pay taxes on either one?

 

[MAKAVELI]

are you serious?

No, I'm friend* joking.