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Yellow | Why 401-K is better !

wongway

wongway

-15% Yellow step-child supporter !!
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http://money.cnn.com/retirement/guide/401k_basics.moneymag/index9.htm?iid=EL, Here is a link with answer's about 401-K plans and company matching plans , and I know some of you Drivers will think it's stupid & dumb ,but just think of what you would have if all the money foolishly put into CSPF would have been put into a matching 401-k in ONLY your name that is just yours , after 30 years ?? These union multi-employer pension funds just don't work period and was a poor plan by under educated union leaders years ago . The only future plan that will work for union & yrc is to switch to a company match 401-K plan . and if any of you Driver's have a better idea or plan PLEASE post it . Thank You
 
wongway said:
http://money.cnn.com/retirement/guide/401k_basics.moneymag/index9.htm?iid=EL, Here is a link with answer's about 401-K plans and company matching plans , and I know some of you Drivers will think it's stupid & dumb ,but just think of what you would have if all the money foolishly put into CSPF would have been put into a matching 401-k in ONLY your name that is just yours , after 30 years ?? These union multi-employer pension funds just don't work period and was a poor plan by under educated union leaders years ago . The only future plan that will work for union & yrc is to switch to a company match 401-K plan . and if any of you Driver's have a better idea or plan PLEASE post it . Thank You
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Too little Too late ! :chairshot::hissyfit::regretful:
 
wongway said:
http://money.cnn.com/retirement/guide/401k_basics.moneymag/index9.htm?iid=EL, Here is a link with answer's about 401-K plans and company matching plans , and I know some of you Drivers will think it's stupid & dumb ,but just think of what you would have if all the money foolishly put into CSPF would have been put into a matching 401-k in ONLY your name that is just yours , after 30 years ?? These union multi-employer pension funds just don't work period and was a poor plan by under educated union leaders years ago . The only future plan that will work for union & yrc is to switch to a company match 401-K plan . and if any of you Driver's have a better idea or plan PLEASE post it . Thank You
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Why a match? why not a defined contribution?
 
Freight Crusher said:
I believe YRC teamsters in the Western conference get a defined contribution and not a match. I might be wrong since I'm not one of them.
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If I'm not mistaken that was a special situation where they had to find a place to put the funds they received from the YRCW companies which were at a less than required level for the pension fund itself.
 
joes bar and grill said:
No, that's how they can work, an employer is under no obligation to match or fund a 401k, they however if they choose to.
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Correct, company match is strictly voluntary. Should have been more specific in my post.

(I see those on-line courses are helping you) :438:
 
A company match could have been negotiated in the past or now. Heck the amount the company puts in a 401k could be negotiated with no contribution from the employee.
 
wongway said:
http://money.cnn.com/retirement/guide/401k_basics.moneymag/index9.htm?iid=EL, Here is a link with answer's about 401-K plans and company matching plans , and I know some of you Drivers will think it's stupid & dumb ,but just think of what you would have if all the money foolishly put into CSPF would have been put into a matching 401-k in ONLY your name that is just yours , after 30 years ?? These union multi-employer pension funds just don't work period and was a poor plan by under educated union leaders years ago . The only future plan that will work for union & yrc is to switch to a company match 401-K plan . and if any of you Driver's have a better idea or plan PLEASE post it . Thank You
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The good is the you could move from one company to another and still be in the same plan, keep in mind back then there were no 401 plans.
Give UPS some credit they predicted what was to come and at least tried to get their guys out of it(along with themselves), it's not the first plan to fail(just ask a Bethlehem Steel retiree) and won't be the last if congress puts together a bail out for CSPF there will be a long line in the me too category.
 
Wrench97 said:
The good is the you could move from one company to another and still be in the same plan, keep in mind back then there were no 401 plans.
Give UPS some credit they predicted what was to come and at least tried to get their guys out of it(along with themselves), it's not the first plan to fail(just ask a Bethlehem Steel retiree) and won't be the last if congress puts together a bail out for CSPF there will be a long line in the me too category.
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Even public sector pension plans are failing. Too much has been promised without rigorous sustainability conditions being taken into account. We all loved hearing about how great our retirement was going to be without seriously questioning the man behind the curtain.
 
The overpaid union leaders, along with the overpaid accounting and legal people on retainer by the Union should have applied their college degree smarts way back in the mid 80's when so many participants of these pension plans saw so many unionized carriers going under, that the funds would not last without a different source of funding, or a different plan, like a 401...
 
BIG R GUY said:
The overpaid union leaders, along with the overpaid accounting and legal people on retainer by the Union should have applied their college degree smarts way back in the mid 80's when so many participants of these pension plans saw so many unionized carriers going under, that the funds would not last without a different source of funding, or a different plan, like a 401...
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They were busy, remember?
jackie%20presser.jpg
 
BIG R GUY said:
The overpaid union leaders, along with the overpaid accounting and legal people on retainer by the Union should have applied their college degree smarts way back in the mid 80's when so many participants of these pension plans saw so many unionized carriers going under, that the funds would not last without a different source of funding, or a different plan, like a 401...
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"Collage Degree's" ? not , That is one of the main problems is that way to many union leaders don't have a college degree and are just truck driver's that was just voted up & in by the good old boys club !! and for the accounts they hired was just doing what they were told to do and yes 20 years ago they should have seen this coming with all the trucking companies shutting down !
 
wongway said:
"Collage Degree's" ? not , That is one of the main problems is that way to many union leaders don't have a college degree and are just truck driver's that was just voted up & in by the good old boys club !! and for the accounts they hired was just doing what they were told to do and yes 20 years ago they should have seen this coming with all the trucking companies shutting down !
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Please make sure you park the gold hotel tonight by the Will county jail. Our relief drivers get out @0800 Monday....
 
Triplex said:
Even public sector pension plans are failing. Too much has been promised without rigorous sustainability conditions being taken into account. We all loved hearing about how great our retirement was going to be without seriously questioning the man behind the curtain.
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The math problem will always exist in any pension fund when the membership is declining. There's no escaping that fact and the investment returns at any reasonable level won't change that. I don't think we're anywhere near solving this issue and I don't foresee any solution that doesn't reduce my pension. I hope I'm wrong.
 
So let's ban together and get the hell out of it.
I say keep the 25 percent contribution into the fund to keep it sustainable, keeping in mind we get almost nothing if Yrcw fails.
Any additional contributions would go into accounts with our name on it.
It's time to get the hell out of this ponzi scheme nightmare.
 
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