chassisgroupleader Posted August 12, 2015 Share Posted August 12, 2015 UAW 551 has started posting 5 Year Anniversary pictures with the hash tag #25moretogo. Is this accurate? I thought the Pension system was restructured and new employees no longer have this option. Any comments? Quote Link to comment Share on other sites More sharing options...
Fatso Posted August 12, 2015 Share Posted August 12, 2015 (edited) i dont know about new employees,let me tell you what was given up to get 30 and out.You can retire after 30 and get a full pension UNTIL you reach age 62 then your pension amount is reduced {roughly by half}and you can claim social security or not,so your social security does not add to your pension under 30 and out.Max out your TESPHE and whatever esle you can take advantage of in order to save for retirement,you will be very glad you did one day because the time will come! Edited August 12, 2015 by Fatso 1 Quote Link to comment Share on other sites More sharing options...
Decker Posted August 12, 2015 Share Posted August 12, 2015 There are no pension plan options for anyone hired within the last five years. Pensions in general are going the way of many other benefits, gone. Every other day you hear or read of the loss of a dedicated pension plan. State employee`s, teachers and government employee`s are being bought out or just told there is no money to sustain the pension plans. So most likely 25 more to go is just a figure of speech..... (sheep talk) Be prepared UAW members, the pension you paid into for so many years is just like so many other mis managed plans.... Decker 1 Quote Link to comment Share on other sites More sharing options...
Decker Posted August 12, 2015 Share Posted August 12, 2015 Fatso is so on the mark. All the years of sheep talk has blurrrred the minds of so many of the sheep, on the big lotto, called 30 and out. No one ever talks about the facts... automatic reduction of pension benefits at 62... automatic reductions in social secruity if you apply for benefits at 62.... But, then to hear the sheep talk about $3200 or $3600 a month from Ford`s pension and how the sheep will file for social secruity and get even more per month.... sheep shit..(idiots) Decker 1 Quote Link to comment Share on other sites More sharing options...
Axle72 Posted August 12, 2015 Share Posted August 12, 2015 U need the 85pts more so than 30yrs correct? I mean if ur in at 17-24yrs of age u gotta hit the 85 combined pts not just the 30yrs for the full pension/bennys retirement package I believe. If u do go before 62 & u get penalized on ss ford makes up the difference so ur not losing anything, but by no means am I saying everyone should run for the hills at 55yrs old to each there own as far as how long peeps wanna or don't wanna work Quote Link to comment Share on other sites More sharing options...
Decker Posted August 12, 2015 Share Posted August 12, 2015 (edited) 85 points will get you an early pension.Age + years of service.Ford stops bridge benefit at 62. Reduction.At 62 years of age Social Secruity is reduced by approximately 21 to 24 percent.Ford dose not increase your pension by the amount of the social security reduction.You receive no medical benefits from Ford a pond the date you receive your first pension benefit check. Medicare and or Medicade do not go into effect till your full retirement date.Get ready for a monthly reduction of your retirement income of between 21 to 24 percent at age 62. Along with out of pocket co pays for your insurance (VEBA) that is at record levels and not reducing.....Sound like hitting the lotto???Decker Edited August 12, 2015 by Decker Quote Link to comment Share on other sites More sharing options...
CaptObvious Posted August 12, 2015 Share Posted August 12, 2015 just wait till tier 2 takes over, then when they are up for contract, we dont need any pensions...... Quote Link to comment Share on other sites More sharing options...
Decker Posted August 12, 2015 Share Posted August 12, 2015 just wait till tier 2 takes over, then when they are up for contract, we dont need any pensions...... Obviuosly....... sorry I just had to say it..... Quote Link to comment Share on other sites More sharing options...
Ktp1989 Posted August 12, 2015 Share Posted August 12, 2015 I would not be surprised if Ford doesn't look to buyout pensions in the next contract. If the money is right they can buy mine out and then i control my retirement instead of Ford. I keep it at the same level I am invested when my social security kicks in and my wife and kids keep it the same when I pass unlike when you get a pension and it's reduced for your spouse and eliminated when your spouse passes. They have already bought out as many salaried that's retired as they could and now are looking to do the same with active salary and next will be the union worker. If the money is right I will gladly sell mine. 2 Quote Link to comment Share on other sites More sharing options...
Decker Posted August 12, 2015 Share Posted August 12, 2015 I would not be surprised if Ford doesn't look to buyout pensions in the next contract. If the money is right they can buy mine out and then i control my retirement instead of Ford. I keep it at the same level I am invested when my social security kicks in and my wife and kids keep it the same when I pass unlike when you get a pension and it's reduced for your spouse and eliminated when your spouse passes. They have already bought out as many salaried that's retired as they could and now are looking to do the same with active salary and next will be the union worker. If the money is right I will gladly sell mine. That is the most complete, to the point and intelligent business case I have read on the forum. I will be standing right there with you Ktp1989 with pen in hand. Great post Ktp1989 Decker Quote Link to comment Share on other sites More sharing options...
Decker Posted August 12, 2015 Share Posted August 12, 2015 Might I add, to receive a 100% survivors benefit for a spouse your ford pension will be reduced by over $400.00 a month. Decker 2 Quote Link to comment Share on other sites More sharing options...
CaptObvious Posted August 12, 2015 Share Posted August 12, 2015 I would not be surprised if Ford doesn't look to buyout pensions in the next contract. If the money is right they can buy mine out and then i control my retirement instead of Ford. I keep it at the same level I am invested when my social security kicks in and my wife and kids keep it the same when I pass unlike when you get a pension and it's reduced for your spouse and eliminated when your spouse passes. They have already bought out as many salaried that's retired as they could and now are looking to do the same with active salary and next will be the union worker. If the money is right I will gladly sell mine. what happens when u piss it all away ? not saying u willl, but some ppl will do that. and then be pissed. another point...you say the right money...i bet its peanuts to what u would have gotten over the long term. but hey good luck! obviously we dont need a union, we each can do what we want Quote Link to comment Share on other sites More sharing options...
Glow Posted August 12, 2015 Share Posted August 12, 2015 Might I add, to receive a 100% survivors benefit for a spouse your ford pension will be reduced by over $400.00 a month. Decker Decker, I am so glad that you mentioned this. My grandparents (UAW members really ol school) have gone thru this crap with one of them passing away. Survivor benefits means just that you are gonna have a hard time surviving once your spouse passes away. It seems as if the surviving spouse is being "penalized" for staying alive. Please try to prepare for this working spouses. 1 Quote Link to comment Share on other sites More sharing options...
Glow Posted August 12, 2015 Share Posted August 12, 2015 i dont know about new employees,let me tell you what was given up to get 30 and out.You can retire after 30 and get a full pension UNTIL you reach age 62 then your pension amount is reduced {roughly by half}and you can claim social security or not,so your social security does not add to your pension under 30 and out.Max out your TESPHE and whatever esle you can take advantage of in order to save for retirement,you will be very glad you did one day because the time will come! Fatso....What was "really" given up? My neighbor worked for Ford 50 years, his SS is 1600 and his pension is 1600, but he is 80 years of age also. However, like Decker said, he is being penalized though because his spouse passed away, and therefore his pension is reduced. This is some BS. I think the IUAW should think of the reitrees and put a stop in place of ANY reductions, cause one day this is going to come my way. I forgot, most IUAW officials receive (two) pensions. Quote Link to comment Share on other sites More sharing options...
nmsford Posted August 12, 2015 Share Posted August 12, 2015 Fatso....What was "really" given up? My neighbor worked for Ford 50 years, his SS is 1600 and his pension is 1600, but he is 80 years of age also. However, like Decker said, he is being penalized though because his spouse passed away, and therefore his pension is reduced. This is some BS. I think the IUAW should think of the reitrees and put a stop in place of ANY reductions, cause one day this is going to come my way. I forgot, most IUAW officials receive (two) pensions. I absolutely agree that UAW should stand up more for the retirees. BUT I don't see them doing a whole lot for them when they have a whole workforce full of active employees who are mad as hell about the last couple of contracts and are wanting the world out of the upcoming contract. People don't ever think long term. If they'd just think about it as helping themselves when they're retired maybe we could get more people to stand up for the retirees Quote Link to comment Share on other sites More sharing options...
CaptObvious Posted August 12, 2015 Share Posted August 12, 2015 I absolutely agree that UAW should stand up more for the retirees. BUT I don't see them doing a whole lot for them when they have a whole workforce full of active employees who are mad as hell about the last couple of contracts and are wanting the world out of the upcoming contract. People don't ever think long term. If they'd just think about it as helping themselves when they're retired maybe we could get more people to stand up for the retirees well aint that the pot calling the kettle black. amazing what a difference a thread makes. Quote Link to comment Share on other sites More sharing options...
fuzzymoomoo Posted August 12, 2015 Share Posted August 12, 2015 I absolutely agree that UAW should stand up more for the retirees. BUT I don't see them doing a whole lot for them when they have a whole workforce full of active employees who are mad as hell about the last couple of contracts and are wanting the world out of the upcoming contract. People don't ever think long term. If they'd just think about it as helping themselves when they're retired maybe we could get more people to stand up for the retirees Totally agree, that's why I kinda like the TESPE program. It give us a little more control over the future. I know there's not any gaurentee of returns, but I like the odds vs. a pension that will likely get reduced or eliminated all together down the road. 1 Quote Link to comment Share on other sites More sharing options...
ForrestGump Posted August 12, 2015 Share Posted August 12, 2015 Totally agree, that's why I kinda like the TESPE program. It give us a little more control over the future. I know there's not any gaurentee of returns, but I like the odds vs. a pension that will likely get reduced or eliminated all together down the road. Thanks to our late, great UAW! Quote Link to comment Share on other sites More sharing options...
Decker Posted August 13, 2015 Share Posted August 13, 2015 (edited) Fatso....What was "really" given up? My neighbor worked for Ford 50 years, his SS is 1600 and his pension is 1600, but he is 80 years of age also. However, like Decker said, he is being penalized though because his spouse passed away, and therefore his pension is reduced. This is some BS. I think the IUAW should think of the reitrees and put a stop in place of ANY reductions, cause one day this is going to come my way. I forgot, most IUAW officials receive (two) pensions. The agreement had built in reductions, from the very beginning. Lets say you would receive $20 a month for a 30 year pension from Ford. (just to simplify the math) Then at the full benefit age of 66 years and 6 months you will receive $10 dollars from social security. Now comes the reductions, If you file or don`t file for social security when you reach 62 year of age and are receiving a Ford pension you will see a reduction of your pension. Yep, you will get a pension check the month following your 62 year of age that will be reduced by $10 dollars. $10 from the pension plan and $10 from the SS benefits....if you apply for social security benefits. What happens if you don`t file for social security six months after your 66th birthday? Well, if you file at 62 years old, social security says fine but, your first check will be for 25% (give or take a percentage) less than if you waited till 66 and 6 months. So your first check from social security will be $6.50. Most say ok then my pension check will be $12.50 so no big deal right? Well.... this is where it gets real interesting. Ford will reduce you pension by $10 because it was the employees decision to take the early social security benefit not the company`s. So.... you will receive your first check at age 62 for $10 whether..... you file or don`t file for an early social security benefit because the agreement states the bridge benefit of the pension plan stops at """62""". The reduction in your pension is calculated at full social security benefits... not at "early" social security benefit levels. Now you know one of the many reasons no one wants to talk about retirees benefits. Ok, now instead of $20 from a Ford pension you get a total of $16.50 from the pension and social security if you take an early social security benefit. Now if you want to provide for your same sex partner or spouse or common law partner you agree to give a percentage of your pension that will be provided after your moving on. So lets just say you love your partner enough that you want a check sent to your partner for 50% of your pension, it will be reducing your monthly pension buy another $1 every month, now your at $15.50 combined benefits per month. Lets say you loooove your partner at the level you want to provide for them at 100% of a survivor benefit level your monthly combines total will be reduced by $2 for a total of $14.50 a month. So if you retired at 55 and become use to and operate your life on $20 dollars a month... get ready for the automatic reductions. $14.50 a month will take some getting use too. One other thing, I listened to many many retirees explain the reality about the one thing no one wants to mention. Lets say you are on a long term medication, that cost $2 a month with your VEBA insurance then.... your co pay increases to $3 a month. Now if your the loving type of partner and your monthly benefit total is $14.50 a month now with the medical cost reduction your monthly total income drops to $11.50. (once again just a simplification of math) I called here and there to this state agency and VA and private organizations and went to many Wal Marts and K Marts (yes Wal Mart you haters) to find programs to reduce medical costs for retiree`s. Found some help and yes Wally`s world did help a lot but....even with the begging and finding some help most all retirees income was and is hit really hard. Here is a generalization, $50 x number of years service equals your monthly pension. Now if you take your pension at 55 years old you receive that plus (once again generalized) $800 a month bridge benefit. The $50 is based on your flat hourly rate. It will go up for higher rates and drop for lower hourly rates. But... just in general lets use $50, that works out to $1500 a month pension benefit and the $800 bridge benefit that give you income of $2300 a month till you reach 62. Now deduct 20% taxes, the first automatic reduction puts you at $1860 a month.... then deduct $400 a month for 100% survivor benefits. Then at age 62 it gets really spooky... get a check from social security and Ford pulls out of your pension check a mysterious amount...Sound like retiring is anything close to the lotto? Oh and the survivors benefit, is just on the pension benefit not social security and pension. That is another reduction the survivor will take. One last thing, for every year over 30 add $50 more to the monthly total of the pension benefit. 35 years $250 more a month. I`ll take mine now. But I understand comrades, big brother thinks like the "obvious".... we all are stupid little sheep and can`t take control of our lives so yes the IUAW is fighting the buy out of pension benefits the most diligently of anyone at the negotiations table...or until they can work out a cut for their pockets.... Obviously.... Are you singing yet Obvious? Solitary forever... Solidarity forever.... baabaaabaaaa.... to many mindless sheep :happy feet: Decker Edited August 13, 2015 by Decker 2 Quote Link to comment Share on other sites More sharing options...
CaptObvious Posted August 13, 2015 Share Posted August 13, 2015 . Are you singing yet Obvious? Solitary forever... Solidarity forever.... baabaaabaaaa.... to many mindless sheep :happy feet: Decker nope, we dont have solidarity...its each man for himself, literally. we are fucked.(or some of us) 1 Quote Link to comment Share on other sites More sharing options...
Glow Posted August 13, 2015 Share Posted August 13, 2015 The agreement had built in reductions, from the very beginning. Lets say you would receive $20 a month for a 30 year pension from Ford. (just to simplify the math) Then at the full benefit age of 66 years and 6 months you will receive $10 dollars from social security. Now comes the reductions, If you file or don`t file for social security when you reach 62 year of age and are receiving a Ford pension you will see a reduction of your pension. Yep, you will get a pension check the month following your 62 year of age that will be reduced by $10 dollars. $10 from the pension plan and $10 from the SS benefits....if you apply for social security benefits. What happens if you don`t file for social security six months after your 66th birthday? Well, if you file at 62 years old, social security says fine but, your first check will be for 25% (give or take a percentage) less than if you waited till 66 and 6 months. So your first check from social security will be $6.50. Most say ok then my pension check will be $12.50 so no big deal right? Well.... this is where it gets real interesting. Ford will reduce you pension by $10 because it was the employees decision to take the early social security benefit not the company`s. So.... you will receive your first check at age 62 for $10 whether..... you file or don`t file for an early social security benefit because the agreement states the bridge benefit of the pension plan stops at """62""". The reduction in your pension is calculated at full social security benefits... not at "early" social security benefit levels. Now you know one of the many reasons no one wants to talk about retirees benefits. Ok, now instead of $20 from a Ford pension you get a total of $16.50 from the pension and social security if you take an early social security benefit. Now if you want to provide for your same sex partner or spouse or common law partner you agree to give a percentage of your pension that will be provided after your moving on. So lets just say you love your partner enough that you want a check sent to your partner for 50% of your pension, it will be reducing your monthly pension buy another $1 every month, now your at $15.50 combined benefits per month. Lets say you loooove your partner at the level you want to provide for them at 100% of a survivor benefit level your monthly combines total will be reduced by $2 for a total of $14.50 a month. So if you retired at 55 and become use to and operate your life on $20 dollars a month... get ready for the automatic reductions. $14.50 a month will take some getting use too. One other thing, I listened to many many retirees explain the reality about the one thing no one wants to mention. Lets say you are on a long term medication, that cost $2 a month with your VEBA insurance then.... your co pay increases to $3 a month. Now if your the loving type of partner and your monthly benefit total is $14.50 a month now with the medical cost reduction your monthly total income drops to $11.50. (once again just a simplification of math) I called here and there to this state agency and VA and private organizations and went to many Wal Marts and K Marts (yes Wal Mart you haters) to find programs to reduce medical costs for retiree`s. Found some help and yes Wally`s world did help a lot but....even with the begging and finding some help most all retirees income was and is hit really hard. Here is a generalization, $50 x number of years service equals your monthly pension. Now if you take your pension at 55 years old you receive that plus (once again generalized) $800 a month bridge benefit. The $50 is based on your flat hourly rate. It will go up for higher rates and drop for lower hourly rates. But... just in general lets use $50, that works out to $1500 a month pension benefit and the $800 bridge benefit that give you income of $2300 a month till you reach 62. Now deduct 20% taxes, the first automatic reduction puts you at $1860 a month.... then deduct $400 a month for 100% survivor benefits. Then at age 62 it gets really spooky... get a check from social security and Ford pulls out of your pension check a mysterious amount...Sound like retiring is anything close to the lotto? Oh and the survivors benefit, is just on the pension benefit not social security and pension. That is another reduction the survivor will take. One last thing, for every year over 30 add $50 more to the monthly total of the pension benefit. 35 years $250 more a month. I`ll take mine now. But I understand comrades, big brother thinks like the "obvious".... we all are stupid little sheep and can`t take control of our lives so yes the IUAW is fighting the buy out of pension benefits the most diligently of anyone at the negotiations table...or until they can work out a cut for their pockets.... Obviously.... Are you singing yet Obvious? Solitary forever... Solidarity forever.... baabaaabaaaa.... to many mindless sheep :happy feet: Decker Decker.....OMG Quote Link to comment Share on other sites More sharing options...
Decker Posted August 14, 2015 Share Posted August 14, 2015 Decker.....OMG It is not the sheep shit rumors that flow so easily from our union rep`s but, it is better to know than not to know the facts. Hang in there Glow we will make it. Decker Quote Link to comment Share on other sites More sharing options...
Axle72 Posted August 14, 2015 Share Posted August 14, 2015 All them reductions & everything else aside as far as r pensions & Benny's go save up a few bucks & gtfo there's a helluva good life of retirement to enjoy at the end whenever r end mite b 1 Quote Link to comment Share on other sites More sharing options...
chassisgroupleader Posted August 14, 2015 Author Share Posted August 14, 2015 This is scary! Retire and live below the poverty level...even with a Pension! imagine those employees that don't have a Pension! In the meantime American Companies are the Richest in the world! Quote Link to comment Share on other sites More sharing options...
littlecountry Posted August 14, 2015 Share Posted August 14, 2015 . Are you singing yet Obvious? Solitary forever... Solidarity forever.... baabaaabaaaa.... to many mindless sheep :happy feet: Decker nope, we dont have solidarity...its each man for himself, literally. we are fucked.(or some of us) Obviously Quote Link to comment Share on other sites More sharing options...
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