UAW On Strike

[KLB]

Then why in 2007 did IBM stop the new employee pension and shift to a 401?
Would they not want to keep the best people still today?

A fixed pension check is a guaranty, a variable investment income 401 is not guaranteed monthly income.

Probably to do with the law Pension Protection Act that was passed in 2006 by the Feds.

 

[Creedmoor]

But business is in business to make money. Why would they spend any more on labor than they have to and reduce their EBITDA?

Perhaps, So their employees and familys have a better quality of life.

With that, with making the bottom line better.
Why do non union employers give any benefits that are not required by law?

And why does todays employees that work in jobs that just have a 401 tend to only work at each job for a few short years?

In reality its catch 22, situation.

 

[bobzilla]

Probably to do with the law Pension Protection Act that was passed in 2006 by the Feds.

If I read that right, they were requiring companies with pensions to provide funds to cover failed companies pensions? If that is the case I'm surprised anyone offers that. That does two things: 1. cuts into the amount of money a company gives to their employees and 2.) basically taxes the employer for providing a benefit.

 

[Creedmoor]

Probably to do with the law Pension Protection Act that was passed in 2006 by the Feds.

Were not going to mention the Billions they save each years with going to 401's for retirements. And there retirement fund is still in very good shape. Its #16 in the top pension plans.
It was over saving Billions each year.

 

[Shadow01]

Wow. If consumers don't want what they're building, can you explain why all three companies have made record profits in the last ten years?

View attachment 304953

Fleet

 

[bobzilla]

Fleet

and the fact that there were no record profits in that timeline. In fact they've been falling consecutively for most of that decade.

 

[bobzilla]

BAHAHAHAHAHAHAHAHAHAHA
Apparently the average pension payout for 2021 across all pensions (private, union, govt, military) is about $19k per year, 1600 per month. The worst was less than $1k/month, the best 1800/month. If that's what a pension is paying out, I'll keep my retirement benefits we have. I can tell you that in 25 years ours have made more money for us than that.

 

[Creedmoor]

It is and fully vested on day 1, almost as rare as a pension. I think we can all agree pensions are great for those that have them, but they've all but disappeared in the workplaces of today. If it takes a union job to get a pension, I'll pass, thanks!

Thats good, Places like Walmart, there assoc are fully vested on day one.

Theres thousands of non union pension plans available still.
About 25% of companies that have 500 or more employees have pension plans.

Depending on what one does and if one chooses to work for a company under a Union contract like the UAW's and many others in the manufacturing end.

I couldn't work in the same job in the same plant with the same people everyday for 20-40 years no Fing way I could do that.

I shake those hands that can do it.

I was employed through a Union Hall with our voted in Business Agent and worked as an associate for the company's that I installed, repaired or serviced elevators for. Our benefits were paid to the Union each week by the company to the Unions benefits office.
Not a lot of problems between the companies and the Union, nor did the Union have many problems with the companies.
The skilled trades with Union Halls by and large are a bit different than working under the same roof everyday.
All the contracts that I worked under were ratified well before the end date of those contracts when I was employed with the IUEC.

Dont cut yourself short.
Theres a lot more to working a Union job that just what the world believes and thinks. A lot more, 99.9% is all good. That tenth of a percent is what most see and talk about.

 

[KLB]

BAHAHAHAHAHAHAHAHAHAHA
Apparently the average pension payout for 2021 across all pensions (private, union, govt, military) is about $19k per year, 1600 per month. The worst was less than $1k/month, the best 1800/month. If that's what a pension is paying out, I'll keep my retirement benefits we have. I can tell you that in 25 years ours have made more money for us than that.

I'm not sure where they got their numbers, but mine will pay a lot more than that.

I know Chicago teachers get a % of the average of their last three year's income based upon years of service. Generally 60+%

 

[KLB]

Were not going to mention the Billions they save each years with going to 401's for retirements. And there retirement fund is still in very good shape. Its #16 in the top pension plans.
It was over saving Billions each year.

They will match 6% into a 401K. Do you think they were contributing more than that to a pension fund?

 

[Creedmoor]

They will match 6% into a 401K. Do you think they were contributing more than that to a pension fund?

I would say, no they did not. With IBM saying they will save Billions each year going to a 401 for employees.

 

[Creedmoor]

BAHAHAHAHAHAHAHAHAHAHA
Apparently the average pension payout for 2021 across all pensions (private, union, govt, military) is about $19k per year, 1600 per month. The worst was less than $1k/month, the best 1800/month. If that's what a pension is paying out, I'll keep my retirement benefits we have. I can tell you that in 25 years ours have made more money for us than that.

Again you dont post links.
A 1800 a month, LOLOLOLOLOLOLOLOLOLOLOL

 

[oze]

I love being labeled. "union hater", "anti-vaxxer", "*******". OK, one of those is correct and it has nothing to do with collective bargaining or safe vaccinations.

Now I'm dieing to know what's behind those asterisks! :

 

[Shadow01]

Nothing wrong with that but you keep beating the pension horse like it was the end all be all even though in a few posts you describe other options you get.

The economics of it all are putting stresses on pensions, many of which are underfunded. Of course the government pensions are almost not funded at all.

Pensions are a form of collective, as they are promises given by those that will not be around to fulfill them, funded by others, managed by others, and not in the control of the recipient. They are not an asset, cannot be inherited, rarely can they be used as collateral and the recipient has no control what they are invested in.

The best and brightest do not want that, they want the cash they can control…

ERISA covers pensions up to 44k a year under the PBGC, BUT do not guarantee full payout to retirees. one airline retirees got about 60 cents on the dollar years ago, I think it was United. Last time I read about pensions, the author said that nearly 60% are underfunded and over 20% of those are beyond fixing. He also stated those 20% could not rely on any significant payout under the PBGC due to the level of missing funding.

 

[bobzilla]

Again you dont post links.
A 1800 a month, LOLOLOLOLOLOLOLOLOLOLOL

Very first line is the link. Try it

 

[bwframe]

GM exec says they already gave 'historic' offer to UAW, can't meet all of Fain's demands

GM's head of global manufacturing outlined GM's current offer to the UAW and explained that GM can't meet all the union's demands.

www.freep.com

 

[oze]

I'm not sure where they got their numbers, but mine will pay a lot more than that.

I know Chicago teachers get a % of the average of their last three year's income based upon years of service. Generally 60+%

I believe that it was statewide. At least speaking about the poor teachers in the Western Suburbs, they were to advise the school district 3 years in advance of their intention to retire. They then got a 10% raise in each of those last 3 years, in order to bump up their pensions. In her retirement year of 2006, my son's 1st grade teacher "earned" $103,000.

 

[Creedmoor]

ERISA covers pensions up to 44k a year under the PBGC, BUT do not guarantee full payout to retirees. one airline retirees got about 60 cents on the dollar years ago, I think it was United. Last time I read about pensions, the author said that nearly 60% are underfunded and over 20% of those are beyond fixing. He also stated those 20% could not rely on any significant payout under the PBGC due to the level of missing funding.

I would say to make good choices with who you are employed with.

https://www.pionline.com/pi-1000-largest-retirement-plans/2022-full-list

 

[bobzilla]

Again you dont post links.
A 1800 a month, LOLOLOLOLOLOLOLOLOLOLOL

Maybe spend a little less time trying to play gotcha or smart ass and a little more time paying attention.


There's your link. You still haven't provided one that I asked for so suck it.

 

[oze]

In before the perma-lock.