UPS to freeze pension plans for nonunion staffers
- Thread starter cheryl
- Start date
Preach this to @DriveInDriveOut
Catatonic
Nine Lives
Hardly ... you can buy an annuity to replace your monthly pension amount for around $750k, especially as interest rates creep back up.
Brownslave688
You want a toe? I can get you a toe.
Yes. Just making the point that freaking out and selling is rarely the right move.
Catatonic
Nine Lives
6% for non-union.
Nothing for Union ... Teamsters will not let UPS do that.
MAKAVELI
Well-Known Member
Way too young to contemplate when I'll retire. I understand that you change your risk level. But the problem is no one really knows when a crash will hit.
Not everyone had a choice. Especially when they are retired.
Catatonic
Nine Lives
Because they don't believe in themselves (probably with good reason) and don't understand investing.
Brownslave688
You want a toe? I can get you a toe.
I think maybe he's saying if we as individuals invested what ups puts towards our pension we'd retire with 3 million.
Brownslave688
You want a toe? I can get you a toe.
We you shouldn't be sitting on a bunch of stocks if you're retired.
MAKAVELI
Well-Known Member
Is it that the Teamsters won't allow it or that the membership won't forgo raises to allow it?
Brownslave688
You want a toe? I can get you a toe.
We will have to pry that money from
The unions cold dead hands.
Catatonic
Nine Lives
Or had their existing stock leveraged ... a lot of UPS lost their butts in 2008-2009.
SafetyFirst
Well-Known Member
There are pension plans in big trouble all over the country. UPS is already automating some preloads and trying to do more and more work with fewer employees in all areas, that trend will continue to strangle pensions wether we like it or not. I'm in a plan that is facing big cuts, even to guys already retired (actually bigger for them even) it's just hard to see how this situation corrects itself in the current environment
barnyard
KTM rider
You are probably correct. Given enough time, it won't matter. There is no such thing as a sustainable defined benefit pension.
Brownslave688
You want a toe? I can get you a toe.
The teamsters want raises (Union dues go up) pension contribution raises (they control that money) and healthcare contribution raises (oh guess what they control that now too)
It's not about what the members what. Come on.
Probably better than sitting on some long term bonds in a rising interest rate market like we have now
Catatonic
Nine Lives
More like IBT will not let members make that decisions.
The IBT wants every penny that can wrangle out of UPSers.
Brownslave688
You want a toe? I can get you a toe.
Man they are trying though. Let's just pump more money into it. $400+ a week now I believe. May be pushing $500 by now.
TheFigurehead
Well-Known Member
Unfortunately I do. I certainly don't plan to work here long term, however. UPS is a joke. I'm here for the insurance until my daughter goes to school full time, and then I am out... another year or two at most. I can't wait to relieve myself of the burden of the idiocy that surrounds me.
I've worked plenty of places in plenty of industries and I have never seen such a poorly run company as this. Any manager in my hub wouldn't last a week at a McDonalds without being fired for incompetence. If UPS wasn't a 100+ year old company, they'd be out of business in a month. Yes, they do an amazing job at the hard part... the logistics of getting a parcel from point A to point B in a prescribed timeframe... but everything that happens in between picking up that package and delivering it to the customer is inefficient, ridiculous, wasteful nonsense. A 5 year old could run a hub smarter, faster, and more efficiently than UPS does. It doesn't have to be this way, but we have too many unqualified idiots in some building in Atlanta who have never done the job making decisions based solely on what they think will improve stock prices. I won't shed a tear when this place drops dead. They've earned it over the past 20 years of greed and profiteering.
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