Heard that non-union pension is going away on Jan 1, 2007

Discussion in 'UPS Discussions' started by lostmybrownblood, Oct 18, 2006.

  1. lostmybrownblood

    lostmybrownblood New Member

    I have heard a rumor going around that the non-union pension is going to be gone in 2007. The word is that they are going to lock the pension in on Jan 1, 2007. So if you are a 10 year employee you would get a 10 year pension when you turn 62. From then on there will be no more pension they will just increase the 401K match from 3% to 5%. Has anyone else heard anything about this?
     
  2. brownISer

    brownISer Guest

    been hearing that a lot in NJ....
     
  3. Fred1125911

    Fred1125911 New Member

    The contract expires in Aug. '08 they cannot end one of the provisions of the contract w/out notice, 18 months before the contract expires, or a new one is agreed upon and approved by the membership. And I am not even a lawyer!!!
     
  4. pt_oms

    pt_oms Member

    Lostmybrownblood said Non-union, non union employees are not covered by a contract.

    And I have not heard of cutting any pension
     
  5. Keepingthemhonest

    Keepingthemhonest Bring'n sexy back

    upper management is overly compensated anyway...why would they need a pension, stock options, and a 401k match....getting 80k+options just for passing the buck :(
     
  6. traveler

    traveler Where next? Venice

    :wacko: If these folks are so well rewarded for so little work why don't you jump on the bandwagon and enter the ranks of management?

    :w00t: Oh, I know, you would rather work hard for less money and carp about upper management.
     
  7. Largest cost cutting measure in UPS history is supposed to be announced this coming week. Hopefully this does not have anything to do with it.
     
  8. upsdude

    upsdude Well-Known Member

    Wow! They really are getting rid of PAS!

    LOL!
     


  9. hope not or my co-workers are in trouble:lol:
     
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  11. hoser

    hoser Industrial Slob

    ding ding ding!!! :w00t:
     
  12. artlover

    artlover New Member

    There are still plenty of us who are non-union and non-management. I had not heard about this. I have been with the company for 17 years, so that really concerns me. Where can I find out more about this?

    Thanks.
     
  13. Cezanne

    Cezanne New Member

    Stated as a rumor, treat it as such till the event happens. The act of eliminating a traditional pension plan and replacing it with a match 401k would be a cost cutter, it appears that most companies are starting to do this especially if they do not have to deal with a unionized workforce. If they do decide to get rid of the UPS Retirement Plan, the years you have vested are protected, presuming they will bump the non union, non management workforce into the UPS Pension Plan, which covers most of the part time union employees. Been done before, now as far as the management people with the better perks and salaries they should be comfortable with selling their stock and matching 401k options when they become eligible for retirement. That is one of the reasons that this rumor would be consider plausible.
     
  14. tieguy

    tieguy Banned

    Indeed we are. I know I often wish the local newpaper had more reporters working for it writing more stories so I would have more to read at work. :cool:
     
  15. speeddemon

    speeddemon Guest

    Ask a feeder driver. They always know about things to come way before it happens.
     
  16. rngri4

    rngri4 New Member

    I haven't heard about that yet, but I know there is some talk about doing something with our management stock in the future and somehow tying it up in the pension different, I really don't care though, except for my fellow employees, because my retirement is privately funded through another IRA and 401K, not through UPS. No, I don't get company matching this way, but I am still making good money, even more than with company matching, and I prefer to have control of my own hard earned money. I just feel sorry for everyone else affected.
     
  17. hoser

    hoser Industrial Slob

    yeah, they don't have their supervisors to report to, and their numbers to meet.

    the reason why they're consistently dicks to you across the board is because
    their supervisors are dicks to them!

    the extra pay is worth it, i mean, they don't have a powerful union to cover their ass.