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Brown Cafe UPS Forum
UPS Partners
Management Buy-out and Pension cut
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<blockquote data-quote="yankswinagain" data-source="post: 144464" data-attributes="member: 2215"><p>Annoucement made available on Monday to the impacted people at set levels of "upper" management. There has been some scrambling this past week to try and make that go smoothly.</p><p></p><p>Rumors have indeed been all over the place - buy out, pension change, lay offs, pension termination....</p><p></p><p>On that note... rememer that by law any Pension Plan change requires notice to those impacted and set scheduled needs to be followed. There are filings that need to be made with PBGC. Since this WOULD be a standard termination of the plan (since the plan is not insolvent), UPS would have to make a good effort to find all past employees due a benefit, etc. </p><p></p><p>Many of my peers feel that a plan change would be the last thing holding them at UPS (health plan changes, low wages and raises, MIP change, going public, flat stock price, longer hours, etc.). If UPS wants to cut staff by 20% or some such number, then it may happen by good old quitting...</p></blockquote><p></p>
[QUOTE="yankswinagain, post: 144464, member: 2215"] Annoucement made available on Monday to the impacted people at set levels of "upper" management. There has been some scrambling this past week to try and make that go smoothly. Rumors have indeed been all over the place - buy out, pension change, lay offs, pension termination.... On that note... rememer that by law any Pension Plan change requires notice to those impacted and set scheduled needs to be followed. There are filings that need to be made with PBGC. Since this WOULD be a standard termination of the plan (since the plan is not insolvent), UPS would have to make a good effort to find all past employees due a benefit, etc. Many of my peers feel that a plan change would be the last thing holding them at UPS (health plan changes, low wages and raises, MIP change, going public, flat stock price, longer hours, etc.). If UPS wants to cut staff by 20% or some such number, then it may happen by good old quitting... [/QUOTE]
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