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UPS Retirement Topics
Has IBT/CS been a wise steward of our pension?
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<blockquote data-quote="wkmac" data-source="post: 52903"><p>sawman, </p><p>I like what APWA is suggesting and provides in the way another idea and I applaud the efforts of all concerned but I'd like to play devil's advocate for a moment if I may because at the end of the day to go forward APWA will have to address this. Before I do I just want to disclose to you where I'm coming from. I've always opposed union or company controlled pensions as I believe the 401k vehicle for example provides a better situation for the employee. 401k is not the only option but it is one most are familiar with. I've believed this for years and not since the CS disaster. You can go back from the beginning of Browncafe and look at my posts on this subject or the archives of the Motley Fool UPS stock site from it's beginning 6 months before going public until they went to a pay per format. I believe we, the average union UPSers were made victims in 97' as we got caught in the middle of political games. Had we not been in that position I'm not saying there would not have been a strike but I feel a strike would have required very defined reasons rather than the vague nonsense we got. </p><p> </p><p>Now that said let me give you my point on you idea of the company taking over the plan. On it's face and looking at CS, yes it would suggest based on what you say this is a no-brainer but just take a look at what happen just moments earlier with the latest UPS earning reports. We beat street estimates by $.05 if I understand correctly but I'm hearing $.045 of that $.05 was from the readjusted MIP. Now longterm this just may boost the stockprice and it works out better but my point is the company IMO changed the rules of the game "FOR THEIR OWN" just to chase a stock price. That said, here's the question you will face from 1000's of UPSErs across the country and that is how can you guarantee our pension won't become a source for the bean counters to also chase the stock price. </p><p> </p><p>No doubt UPS controlling the fund could not only provide us with a better and more secure retirement and for UPS also allow them to better control this cost which would help them on Wall Street and this is great because we all would win but this is a business and they have their end to protect but my view is business as well and I have my end to protect. UPS IMO has had many opportunities to really gain huge in the area of trust over the last few years but the leadership of this company IMO has proven a disaster in that area. This is where APWA and that effort will have to work before people will jump ship on a wide scale. I do think this effort has some feet down south as unlike OK2BC I have heard of the effort around the workplace and have seen flyers going around promoting the website. I myself have even promoted the website to co-workers. Good luck and keep up the good work because I do believe it's vital to the conversation all UPS Teamsters need to sit down and have with one another.</p></blockquote><p></p>
[QUOTE="wkmac, post: 52903"] sawman, I like what APWA is suggesting and provides in the way another idea and I applaud the efforts of all concerned but I'd like to play devil's advocate for a moment if I may because at the end of the day to go forward APWA will have to address this. Before I do I just want to disclose to you where I'm coming from. I've always opposed union or company controlled pensions as I believe the 401k vehicle for example provides a better situation for the employee. 401k is not the only option but it is one most are familiar with. I've believed this for years and not since the CS disaster. You can go back from the beginning of Browncafe and look at my posts on this subject or the archives of the Motley Fool UPS stock site from it's beginning 6 months before going public until they went to a pay per format. I believe we, the average union UPSers were made victims in 97' as we got caught in the middle of political games. Had we not been in that position I'm not saying there would not have been a strike but I feel a strike would have required very defined reasons rather than the vague nonsense we got. Now that said let me give you my point on you idea of the company taking over the plan. On it's face and looking at CS, yes it would suggest based on what you say this is a no-brainer but just take a look at what happen just moments earlier with the latest UPS earning reports. We beat street estimates by $.05 if I understand correctly but I'm hearing $.045 of that $.05 was from the readjusted MIP. Now longterm this just may boost the stockprice and it works out better but my point is the company IMO changed the rules of the game "FOR THEIR OWN" just to chase a stock price. That said, here's the question you will face from 1000's of UPSErs across the country and that is how can you guarantee our pension won't become a source for the bean counters to also chase the stock price. No doubt UPS controlling the fund could not only provide us with a better and more secure retirement and for UPS also allow them to better control this cost which would help them on Wall Street and this is great because we all would win but this is a business and they have their end to protect but my view is business as well and I have my end to protect. UPS IMO has had many opportunities to really gain huge in the area of trust over the last few years but the leadership of this company IMO has proven a disaster in that area. This is where APWA and that effort will have to work before people will jump ship on a wide scale. I do think this effort has some feet down south as unlike OK2BC I have heard of the effort around the workplace and have seen flyers going around promoting the website. I myself have even promoted the website to co-workers. Good luck and keep up the good work because I do believe it's vital to the conversation all UPS Teamsters need to sit down and have with one another. [/QUOTE]
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