$3.60/hr X 40 Hrs X 50 weeks X 25 yrs = $180,000r into the pension fund.
Neglecting compounding, that would yield $9900 a year at 5.5%. Yep, they're getting screwed because the're only getting
$735/month X 12 months = $8820 a year.
And when this is computed as an annuity (as it should be), the final value should be at least twice that $180,000, meaning the union is pocketing at least $10,000 a year of the workers money. Yeah, they're doing them a real favor.
I hope flappie sees this. No, I won't hope, I'll post it to him. What's your response to this theft by unions, flappy?
And I know companies steal from pension funds too, flappy, but they don't claim to be the worker's friend and only hope. |
