Ex Management Pension Buy Out

Discussion in 'UPS Partners' started by 25 years Served, Sep 28, 2012.

  1. 25 years Served

    25 years Served New Member

    Sooooo...... Have you heard?

    UPS has sent cards out to "former" management employees notifying them of the "opportunity" to get a one time Pension buy out now- rather than waiting to hit 55 or 65.

    Interesting right?

    The goal is to improve the "balance sheet". If successful take rate occurs- what would it mean to those still employed?
    Perhaps they could improve the sheets even more.....:happy-very:

    What have you heard- inquiring minds want to know!
     
  2. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    My understanding (rumor mill) is that they have been looking at this for existing management as well.

    Heard through 2 different sources in the last three months.
     
  3. What'dyabringmetoday???

    What'dyabringmetoday??? Well-Known Member

    I wouldn't worry about it considering how much your employer cares about YOU. I mean, that is the first letter, right, U?
     
  4. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    You can't spell FAILURE without U R. :wink2:
     
  5. What'dyabringmetoday???

    What'dyabringmetoday??? Well-Known Member

    I would be happy if I could spell beer right now. Then I might be able to pick one out of the "fridgerator".
     
  6. kristian

    kristian New Member

    I was a manager for 10 years and I never received a card or offer. One of my friends I worked there with received both. Anybody else not received theirs or know what's up with it? Thanks.
     
  7. Funfact

    Funfact Well-Known Member

    Not a good deal. Just leave it there. Most of the people that take the buy out. Will take money and spend it. The have nothing for retirement.
     
  8. FracusBrown

    FracusBrown Ponies and Planes

    Everything happens for a reason. The current value of the pension began being posted on My Rewards some time ago.
     
  9. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That was an input for decision making process to retire in Jan 2013.
     
  10. Finiky

    Finiky New Member

    This is a change in the law. Previously, any person who left UPS and had $1,000 or less in their pension was given the money to lessen the administrative expenses of maintaining. The law changed to $5,000 so now more persons are being given their money left behind. Nothing really exciting.
     
  11. 25 years Served

    25 years Served New Member


    Right- under $5,000 monthly benefit they will cash you out in present day values..... no option to leave it- either you pick a plan to move it to, or they will roll it into a new 401k they'll setup for you.
     
  12. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    I saw a mention in the 3rd quarter stock statement that mentioned a one-time write-off related to previous employee pension funds.

    Anyone know if that was related to this?
     
  13. mg5

    mg5 New Member

    Hoaxster, I know I could be jumping the gun on this But....Thinking out a little. If this is at all true and any money would be taken and put into a 401k

    account or something it would take away the 55 year old retirement because you now go by 401k rules of 59 1/2. Just thinking out loud. Hmmmm

    How does medical play into the picture. More questions. Just saying.
     
  14. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    This was for ex-UPS management and non-Union that quit before reaching age 55.
    Therefore, they have no medical benefits.
    This is a payout outside of funds being put into 401k.
    These payouts would be immediately taxable by recipients as normal income.

    Similar to the SVSO in 2007 but no Medical concerns.
    Note, the UPS Retirement Health Care plan is not part of the UPS Retirement Plan and is not restricted to the rules inherent.
     
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Could that have been for the withdrawal from the New England Pension Fund?
     
  16. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That makes sense.
    The other would have been relatively insignificant.
     
  17. Jlhkw78

    Jlhkw78 New Member

     
  18. Jlhkw78

    Jlhkw78 New Member

    anyone around from buyout from 1996?