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Post by ktpframeking on Jun 7, 2019 0:30:16 GMT -5
If you stay the full 30 years. How much is your pension, per month?
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Post by nra4life on Jun 7, 2019 4:23:59 GMT -5
$1620 if you take the 100% payment, this does not include any supplement.
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Post by ktpframeking on Jun 7, 2019 15:54:49 GMT -5
Damn that’s sad. I’m making more than that a WEEK now. How ya supposed to live on that. ?
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Post by goodtime on Jun 7, 2019 18:09:30 GMT -5
By not living beyond your means. Stop living paycheck to paycheck. If you're not ready after 30 years to retire, you never will be. Start saving, 30 years goes fast.
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Post by ktpframeking on Jun 7, 2019 18:52:10 GMT -5
Yeah. I mean I’m saving and all that but Teamsters pensions are $ 2,559 for 25 years. Seems like the UAW could do better
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Post by ktpveteran6499 on Jun 8, 2019 8:56:54 GMT -5
Yeah. I mean I’m saving and all that but Teamsters pensions are $ 2,559 for 25 years. Seems like the UAW could do better They gotta get their scandal money from somewhere. |
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Post by nra4life on Jun 8, 2019 13:05:08 GMT -5
Yeah. I mean I’m saving and all that but Teamsters pensions are $ 2,559 for 25 years. Seems like the UAW could do better Well if you include the supplement, which everyone receives until social security kicks in, 30 year 100% payout is $3170 per month. Seems like the teamsters could do better |
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Post by ktpframeking on Jun 8, 2019 20:23:31 GMT -5
Who pays this “ supplement “ ? , is it the UAW or Ford ? Is it a UAW negotiated benefit ?
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Post by nra4life on Jun 8, 2019 21:00:31 GMT -5
Who pays this “ supplement “ ? , is it the UAW or Ford ? Is it a UAW negotiated benefit ? It’s amazing you know so much about the teamsters pension yet nothing about your own. |
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Post by ktpframeking on Jun 8, 2019 22:03:29 GMT -5
Most of my family are Teamsters. No body on my line knows anything about this supplement. I’ve just come to work every day since 1999 and never thought much about retirement. Just trying to figure it out
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Post by Ex-metalman on Jun 9, 2019 6:36:49 GMT -5
Yeah. I mean I’m saving and all that but Teamsters pensions are $ 2,559 for 25 years. Seems like the UAW could do better Well if you include the supplement, which everyone receives until social security kicks in, 30 year 100% payout is $3170 per month. Seems like the teamsters could do better Only sad part is at 62 your supplement drops and you can either wait on SS or draw it.Im taking mine ASAP.(62) You can also go on SS website and get an idea of what you’ll get at various ages past 62. |
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Post by rockyt on Jun 9, 2019 14:16:08 GMT -5
Hasn’t been an increase in the pension in a looooong time! They need to increase it this contract, but they won’t. They will wave a little cash to induce people to retire and they will. Thus retirement will never increase so you better being getting out of debt and saving money to take care of yourself.
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Post by ktpframeking on Jun 9, 2019 15:34:40 GMT -5
Hasn’t been an increase in the pension in a looooong time! They need to increase it this contract, but they won’t. They will wave a little cash to induce people to retire and they will. Thus retirement will never increase so you better being getting out of debt and saving money to take care of yourself. Thanks. I am trying to do just that. The union should make this information more easily available. |
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Post by pmooret on Jun 9, 2019 17:52:39 GMT -5
What I was told years ago was that the amount that Teamsters receive stays the same once they start drawing Social Security. Thus they draw $2559 plus the amount of social security when they reach 62 or whenever they choose to start drawing. Can't say for sure this is fact as I don't recall where I got the info but this is the way I've always understood it to be.
Rockyt is right, we haven't had a raise in our pension in a loooong time. Divide and conquer, that's what they did. When the two tier system started every contract the emphasis was placed on the 2nd tier employees whose retirement wasn't comparable with ours so they kept tinkering with theirs and neglected ours, FOR YEARS. No one in the union can even answer my question when I ask when was the last time the legacy workers had a raise in their Life Income Benefit. Perhaps that's because the last time that happen most of the reps hadn't been hired yet. After a few more contracts the 2nd tier workers retirement will catch up with us because ours hasn't had a raise in so long no one can remember when. At that time the company will tout the gains over the years but omit the fact that legacy retirement hasn't kept up with inflation or cost of living. Don't let them screw us again. If no raise in the LIB vote no.
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Post by Ex-metalman on Jun 10, 2019 5:00:39 GMT -5
Exactly when I was hired I actually thought we received 3100 PLUS SS.Then after a few years I learned different.Never understood why we /UAW would settle for 1500 a month after30 yrs service.I paid into SS BEFORE I worked at Ford.But it is what it is.Im planning accordingly
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Post by remember1976 on Jun 10, 2019 7:34:05 GMT -5
It has always been amazing to me that almost no one reads either the contract or the big Your Employee Benefits book issued to every legacy UAW represented hourly employee every four years. All the questions asked on this forum are answered in those two sources. And in easily understandable language in Your Employee Benefits.
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Post by Ex-metalman on Jun 10, 2019 10:23:11 GMT -5
Think most of us HAVE read it .We just can’t believe the fucking our retirees get .Time for the UAW to step up and get them/us a raise..
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Post by pmooret on Jun 10, 2019 11:25:25 GMT -5
Hey ktpframeking, since your family is Teamsters could you check on the structure of their retirement to see if it is as I explained in the previous post above. Usually the older folks are more accurate in how their retirement benefits are structured.
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Post by driveshaftgrunt on Jun 14, 2019 8:59:40 GMT -5
Remember kids, there are people in this plant that talk about "30 and out" and don't understand that they don't get a pension...….
I've heard younger hires, with 3 or 4 years in talk about "When I get my 30 years in Im gone...." I don't have the heart to tell them anymore.
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Post by Ex-metalman on Jun 14, 2019 9:20:29 GMT -5
My buddies son was hired in 2016.They actually did the math and compared both options.His son IF he saves the max and gets that matched by Ford(they only match a certain%)will have a better retirement at 30 than our shitty 3000 a month til 62
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Post by pmooret on Jun 14, 2019 11:51:38 GMT -5
That's because their money draws dividends/interest, etc over the years. Legacy retirement is a flat rate, your Life Income Benefit (a unit of measure so to speak) times your years of service. The LIB is dependent solely upon the companies generosity during contract negotiations (since the contract always passes) and doesn't draw dividends/interest, etc like a 401K, IRA, etc. So since we haven't had a raise in our LIB since the 2003 contract legacy retirement has not had any increases due to dividends/interest, etc, it is still at the 2003 level and this is 2019. I have preached for the last two contracts about increases in our LIB and it has fallen on deaf ears. Now that everybody is getting older they are starting to think about it but we'll never catch up in one contract. Folks never gave retirement a second thought because when you hired in we had a good retirement and people thought that would not change but very few people kept up with it in the contracts and didn't realize we weren't getting increases. Hope you have tesphe.
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Post by pmooret on Jun 14, 2019 11:53:59 GMT -5
Also, since we no longer have cola, current retirees no longer get the first cola of a contract that we always gave them, and they're pissed.
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Post by nra4life on Jun 14, 2019 12:08:06 GMT -5
My buddies son was hired in 2016.They actually did the math and compared both options.His son IF he saves the max and gets that matched by Ford(they only match a certain%)will have a better retirement at 30 than our shitty 3000 a month til 62 And...that money is in their name, if they drop dead it goes to their beneficiaries, if we drop dead a week after retiring and are collecting 100% no survivor benefit it’s gone, over, done. Plus you don’t have the worry of the company not being able to fund it. All in all what the newer people have is really in my opinion a much better deal. |
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Post by fordlapworker1993 on Jun 14, 2019 12:31:46 GMT -5
My buddies son was hired in 2016.They actually did the math and compared both options.His son IF he saves the max and gets that matched by Ford(they only match a certain%)will have a better retirement at 30 than our shitty 3000 a month til 62 If he hired in young he can't take any money out til hes 56. Maybe 55 & a half....not sure...I would have to work 36 years if I was in that scenario |
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