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TForce | Pension Buyout?

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SlowRide

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If the Teamsters take the offer where will this leave all the drivers building there current points and how will this help any new members coming on board with the talks in Indy. What will it do as a whole for anyone seeking union support. Does this stop any future organization at company's or will this just bring more strength for union activity.
 
SlowRide said:
If the Teamsters take the offer where will this leave all the drivers building there current points and how will this help any new members coming on board with the talks in Indy. What will it do as a whole for anyone seeking union support. Does this stop any future organization at company's or will this just bring more strength for union activity.
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Simply all they are doing is taking the current MEPF and making it a SEPF jointly managed by the Teamsters as well as the company. I do not see how this will hurt the Teamsters, but I could be wrong.
 
I think the wave of the future regarding pensions for most American companies will be 401-k's.
Companies don't want to make long term monthly payments for former workers that aren't producing anything for them in retirement.

As far as the current Teamsters pension,if UPS ever pulls out,you will see that pension plan sink into the sea of forgetfulness.

As much as nobody wants to believe it UPS is the glue holding this current plan in place.

If you notice employement adds now days offer 401-k plans.
You don't see many that are offering company pensions anymore.

I for one hopes the current Teamster pension stays in place,I've got 20.2 years credit.
But I'm also a realest,and know fulwell whenever UPS pulls out,my 20.2 years will get me zip.
 
To many variables to calculate. Just thinking of all the possibilities alone makes my head hurt. As for all the companies going with 401k's, thats cause its to their advantage. Instead of giving all their employees 12000 a year, they rely on the workers not to match the max or none at all. It saves them big time cash.
Another thing to take in consideration, this is just one fund, for now, and a big reason for the current underfunding is the dot com crash, which can happen at any time again, regardless of whos plan it is. And one last side note, for those who move on to another job, you'll no longer be able to build those credits such as the ones you have APO. with that said, who the heck knows.
 
As far as my Teamsters credits.
I got my first LTL Teamster city driving job in 1966,I took a withdrawl in 1986 freezing my pension at 20.2 years.
Now I have had a break in service working at Overnite/UPS Freight for 21 years.
In order for me to add anymore Teamster union credit to my frozen pension years.
I'd have to work at least 5 more years for a Teamster company.
To be re-vested.
I'm 63 & 1/2,so I don't see myself staying in trucking long enough to add to my present union credit.
Of course you know I hope the current Teamster pension fund stays solvent,so I can take advantage of receiving my fair share,when I do decide to retire.

But like anything in this life.
Time will tell!
 
Apostolic said:
As far as my Teamsters credits.
I got my first LTL Teamster city driving job in 1966,I took a withdrawl in 1986 freezing my pension at 20.2 years.
Now I have had a break in service working at Overnite/UPS Freight for 21 years.
In order for me to add anymore Teamster union credit to my frozen pension years.
I'd have to work at least 5 more years for a Teamster company.
To be re-vested.
I'm 63 & 1/2,so I don't see myself staying in trucking long enough to add to my present union credit.
Of course you know I hope the current Teamster pension fund stays solvent,so I can take advantage of receiving my fair share,when I do decide to retire.

But like anything in this life.
Time will tell!
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I would say you have nothing to worry about you are so close to receiving your vested time
 
How do you figure that SlowRide?
In a few weeks it will be one intire year since the Teamsters went to the barganing table with UPS rep's.,and still no contract.

Even after a contract is in place,the rest of our company has to sign cards for representation.
In the mean time we are still a non-union company.

Not untill everything is all wrapped up,and we are a Teamster company with UPS paying into the current pension fund on our behalf will any Teamster credit start.

I think by that time I will have hung up my steering wheel,and be collecting my old frozen pension credits,my UPS Freight pension,and any social security I have built up since I started contributing to that fund at age 14 when I got my SSI card.

As far as me seeing anymore Teamster credit,its just way to late for me.
 
Apostolic said:
How do you figure that SlowRide?
In a few weeks it will be one intire year since the Teamsters went to the barganing table with UPS rep's.,and still no contract.

Even after a contract is in place,the rest of our company has to sign cards for representation.
In the mean time we are still a non-union company.

Not untill everything is all wrapped up,and we are a Teamster company with UPS paying into the current pension fund on our behalf will any Teamster credit start.

I think by that time I will have hung up my steering wheel,and be collecting my old frozen pension credits,my UPS Freight pension,and any social security I have built up since I started contributing to that fund at age 14 when I got my SSI card.

As far as me seeing anymore Teamster credit,its just way to late for me.
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Apostolic :1036316054:

In the 21 years with Overnite did you build up a good size portfolio in your 401K plan???

:smilie_132:
 
SlowRide said:
I would say you have nothing to worry about you are so close to receiving your vested time
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Yes, you will not get anymore points to add. And it seems you wanted to add more of course. But at your age you will receive what you have frozen is what I meant. Myself I have some pension time frozen with GI pension but what or will be left in 15 years who knows. It was not fully funded and withdraws will shorten any chance of me seeing the full vested amount
 
Apostolic said:
I think the wave of the future regarding pensions for most American companies will be 401-k's.
Companies don't want to make long term monthly payments for former workers that aren't producing anything for them in retirement.

As far as the current Teamsters pension,if UPS ever pulls out,you will see that pension plan sink into the sea of forgetfulness.

As much as nobody wants to believe it UPS is the glue holding this current plan in place.

If you notice employement adds now days offer 401-k plans.
You don't see many that are offering company pensions anymore.

I for one hopes the current Teamster pension stays in place,I've got 20.2 years credit.
But I'm also a realest,and know fulwell whenever UPS pulls out,my 20.2 years will get me zip.
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Apo. If ups buys out the plan, the monies given in respect will be given too make the plan solid, so you will be retiring with your pention from the teamsters.
 
Accelerator said:
Apo. If ups buys out the plan, the monies given in respect will be given too make the plan solid, so you will be retiring with your pention from the teamsters.
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Accelerator :1036316054:

You are 100% correct.
But yet so many distrust large corporations in the private sector like UPS, that I don't know why they just don't get a government union job. Of course the government will never do anything to screw them out of their pension that they have coming. The government can always print more dollars that have less buying power after accounting for inflation.

:smilie_132:
 
River17 said:
Accelerator :1036316054:

You are 100% correct.
But yet so many distrust large corporations in the private sector like UPS, that I don't know why they just don't get a government union job. Of course the government will never do anything to screw them out of their pension that they have coming. The government can always print more dollars that have less buying power after accounting for inflation.

:smilie_132:
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Less buying power, that has become a perminant fixture in this economy, so has mistrust in corperate America , and alway's will ,20 yrs. of mismanagment will etest to that, or a conspiracy to kill labor unions,I am looking for a $400,000.00 home with a 15% interest rate for 30 yrs and a yearly income of $30,000. Maybe China will feel compassion for us, Again maybe paranoia, but not far from the truth.

I cannot disagree with your statement you are dead on.:smilie_132:
 
Accelerator said:
Less buying power, that has become a perminant fixture in this economy, so has mistrust in corperate America , and alway's will ,20 yrs. of mismanagment will etest to that, or a conspiracy to kill labor unions,I am looking for a $400,000.00 home with a 15% interest rate for 30 yrs and a yearly income of $30,000. Maybe China will feel compassion for us, Again maybe paranoia, but not far from the truth.

I cannot disagree with your statement you are dead on.:smilie_132:
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Accelerator :1036316054:

It seems that the main reason why our government is letting the dollar fall in value is because the Democrats hate Bush so much that they were not willing to give Bush credit for fixing the social security and medicare mess that is looming in the future.
So in order to pay all that the government will have to print more money, thereby devaluing our dollar even more.
That is why it is a good idea to have plenty of international mutual funds in your investments. They will pay you more dollars back going forward.

:smilie_132:
 
If the dollar is devalued, how does getting more in the future help. It will be more worthless inflationary paper. If you want to preserve what you have, buy gold and silver and other precious metals of intrinsic value.

Gold just 5 or 6 years ago was $256 per ounce.
Today one ounce is $711.
Silver was $6 per ounce and today is $14.
 
Animo916 said:
If the dollar is devalued, how does getting more in the future help. It will be more worthless inflationary paper. If you want to preserve what you have, buy gold and silver and other precious metals of intrinsic value.

Gold just 5 or 6 years ago was $256 per ounce.
Today one ounce is $711.
Silver was $6 per ounce and today is $14.
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It is certainly better then the $2 dollar bill's laying around at the local bank.
 
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