“Envision your retirement letter”

Discussion in 'UPS Discussions' started by Give me A buyout, Jan 16, 2008.

  1. I just received my envision news letter for the U.S. union-free workforce. As I read through the letter it explained all the changes to the pension plan for the “younger employees” and how there would be “no changes” to the plan for the (born on or before 12/31/78) in the years 2008 & 2009.
    So what did the older employees ask for in the ‘Rewards Value Study”? This older employee would like a portable plan in the form of a buyout. This plan looks like it is creating an adverse impact on the over 40 & 50 group. Looks like we will all have to wait for the next envision letter to get the details. Nice to know that our union employees have all the details to their retirement plan so they can make sound plans for retirement! And what happens after 2009??
     
  2. over9five

    over9five Moderator Staff Member

    I think you should definately unionize your part of the company. They're taking advantage of you....
     
  3. FAVREFAN

    FAVREFAN Member

    Hey over9five, is that a Floyd eyeball?
     
  4. hangin455

    hangin455 Member

    Didn't you know that your MIP is going to take care of you in your retirement?:wink2: I believe I'll be able to afford a double wide somewhere in the middle of the hurricane belt when the time comes.

    Seriously, I thought the whole RSU thing was to make leaving as unattractive as possible. I don't understand why they'd turn around and do this. I was also hoping that something would be done to improve everyone's pension (not just the youngsters). Fact is that if you got a lot of time invested you're less likely to pack up and go. There's no motivation to do anything for the older people. The whole thing is somewhat discriminatory.
     
  5. Six Sides

    Six Sides Member

    So we have an RSU plan to try and keep our younger supervisors and a new pension plan that they can take with them when the leave the company. So what is the message, plan to stay or go. As for the 20 – 25 - 30 years plus management no plan, just wait for 55 and hope you still get a pension. Yes this is discrimination, nice reward for your many years of service and devotion.
     
  6. under the radar

    under the radar A Trained Professional

    Please fill me in on the terms RSU, MIP, Envision. As a willingly ignorant hourly scrub I am unaware of this vernacular.
     
  7. satellitedriver

    satellitedriver Moderator Staff Member

    Ditto,
    Please explain.
     
  8. tieguy

    tieguy Banned

    If you're over the age then nothing has changed on your plan. Therefore you should still have the details on that plan that did not change?

    I do agree that I wish they had offered a portable retirement plan to the older folks.

    Since you have created a portable option, give me some numbers and let me have the option of going portable or staying put.

    I don't understand why we changed if for a specific age group and did not give the other age groups a choice of joining or not.

    Does look like ups would like to get out of the pension business.
     
  9. hangin455

    hangin455 Member

    RSU = Restricted Stock Units - used to get all your MIP (Management Incentive Plan) as stock up front . Now you elect what you want to do with 50% of it the other 50% is given as stock that vests 20 % a year. In other words you've got to wait five years to get it all. If you leave prior to the five years you lose it.
    Envision is a newsletter sent to Mgmt employees which explains all the wonderful things that the company is doing for the Mgmt people.