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Dont waste your time, when he cant prove you wrong on what you post, he resorts to personal attacks.
Do the math... do you really think the younger folks coming into the workforce are going to sacrifice a portion of their earnings for a 401k?
Good question...
I started mine when I was 23 on the advice of the senior guys on my crew...
Is it possible that your company is trying to increase employee responsibility or they get some kind of tax writeoff or both.
My man,nobody can say it better than THAT! I know about it FIRST HAND and it"s SWEET!My $.02 worth. The BIG ! difference between a Defined Pension Plan and a 401k is the Pension you receive for the TERM of your LIFE. 401k and Roll-Over IRA can go to $0.00 before the end of your life. The three legs of the RETIREMENT STOOL is DPP, 401k, and SS. Knock out one of the legs and you could find yourself eating DOG FOOD if you live to long. WE at LCC should have both negotiated in OUR CBA.
Settle down my man, your starting to GO OFF!and why would they want one? That's the point. Whether IAM or IBT pension, the union trustees are in control and either have to whack benefits or default since the unions, particularly the IAM, can not sustain the membership levels. I'd much rather have a 401k AND profit sharing like the CWA negotiated instead of an 'out of date' defined benefit plan that is NOT so defined after all. At least in that way, our members can decide and control their own money for college cost, mortgage, etc., and have that extra $1,000-$2,000 paycheck handed to them in the first quarter that could be used for many things.
Defined benefits worked last century when they were the only game in town, but even then, whether the defined benefit was company driven or union driven, the funding was always inadequate. Throw in the spousal offsets, as many of us choose this option to take care of our spouses, and it gets whacked again.
regards,
and why would they want one? That's the point. Whether IAM or IBT pension, the union trustees are in control and either have to whack benefits or default since the unions, particularly the IAM, can not sustain the membership levels. I'd much rather have a 401k AND profit sharing like the CWA negotiated instead of an 'out of date' defined benefit plan that is NOT so defined after all. At least in that way, our members can decide and control their own money for college cost, mortgage, etc., and have that extra $1,000-$2,000 paycheck handed to them in the first quarter that could be used for many things.
Defined benefits worked last century when they were the only game in town, but even then, whether the defined benefit was company driven or union driven, the funding was always inadequate. Throw in the spousal offsets, as many of us choose this option to take care of our spouses, and it gets whacked again.
regards,
My $.02 worth. The BIG ! difference between a Defined Pension Plan and a 401k is the Pension you receive for the TERM of your LIFE. 401k and Roll-Over IRA can go to $0.00 before the end of your life. The three legs of the RETIREMENT STOOL is DPP, 401k, and SS. Knock out one of the legs and you could find yourself eating DOG FOOD if you live to long. WE at LCC should have both negotiated in OUR CBA.
The problem is that Roabily is comparing the $81 monthly level, which was decent. The reason why I was never for the IAM pension and Roabily screamed about how good it is, is because there is no guarantee. We learned with our first defined benefit from the company, and now our members been bitten twice with a defined benefit from the union. What is even more troubling, is that we can't even calculate future defined benefit levels since the $81 benefit level was whacked to a dreadful $48 and also subject to future cuts. Throw in the nasty pension level for part timers who only get half the full time level and everyone should be able to see how inadequate things are.I hear ya, but I still prefer the control it gives back to us (labor collectively).
There are no guarantees with either. One can have a 401K... make a few bad decisions on where they want their investments to go... and lose their arse. Additionally, 401 Ks are tied to the stock market which historically can be very volatile. Look at what happened to the value of the 401s after 09/11. If you were planning on retiring around that time your dreams went up in smoke. I witnessed this happen to a member in my station. IMO... a combination of the two is the best choice. We, collectively, still have the option to have both. To us "long toothed" senior agents this is an important contractual issue. Unfortunately, to the junior agents I believe this issue does not have the same importance. The reasons are too numerous to highlight in this post.The problem is that Roabily is comparing the $81 monthly level, which was decent. The reason why I was never for the IAM pension and Roabily screamed about how good it is, is because there is no guarantee. We learned with our first defined benefit from the company, and now our members been bitten twice with a defined benefit from the union. What is even more troubling, is that we can't even calculate future defined benefit levels since the $81 benefit level was whacked to a dreadful $48 and also subject to future cuts. Throw in the nasty pension level for part timers who only get half the full time level and everyone should be able to see how inadequate things are.
Never mind the huge spousal offset if our members, and other suspensions as it is fixed in concrete and can't be used for college, mortgages, etc.
regards,
There are no guarantees with either. One can have a 401K... make a few bad decisions on where they want their investments to go... and lose their arse. Additionally, 401 Ks are tied to the stock market which historically can be very volatile. Look at what happened to the value of the 401s after 09/11. If you were planning on retiring around that time your dreams went up in smoke. I witnessed this happen to a member in my station. IMO... a combination of the two is the best choice.