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early buy out?

Discussion in 'UPS Retirement Topics' started by nform1, May 13, 2012.

  1. nform1

    nform1 New Member

    Rumor around south Cal feeder is anyone eligible for retirement will be offered an early buy out. $5000 a year for every year of service. Anyone else hear this?
  2. UpstateNYUPSer

    UpstateNYUPSer Dave? Dave's not here.

    TOS works out of Local 396 which I believe is southern California. He is very involved with the Union and if this rumor is even close to reality he would know or would have least heard about it as well.

    Are you talking about employees who already have their 30 years (or whatever is needed for retirement) or are you talking about employees within 5 years of that threshold? Would this buyout be in addition to their pension? A 30 yr employee being offered $150K to leave?

    Do you have any more details?
  3. Photog

    Photog The Picture Box Mod Staff Member

    I know UPS has no interest or motivation to buyout a Union employee.. If a Union employee is not needed, the lowest seniority is laid off.

    The Union would not be interested in a buyout unless it reduces the long-term debt.

    The $5000 per year of service is high... quite high.

    Sorry but somebody is pulling your leg.
  4. brownmonster

    brownmonster Man of Great Wisdom

    Feeder network gossip.
  5. LagunaBrown

    LagunaBrown Active Member

    I am tired of this rumor, been hearing about it for a while now. It gets squashed then it comes right back up....... I hope these guys realize Paycheck Deception and their medical benefits are more of an issue.
  6. alexw08

    alexw08 Guest

    Don't hold your breath.
  7. nform1

    nform1 New Member

    Like I said its only rumor. What I heard was those eligible for retirement now, would be offered $5000 per year for every year of service, maxing out at $150000. Doesn`t make sense to me why UPS would offer this. Pretty sure it`s a load of crap, just wondering if anyone else heard the same
  8. hembone

    hembone New Member

    I remember when this buyout stuff happened a few years ago. I was talking to a guy in my center and he said "I did some math and if they offer me 2.1 million I'll leave." I told him not to throw his uniforms away.
  9. tomlb

    tomlb New Member

    Here is the new rumor. Ups corporate did some math and decided instead of offering early buyouts to raise the costs of benefits, ie med, dental, etc from $50 monthly to $500 for those hourly employees who retire after 7/31/2013. Dont stand in the doorway, you might get run over!
  10. airops

    airops Member

    How about this rumor? The Management Compensation Committee is going to handle the 2013 contract negotiations. It's time to get the rest of the company on par with similar jobs in society. Their proposed cuts would have an interesting affect on our stock price.
  11. brownmonster

    brownmonster Man of Great Wisdom

    I would like to have a job on par with the rest of society. Leaving at 8:30, taking lunch from 12 to 12:30, punch out at 5. Might consider some concessions for that.
  12. Photog

    Photog The Picture Box Mod Staff Member

    Sorry but you are working in the wrong industry for that.
  13. brownmonster

    brownmonster Man of Great Wisdom

    Precisely why I'm not compensated like the rest of society.
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