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TForce | Pension

GLAD TO BE_UPSF said:
The problem is that the monies paid toward Bob's pension aren't just sitting there waiting for Bob to retire.
It has been paid to retiree's already.
In order for this system to work, someone has to be working and paying in to the system.

It is the same for social security....the money you pay into social security is being paid to current retiree's...not sitting there until your ready to retire. So in order for it to work, someone has to be paying into it.

The proper way to do it would be to negotiate to have all the money contributed for Bob to go into an account for Bob, but that won't work because there is no special account for everyone that is already retired.

The only way you could have the money paid on your behalf go into an account until you retire would be if the pension was fully funded before anyone collected any monies.

Since we are starting from scratch, we should have our own pension fund negotiated for UPS Freight....but that won't happen because the people doing the negotiating are the same people that need to have money coming in for their existing pension fund.

I personally would rather not have a pension...give me the money that goes in on my behalf...and I'll invest it myself.
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The direction the pentions are going in is the same in comparison too Social Sec. It is going into the same direction.

This is not too say a recovery of some sort cannot arise, I would not even want too touch that bees nest.

But there is the same elements involved, the system simply mocks the GOV. in practice.
 
Accelerator said:
What I am comparing here is not the differances inbetween the two plans, I am well aware of what the differances is,but thier consistancy, and the fluidity of profits in respect to the market.

When UPS pays into the pention, there is a set amount per hour that is vested too an account in your name, Or so we are lead to believe, this is nothing more then #'s on paper, the actual monies, in lames terms, is thrown into a pot and vested in certain things too maintain interest in order too allow Retiring teamsters to get paid. Amanaged set account.

Vs a 401K, In refferance to our's for example, when we were "O" we were lucky if we had seen for the time I have been with the company, too see a 7% into the 401K, It is usually around a 3-4% range if the #'s are done correctly, the end result depends on profits, company performance, etc etc. Then this money is thrown into an account for you and is the direct result of managed gambeling in comparison, today you win tommorrow you loose, pending on where you have your stock, over a period of time such stocks are expected too perform like this over a period of so long, and this is how the monies is obtained.

One is gauranteed, one is not. I am not saying one is better than the other, but when comparing the two, the |HR. contribution gaining interest is usually a better bet in the long term. Not in all cases though it depends on the terms.
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There is only one gaurantee in life and its not stocks, 401s or pension's.:smilie_132:
 
Holy Hanna BusterNite you must be a millionair by now?

I've already blown through my 401-k sorry to say.
My wife is a spender and it was pay off high rate credit cards or file for bankrupcy.
But going bankrupt isn't right she made the bills so it was up to both of us to pay them off.
Which we still are working on at this time.
One reason I can't retire even if I wanted to.
With credit card debt you can't live on a fixed income.
So a word to the wize get rid of the crdeit cards,or the wife.
No I'm just kidding,although I'm glad she has no interest in reading my posts on the truckingboard.
At least to my knowledge when I'm home.
I'd be in the deep doggy do-do if she looks when I'm working?
 
Apostolic said:
I only have two things to say on this pension issue.
I sure do want to see everthing in writting.
hugnlug that million dollor question of yours is a mystery coming from all of the Teamsters recruters at our local meetings.(2 years for 1 year) were they planning on the taking over the Overnite pension funds to make such a good offer?

The other thing is whats going on with our old Overnite pension?

Is it like a basket ball being bounced around in the minds of UPS,and other interested parties outside of us workers that have earned it?

Well as my brother in the Lord always says.
(TIME WILL TELL)
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Have you ever read or do you beleave in the Federal Goverment of the U.S with muti employer Retirement plans This is why ups does not want you to be a part of these plans because the are Guarntee under Federal law. Is your plan Guarntee under Federal law or is it just a promise How do you know that the COMPANY may just decide that they are not going to fund it anymore.If the company desides not to fund your plan anymore what will you do. I will tell you what you will do you will go back to work somewere or you will do without
 
Poision said:
Have you ever read or do you beleave in the Federal Goverment of the U.S with muti employer Retirement plans This is why ups does not want you to be a part of these plans because the are Guarntee under Federal law. Is your plan Guarntee under Federal law or is it just a promise How do you know that the COMPANY may just decide that they are not going to fund it anymore.If the company desides not to fund your plan anymore what will you do. I will tell you what you will do you will go back to work somewere or you will do without
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First of all if these ME' go out of business what then, UPS is already paying 60% into a fund for people who has never worked for them. What is the GOV. doing about that?
 
Apostolic said:
Holy Hanna BusterNite you must be a millionair by now?

I've already blown through my 401-k sorry to say.
My wife is a spender and it was pay off high rate credit cards or file for bankrupcy.
But going bankrupt isn't right she made the bills so it was up to both of us to pay them off.
Which we still are working on at this time.
One reason I can't retire even if I wanted to.
With credit card debt you can't live on a fixed income.
So a word to the wize get rid of the crdeit cards,or the wife.
No I'm just kidding,although I'm glad she has no interest in reading my posts on the truckingboard.
At least to my knowledge when I'm home.
I'd be in the deep doggy do-do if she looks when I'm working?
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Credit card company's are robbing people. The national average debt is twenty thousand per house hold. Credit cards destroy young familys. I do not have a credit card and I do not have any credit card debt. I use my bank debit card. If its not in the bank, I can't afford it. I have spent the last 15 years doing what ever I can to be completly debt free. The object, Retire early and most important, get out of trucking.:1036316054:
 
BusterNite said:
Credit card company's are robbing people. The national average debt is twenty thousand per house hold. Credit cards destroy young familys. I do not have a credit card and I do not have any credit card debt. I use my bank debit card. If its not in the bank, I can't afford it. I have spent the last 15 years doing what ever I can to be completly debt free. The object, Retire early and most important, get out of trucking.:1036316054:
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You know the stress level is alot lower in life....I have been on both sides of the fence and having debt that you really don't know where it went to.....Sucks and is very frustrating....I want to be done as soon as I can....I'll probably wont stop working but it will be nice to do something I like and enjoy.....Even if it don't pay poopy! I have 3 people that were union and retired in their 50s and are now just doing the goofy little jobs that they have always wanted to.....And 2 of them are making more money that they were for Yellow and UPS.....
 
greezy trucker said:
You know the stress level is alot lower in life....I have been on both sides of the fence and having debt that you really don't know where it went to.....Sucks and is very frustrating....I want to be done as soon as I can....I'll probably wont stop working but it will be nice to do something I like and enjoy.....Even if it don't pay poopy! I have 3 people that were union and retired in their 50s and are now just doing the goofy little jobs that they have always wanted to.....And 2 of them are making more money that they were for Yellow and UPS.....
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Thats what Im talking about. I will be to young to stop working completly. I just want out of trucking and do what ever to keep a little income coming in. In order to do this you must not have any debt.:1036316054:
 
to answer your question about your overnite pension,the ups book tells you that your pension has been placed with other UPS non union employees.(and i can tell you they dont make as much as us). call the employee connect number and the will be available to help you with your ? as for the IBT/teamsters they have not even got to the point on discussing our pension-- people that have been posting on this board about the pension and saying thats the hold up,there is no truth to it. for your c/f pension if you had your time in then your pension is still with the union. and that is your money.
 
Well I think I already posted that at age 62,and for the 20.5 years of service Overnite would give me a little over $1200.00 per month.
If I wait till I'm 65 they will give me $2900.00 per month,better than double for me staying on an additional 2 years.

I hear the average life of someone living long after retiring at age 62 is better than going after that.
So at the lower payments they figure they will be paying more than if you retire later.

They figure if you work longer your chance of kicking the bucket is greater,and they'll only have to pay survior benefits to whoever your estate is going to?

This all has to do with an insurance amorization average of life expectation.

You've got me?
Something about the risk of death in our industry the longer we work in it.

whatever?

I'm ready to go to meet Jesus,but I'm not ready to retire yet.
So either way its going to work out for me,and my wife.
 
LOCAL776 said:
to answer your question about your overnite pension,the ups book tells you that your pension has been placed with other UPS non union employees.(and i can tell you they dont make as much as us). call the employee connect number and the will be available to help you with your ? as for the IBT/teamsters they have not even got to the point on discussing our pension-- people that have been posting on this board about the pension and saying thats the hold up,there is no truth to it. for your c/f pension if you had your time in then your pension is still with the union. and that is your money.
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With "O" I think it was $2.25 per hr. I think. Dedicated too the pention on our behalf.
 
This is just my opinion and you know what those are like ,But as a teamster I want you in the union for sure ,But I think what you had from before you join should be yours to keep ,you earned that and it didnt have anything to do with the union,So I say all that no one but you should be able to touch.Then you join the union and like everyone else you have 5 years to become vested and you build on that pention with your years of service from that point on.I dont blame you for not wanting to let anyone take what you have already earned that is yours like money in the bank ,That should have nothing to do with joining the union and your new future with the teamsters,Now thats just how I see it I might be rong but I think thats the way it should be .As for being in the union you should be master freight just like everyone else no sweet heart deals or any of that we should all be the same in that respect with the contract,You dont want any white paper contract or any bull crap if your in, your the same as Road Way Yellow Holland ABF ,New Penn we should all be the same . Thats my feelings on it.We need to get togeather and stick togeather ,and I am sorry to say it dosent seem like the union even wants us to do that.
 
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