YRCW bankruptcy impact on UPS employee pensions

[scoutjumper]

Maybe, I am wrong but I wish there was no pension and UPS just gave us a match to a 401k/ROTH. Also, wish UPS would give us a lump sum to buy our own health care. If you did not want health care then buy a car or send a child to college etc. etc. I would like to control my own money. not the goverment nor a company. I guess I want freedom and responsabilty for my own self. What you do not own you do not control.

 

[1989]

Maybe, I am wrong but I wish there was no pension and UPS just gave us a match to a 401k/ROTH. Also, wish UPS would give us a lump sum to buy our own health care. If you did not want health care then buy a car or send a child to college etc. etc. I would like to control my own money. not the goverment nor a company. I guess I want freedom and responsabilty for my own self. What you do not own you do not control.

Agreed...Many could be retired at 40.

 

[dannyboy]

scout

its about control. the unions would never allow that to happen. ups would love to cut the drain that has been supporting all the other out of business trucking companies retired folk that are in the union. granted, many are only getting a small pitance for all their years, but even a small amount, spread over a large population is a large sum of money.

control, that is the name of the game at the unions, and federal goverment. to hell with whats best for the people, grow the unions and government.

d

 

[purplesky]

Maybe, I am wrong but I wish there was no pension and UPS just gave us a match to a 401k/ROTH. Also, wish UPS would give us a lump sum to buy our own health care. If you did not want health care then buy a car or send a child to college etc. etc. I would like to control my own money. not the goverment nor a company. I guess I want freedom and responsabilty for my own self. What you do not own you do not control.

Yes you are wrong. The 401K is not working as a replacement for the traditional pensions that companies use to offer workers like the one you now have as a Teamster at UPS. The average american will not be able to buy a college education for their child and save for retirement at the same time. You need to do some research and realize just how lucky you are to have a pension at all. Why on earth would you want to give up something you have been breaking your back for? If you want full control then quit UPS and start your own company.

 

[scoutjumper]

Dannyboy, I'm afraid you are right. Wish everyone could see it that way. A pension that you can not control is really no pension at all. It can be cut a any time or it could just go broke. Also, with out strict oversight on all of those billions and billions it is subject to graft. However if you had your own money under your own personal supervision it would be harder to steal. Also you could leave it in your will. Most people just want to buddyh about problems without taking ownership of the problems. Ownership of your own retirement funds would solve alot of problems.

 

[scoutjumper]

Why on earth would you want to give up something you have been breaking your back for? If you want full control then quit UPS and start your own company.

How can I give something up that I do not have or control. I can not leave it to my kids, can be decrease at any time, and can go bankrupt. Why are we breaking our back for something thats really not guarantee. There are more investments options than 401k or a ROTH. Theres real estate, or just earn simply interst, municpal bonds, t-bills maybe use that money to start your own company as you say. Why do I have to quit UPS to have full control. Can we not discuss other options. Times change and so do economies. Where do you think that money is right now, in a vault with your name on it or invested in the market.

 

[purplesky]

scout

its about control. the unions would never allow that to happen. ups would love to cut the drain that has been supporting all the other out of business trucking companies retired folk that are in the union. granted, many are only getting a small pitance for all their years, but even a small amount, spread over a large population is a large sum of money.

control, that is the name of the game at the unions, and federal goverment. to hell with whats best for the people, grow the unions and government.

d

Dude you are the goverment and you are the union. So are you saying its the unions fault that the economy has tanked worldwide? Lets just blame all our problems on the union. Look at CA. and all their pension problems with state workers now because tax revenues our down because of job loss in CA. and nationwide. Also the markets are a key factor for the health of pensions. The union was started for and by workers to have control and some say in their position. Ofcourse its far from perfect but its better than nothing which the FDX ground driver in my area would be happy to tell you. I would think the thousands of retired Teamsters cashing their pension checks as I type this also would agree. I guess we should also do away with social security and medicare. If you dont want to use the goverment services you have been paying for than fine but I am counting on my social security checks because I have earned them.

 

[scoutjumper]

Look at the states that have the highest non- goverment union members. These states are hurting the worst. Look at the airlines the non-union ones are profitable and putting the union ones slowly under. There comes a time when unions are a drag on the company. Also whats good for UPS is most of the time good for me and my family. I'm a union driver to but we are not in the 50's anymore. Yes, the unions do somethings really well. However it is our job as members to seperate the wheat from the chaff. Social Security is dying. Look at the demographics. It will cease in less then 20 years. Then where will your money be. Look Social Security makes a very good case why we should control our own retirement funds.

 

[1989]

$20,000 a year for 30 years at 4% will generate $1.2 mil.
$1.2 mil @ 4% will generate $48,000 a year.
Plus you would have the $1.2 mil to fall back on.

 

[purplesky]

Look at the states that have the highest non- goverment union members. These states are hurting the worst. Look at the airlines the non-union ones are profitable and putting the union ones slowly under. There comes a time when unions are a drag on the company. Also whats good for UPS is most of the time good for me and my family. I'm a union driver to but we are not in the 50's anymore. Yes, the unions do somethings really well. However it is our job as members to seperate the wheat from the chaff.

The reason we are in trouble now is not because there are too many union workers in this country, it is because WE ARE LOSING UNION WORKERS. All those good paying jobs that are lost= lost consumers. There are millions of union workers worldwide and there always will be. Acting
Air Traffic Controller
Caltrans
Construction Jobs (everything from carpenters to pile drivers)
Education
Electricians
Engineers: Operating & Stationary
Engineers: Professional & Technical
Entertainment Industries Including:
Acting, Music, Television, Motion Picture, Theater, Radio, & Publishing
Fire Fighter
Flight Attendants
Food Preparation & Serving
Grocery & Drug Stores
Government Jobs (Includes most of the jobs on this list)
Health Care
Hotel Jobs
Long Shore & Warehouse
Maintenance
Manufacturing & Production
Medical Including: Medical technicians and Assistants, Nurses, and most others.
Musicians
Office work including assistants, secretaries, data entry, and managers Postal Jobs
Printing & Publishing
Restaurant Workers
Retail & Department Stores
Transportation (Land, Water, & Air) This includes trucking, trains,cargo ships, and Caltrans
Writers

This is in 2010 not the 50s.

 

[scoutjumper]

Why are we losing those jobs? Is it because unions make it too costly, along with tax laws, pensions, health care, family leave envirmental laws to manufacture in this country. The only way to keep jobs here is with tariffs. Then everything would cost more. Also goverment spending is bankrupting us. Social Security Medcare and Medicade. Compaines are fleeing this country because our govt. has made it to costly to stay here. But back to the main point I would like to control my own retirement.

 

[purplesky]

How can I give something up that I do not have or control. I can not leave it to my kids, can be decrease at any time, and can go bankrupt. Why are we breaking our back for something thats really not guarantee. There are more investments options than 401k or a ROTH. Theres real estate, or just earn simply interst, municpal bonds, t-bills maybe use that money to start your own company as you say. Why do I have to quit UPS to have full control. Can we not discuss other options. Times change and so do economies. Where do you think that money is right now, in a vault with your name on it or invested in the market.

You dont have full control with anything really. The real estate collapse was done by wall street crooks and just flat out job loss has taken away buyers. You can save your money how you want. Your pension is just another piece to your retirement. You will need several pieces obviously. Invest your take home how you want. Your pension will allow you to help your kids if your situation allows. You get your pension on top of your good pay so why are you complaining anyway? You also have a 401k to help the OT tax bite.

 

[1989]

You dont have full control with anything really. The real estate collapse was done by wall street crooks and just flat out job loss has taken away buyers. You can save your money how you want. Your pension is just another piece to your retirement. You will need several pieces obviously. Invest your take home how you want. Your pension will allow you to help your kids if your situation allows. You get your pension on top of your good pay so why are you complaining anyway? You also have a 401k to help the OT tax bite.

I would rather have $1.2 mil over a failing pension and a failing SS system.

 

[What'dyabringmetoday???]

Another option, and one that is currently being implemented in my pension fund, is to raise the minimum retirement age, regardless of years of service. It used to be we could retire at any age if we had 30 years of service. They are now saying that we need to be at least 57 yrs old with at least 30 years of service to qualify for a normal pension.

Please tell me who "they" are that have given you this info. So far, no such thing has happened. There is going to be a change, but that is not true at this point. You will be able to leave in 2019.

 

[purplesky]

Why are we losing those jobs? Is it because unions make it too costly, along with tax laws, pensions, health care, family leave envirmental laws to manufacture in this country. The only way to keep jobs here is with tariffs. Then everything would cost more. Also goverment spending is bankrupting us. Social Security Medcare and Medicade. Compaines are fleeing this country because our govt. has made it to costly to stay here. But back to the main point I would like to control my own retirement.

You are so wrong. Jobs left long ago due to corp. greed and now we are paying the price. The unions did nothing wrong my friend. College grads cannot find work now in this country and it has nothing to do with unions. Its mostly tech jobs and a vast array of science related jobs that have left this country. Its globalization that has killed us. We are bleeding paychecks. Thats what made us strong. Its not just about unions its about greed. India and China are laughing all the way to the bank. I had 2 helpers each with a college degree in engineering and they cannot find any work. We are at a serious crossroads in this country and we need to move forward not backwards economically. Dont give in to the Walmart mentality. You have to fight for what you get! Its called a standard of living which you now enjoy because you are union. The standard of living for all workers and management is under attack in this country now so you better wake up.

 

[purplesky]

I would rather have $1.2 mil over a failing pension and a failing SS system.

What with your lottery ticket?

 

[1989]

What with your lottery ticket?

$20,000 a year for 30 years at 4% will generate $1.2 mil.
$1.2 mil @ 4% will generate $48,000 a year.
Plus you would have the $1.2 mil to fall back on.

 

[Brown287]

Why are we losing those jobs? Is it because unions make it too costly, along with tax laws, pensions, health care, family leave envirmental laws to manufacture in this country. The only way to keep jobs here is with tariffs. Then everything would cost more. Also goverment spending is bankrupting us. Social Security Medcare and Medicade. Compaines are fleeing this country because our govt. has made it to costly to stay here. But back to the main point I would like to control my own retirement.

I agree with some of your point, but I would disagree with you in regards to that unions are soley to blame for the expense of the well paid worker. In my town of Gilroy Ca. our local union garbage hauler just lost the county contract for the unincorporated areas of Gilroy and the other surounding communities. They lost this account to a competitor that actually pays thier employees more, they are non-union and make 34 dollars an hour plus all the benefits that we injoy. So I ask you is it really the union to blame for this? Maybe this competitor is more effecient or has figured a way to cut other expenses that the union company has not. I dont know the anwer either but its not always about over paid union workers.

 

[Old Man Jingles]

$20,000 a year for 30 years at 4% will generate $1.2 mil.
$1.2 mil @ 4% will generate $48,000 a year.
Plus you would have the $1.2 mil to fall back on.

If you reduce that $20,000 per year to $13,000 to allow for investing after tax dollars, it comes to $760,000.

Unfortunately, that is not how pension funding works.

A pension payout under the new laws in 2010 would probably come to less than $400,000.
http://www.kiplinger.com/magazine/archives/2008/03/lump-sum-payout-vs-distribution.html

 

[UpstateNYUPSer(Ret)]

Ownership of your own retirement funds would solve alot of problems.

On the flip side, ownership of your own retirement funds could create a lot of problems. There are some people who simply cannot manage money, whether it be lack of discipline or just plain lack of knowledge, and would takes this money which is supposed to go toward retirement and blow it.

It is possible to save both for college and retirement at the same time. I did not say it was easy.