Some Longshore and Clerk members, who got in the 401K plan in the beginning, and made the maximum annual contribution to their account, now have over $150,000 in their accounts.
All walking bosses in the ILWU have received $21,000 of 401K matching fund contributions from the PMA in the past 6 years. Some of these bosses have over $200,000 in their 401K accounts.
Clerks and Longshoremen have received $-0- in 401K matching contributions because we were stupid and didn’t ask for it like the walker’s did.
I hope we aren’t continuing to be “stupid”
401K accounts are in addition to our pension, and I thank god we have these accounts because our pension sucks.
In the real world, employees retiring with 20 years of service receive up to 50% of their Highest salary as a pension. Employees with 35 years of service qualify for pensions up to 75% of their highest salary.
Under our plan, if we get the $95 per month, per year of service pension in year 3 of the new contract, that amounts to $3325 per month, or $39,900 per year. That amount is less than 40% of the average longshore salary of $99,600 - less than 33% of the average $117,600 clerk salary - and less than 26% of the average $156,000 walking boss salary.
In the real world, the average longshoreman’s pension after 35 years would be $74,700 per year. Higher for clerks and bosses, and higher for longshoremen who chose to work more.
To those of you who are afraid of the 401K, I suggest you re-think your position. Until we can negotiate a real world pension, we need the 401K and all the matching contributions we can get.
Fraternally yours
Steve Anderson
The “Night Owl“
13472
