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Post by Deleted on Dec 12, 2014 15:43:21 GMT -5
Wow, you really should research exactly how a pension plan works, who funds it, and who gaurantees it. It does pay a lifetime...yours...so if you drop dead 6 months after doing your 30 your pension is history. If the company is placing money into an account in YOUR name for 30 years & you drop dead 6 months after you retire. YOU decide who gets what is left. I had a parent that was retired have their pension go into default, the governement agency that "gaurantees" the pension pays about 40% of what is should have been. Give me my money in an account in MY name, no way do i trust the company or union to gaurantee my pension & if you do, you my friend are the ignorant one. I know how a pension works. What I'm not so sure of is VEBA. Though a pension is not 100% guaranteed it is safer than a 401k. You already have a 401k TESPHE. It is just no matched by FoMoCo. Matching 401ks are a huge benefit to companies over a traditional pension. I think the majority prefers a traditional pension. You hit it on the head. 401ks in lieu of pension are a huge savings for companies. They handle an account for you, match a small amount and after a certain age they are done. It's worth mentioning these accounts aren't inherited the same way as regular money( tax free up to 8 million dollars) any payment you take from an inherited 401k adds to your taxable income for the year they are taken. It's not like u pass away and then your wife gets all that money , unless she forfeits a huge chunk to the tax man, it's paid out over time, a long time usually |
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Post by Ktp1989 on Dec 12, 2014 17:26:50 GMT -5
Ford pension is terrible...what pension reduces when social security kicks in...Ford Motor Companies.
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Post by fordworker95 on Dec 13, 2014 14:19:16 GMT -5
Ford pension is terrible...what pension reduces when social security kicks in...Ford Motor Companies. All defined benefit pensions reduce when you start drawing SS . |
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Post by pmooret on Dec 13, 2014 15:19:49 GMT -5
I don't believe that is the case at UPS. Don't know if that is Teamsters or just UPS. Does anybody know an UPS or Teamsters worker to verify this?
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Post by Ktp1989 on Dec 13, 2014 16:40:46 GMT -5
Ford pension is terrible...what pension reduces when social security kicks in...Ford Motor Companies. All defined benefit pensions reduce when you start drawing SS . Incorrect...any pension in the trades does not...Dupont does not as well....in fact most pensions do not reduce. |
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Post by justaworker on Dec 13, 2014 18:51:37 GMT -5
I don't believe that is the case at UPS. Don't know if that is Teamsters or just UPS. Does anybody know an UPS or Teamsters worker to verify this? I'm no expert, but a quick Google search showed that pensions have no effect on amount received from ssi |
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Post by machination on Dec 13, 2014 18:59:48 GMT -5
I don't believe that is the case at UPS. Don't know if that is Teamsters or just UPS. Does anybody know an UPS or Teamsters worker to verify this? I'm no expert, but a quick Google search showed that pensions have no effect on amount received from ssi What they're saying is that our PENSION decreases once SS kicks in, which you can see is true if you run a pension projection on the benefits website. As far as whether or not other companies pensions reduce once SS kicks in, I don't know. I would think that most companies would reduce it since the company would save money, unless they are very generous or can't due to some other arrangement. You can also select whether or not your spouse will take up receiving your pension if you predecease them, by a percentage. The more they can receive after you pass, the less you will receive while you live. You can take the full amount allowed to you if you like, but if you die then the spouse gets nothing and the payments stop. FWIW I will probably take the lower amount just to make sure my spouse will continue to get my pension once I pass. This is how I understood it from the benefits site. If I'm wrong about any of this I will stand corrected. |
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Post by justaworker on Dec 13, 2014 19:17:57 GMT -5
I'm no expert, but a quick Google search showed that pensions have no effect on amount received from ssi What they're saying is that our PENSION decreases once SS kicks in, which you can see is true if you run a pension projection on the benefits website. As far as whether or not other companies pensions reduce once SS kicks in, I don't know. I would think that most companies would reduce it since the company would save money, unless they are very generous or can't due to some other arrangement. You can also select whether or not your spouse will take up receiving your pension if you predecease them, by a percentage. The more they can receive after you pass, the less you will receive while you live. You can take the full amount allowed to you if you like, but if you die then the spouse gets nothing and the payments stop. FWIW I will probably take the lower amount just to make sure my spouse will continue to get my pension once I pass. This is how I understood it from the benefits site. If I'm wrong about any of this I will stand corrected. Thanks for clarifying. |
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Post by machination on Dec 13, 2014 19:39:48 GMT -5
My pleasure.
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Post by JoePieper on Dec 15, 2014 5:17:01 GMT -5
And this two tier BS is doing exactly what I said it would when I voted against it. It causes in-fighting and animosity between people on both sides.
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Post by thintwowin on Dec 15, 2014 8:19:33 GMT -5
Teamsters does not reduce when SS kicks in. They can not go back to work after retirement, that is a union job . So if there is a pool cleaning service that is union they can not be a pool boy. They have to find a non Union job after they retire.
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Post by pmooret on Dec 15, 2014 23:12:46 GMT -5
Thanks for the info. With the UAW pension, if you retire before you are old enough to draw ssi the company pays what they call a supplement. This supplement stops when you're old enough to draw ssi. With Teamsters, their retirement is about the same as ours is WITH the supplement and doesn't change when they start drawing ssi. I was made aware of this probably 15 years ago and since then our retirement has not had raises and doesn't even keep up with inflation so the numbers are probably not even close.
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Post by Ktp1989 on Dec 16, 2014 3:30:29 GMT -5
Most companies that have pensions do not reduce when your social security kicks in...Ford is one of the few and for that this pension is nothing more then about 1600 per month if you go out when social security kicks in...pension sucks and they can have my 25 years if the cash up front is right and can be rolled into an IRA...take it.
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Post by Deleted on Dec 16, 2014 14:05:58 GMT -5
So maybe we should look at pension improvement? Even at $1600 a month ( from money that never came out of your check, like a 401 does btw) if you live 5 years you will need $96000 after you pay taxes to equal that. Don't forget , for better or worse, with the pension you get veba too. Your 401 provides zero health coverage.
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Post by Deleted on Dec 16, 2014 15:03:23 GMT -5
Also, there are two types of unions, industrial unions like ours. Trade unions like sheet metal workers, for one and I believe teamsters are structured more like a trade union. A trade union provides all benefits and pension. It follows you from job to job . When I was a sheet metal worker ( I was classified as an " industrial worker",the bottom of the ladder) I had great insurance and a great pension if I had stayed with them. I also made $9 an hour and paid $112 a month in union dues . Our pension isn't a " uaw pension" it's a ford pension. It's funded by ford. It won't follow you away from ford. Two different animals y'all are comparing here as if they were the same....
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Post by driveshaftgrunt on Dec 20, 2014 13:58:54 GMT -5
JoePieper is right, couldn't be more right.
Just look at the poll results.
NO WAY getting rid of the 2-tier shouldn't be the #1 priority for this union.
If we don't get rid of it, just wait until the majority of the membership is made up of those that got screwed by it......
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Post by Ex-metalman on Dec 20, 2014 20:42:53 GMT -5
But there will never be a majority of the lower tiers.?Its locked at 20%So until the union bends over and lets the company raise the % it won't happen.By then I'll be retired (I hope)  ? |
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Post by driveshaftgrunt on Dec 22, 2014 9:52:51 GMT -5
I meant a majority of members who had to work at lower tier wages for years when they started.....lol
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Post by saugerman on Dec 22, 2014 15:36:58 GMT -5
And this two tier BS is doing exactly what I said it would when I voted against it. It causes in-fighting and animosity between people on both sides. i agree with you...Ford likes it like that...But unless someone can persuade the Japanese and Korean automakers to do away with it there is no way the U.S. automakers will give it up. |
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