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On the roof or in a building, we always know where to stand...
BUT WHEN IT COMES TO RETIREMENT, WHERE DO YOU STAND?
Unions have always been on the fore front when it comes to negotiating our members benefits.
Everyone agrees that retirement is important. Multi-employer plans and collective bargaining help ensure retirements are funded and provided.
Many of us are aware of terms like 401, pension, social security, and medicare. However, what about defined benefits, defined contribution, ESOP, 401(a), IRA, retiree medical?
As an employee, piece of mind is ideal knowing all you have to do is work and rely on your company to pay into your retirement.
Knowing you have a seat at the table in negotiating what your benefits are and how to improve them are key.
Whether you work union or not we all need to do our homework to see what we are going to get, but what are the differences in retirment from a union and non-union employer?
Union Retirement Benefits
Local Pension / Defined Benefit
401 (k) and (a) / Defined Contribution
National Pension / Defined Benefit
Airconditioning & Refrigeration Trust
Retirement Fund
If you work for 30 years as a full-time Journeyman, your approximate monthly benefit at age 65 could be:
$4,095
funded 100% by employer contributions.
Your benefit is partly insured by the Pension Benefit Guarantee Corporation (PBGC).
You and your spouse/partner can receive lifetime monthly payments at retirement.
National Pension / Defined Benefit
401 (k) and (a) / Defined Contribution
National Pension / Defined Benefit
Plumbers and Pipefitters
National Pension Fund
If you work for 30 years as a full-time Journeyman, your approximate monthly benefit at age 65 could be:
$1,004
funded 100% by employer contributions.
•Your benefit is partly insured by the Pension Benefit Guarantee Corporation (PBGC).
You and your spouse/partner can receive lifetime monthly payments at retirement.
401 (k) and (a) / Defined Contribution
401 (k) and (a) / Defined Contribution
401 (k) and (a) / Defined Contribution
Airconditioning & Refrigeration Trust 401(k)
Defined Contribution Fund
(with $0.50/hour Employer contribution)
If you save just 6% of your Journeyman wages for 30 years starting at age 35, when you retire at age 65 you may have as much as:
$593,994
This could leave you with an approximate monthly income of:
$3,125
NON-UNION RETIREMENT BENEFITS
Local or National Pension / Defined Benefit
Local or National Pension / Defined Benefit
Local or National Pension / Defined Benefit
None
Pensions are guaranteed benefits
and puts all the risk
on the employer to pay.
401 (k) plans were created to shift the risk onto the employee:
$0.00
401 (k) / Defined Contribution
Local or National Pension / Defined Benefit
Local or National Pension / Defined Benefit
401(k) with employer match of
50% of the first 6%
If you save 6% of your wages for 30 years starting at age 35, when you retire at age 65 you may have as much as:
$776,603
This could leave you with an approximate monthly income of:
$4,085
Employee Stock Option Program
Local or National Pension / Defined Benefit
Employee Stock Option Program
Average ESOP contributions
by the company are typically
6% to 8% annually.
funded 100% by employer contributions.
Structured similarly to 401 (k).
Risk is higher with less mature companies.
If company is financially in trouble
pay structures could change, also
bancrupcy can cause employees to lose
any moneys owed and file a claim to
assets like a creditor would to recoup benefits
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