Pension Lump Sum?
- Thread starter Noodleface
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I think you said you're 30. So with a $250/m pension, you're looking at $105,000 GROSS income over 35 years til you're 65.
With that said, let's assume your buyout is probably around 25 grand?
25 grand invested over 35 years > $105,000. I'll tell you right now.
With that said, let's assume your buyout is probably around 25 grand?
25 grand invested over 35 years > $105,000. I'll tell you right now.
Noodleface
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Abefroman
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Are you positive the pension is controlled by the Company and not a Union? The majority of grocery store and warehouse pensions are controlled by unions.
Vaclav
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I don't think unions offer buyouts as a rule of thumb. Remember not all groceries are union, just most.
Abefroman
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It's Union but a shitty single employer plan. Best to get out if you can and invest it yourself.
Vaclav
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That's weird, so it's a union with the company's hooks deep into it since it's just a union for the one company? First I've heard of a grocery union like that. Sounds like the worst of both worlds if so - all the restrictions of the union with none of the power behind it.
I'm anti-union in general (big hassles for HR especially) but I can't imagine that even has any upside for anyone, whereas I can at least see union's helping some workers in the normal mega-union situation.
Abefroman
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Vaclav
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Well, to be fair, I always avoided working for union employers, so it's all second hand - but always sounded like they complicate normal things like handling how escalation of problem employees get dealt with, an extra layer to deal with the debates over yearly benefits adjustments, ad nauseum.
Abefroman
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I guess it depends on the Union. I loved dealing with Unions in Chicago because everything was in the CBA and the Union sent you people when you needed more. The office workers were more of a fucking pain then Union guys.
Vaclav
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Yea, remember I was grocery HR specifically for almost all of my years - so you're talking Teamsters I'd have to worry about on the trucking side (probably one of the most infamous union, at least top 5 territory) of the equation and then the grocery unions which are relatively high up there as well for their power level.
Do keep in mind though, the yearly "meet with the owner" little conference the HR leads + regular upper management would attend each year have he'd hammer on the list of reasons to remind employees to not try to unionize - and I was a constant messenger - so might well be some indoctrination/misinformation behind my opinion.
Abefroman
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Teamster warehouse workers are fine, Teamster truck drivers are the most obnoxius shitheads you could possibly meet. Every fucking Cba negotiation always get held up because of the fucking drivers.
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The pensions might differ based on the type of job function. When I was working at supermarkets, the pensions were with the company itself, likely because its the type of job you're going to stay with over a lengthy period of time. I'm with Sheet Metal Workers these days, and our pension is through the union. Its likely because may move between different companies who all have contracts with the local over the course of your career, and your job title stays relatively the same. The vacation is different for me than back at the supermarket too. I don't accrue days, I get paid a few bucks an hour on the side that gets put into a separate bank account that the company I currently work for deposits the funds.
As a twice-union guy, I'll be the first to say there's some corruption in the companies, and in some of the locals too. If something involves money somehow, there's always something crooked bound to be involved on one or both sides.
The one thing I will defend the unions on "protecting shitty workers", is that its typically their job. Members pay dues, so they have to protect them by law. Which is what they use against the companies...labor law. Sometimes the companies are just too lazy to write up bad employees or they just mishandle it. Although, if the member is definitely not worth it, I've seen unions leave people to hang.
Its a case-by-case basis, but evil-union or evil-corporation gossip will always exist.
As a twice-union guy, I'll be the first to say there's some corruption in the companies, and in some of the locals too. If something involves money somehow, there's always something crooked bound to be involved on one or both sides.
The one thing I will defend the unions on "protecting shitty workers", is that its typically their job. Members pay dues, so they have to protect them by law. Which is what they use against the companies...labor law. Sometimes the companies are just too lazy to write up bad employees or they just mishandle it. Although, if the member is definitely not worth it, I've seen unions leave people to hang.
Its a case-by-case basis, but evil-union or evil-corporation gossip will always exist.