Management Pensions

Discussion in 'UPS Partners' started by BROWNHOG, Apr 21, 2007.

  1. BROWNHOG

    BROWNHOG Member

    Anyone Got Anything On The Pushed Rumors Concerning Management Pension Freezes And Mip Elimination For Management By Years End. Rumors Say The Pensions Will Be Frozen,converted To A Cash Plan And That Mip Is Gone By Sept 07..
     
  2. wkmac

    wkmac Well-Known Member

    I know rumors are flying about and I'd venture to say the vast majority have no merit of coming to past. However,
    somewhere in all that nonsense I'd also venture to say is a thin thread of truth but just not to the great degree it's being painted. Hourly ranks also suffer the same type scenarios of rumor fueling rumor and then it takes a life of it's own as it spreads.

    If I were a management person like any hourly employee, first and foremost, you should be maxing that 401k every chance you get. Also non-work related investment vehicles IMO are a must whether for short term or long term. Think of any company pension or even social security as icing on the cake rather than a principle means of a retirement vehicle. Also, be of a mindset to want to work once leaving UPS. It's a proven fact that those who continue active lives, a 2nd career based not on $$$$ but one of pleasure and enjoyment, brings great mental and physical rewards that adds years to quality of life.

    My far and greatest beef with Central States as a Teamster is not the cuts but rather the limits on persuing a 2nd career once I've done the 30 or so years. One of the principle reasons I would have greatly entertained a UPS only pension back in 97' was the freedom to work whereever I choose once I hit 55 years old as UPS pensions had no such restrictions. There are always risks but under the current union pension situation, if you retire and they change the rules in midstream which they did by raising the monthly costs for medical coverage for retirees, with the new rules at the time on total work restriction, those retirees on fixed incomes had no means of seeking a 2nd income source from working to soften the economic blow. IMO that is a real concern for anyone under any pension system who might find themselves in that situation.

    What will happen? I'd watch the current contract talks with the IBT and see what comes of them. I'm not expecting miracles mind you but I can't see the company killing a management pension plan while at the least maintaining the current one for the union FTer's. However, one caveat here! We're talking the new UPS outside the thinking of the great mind of Jim Casey so common sense doesn't prevail here.
    :wink: Be prepared for the worst!

    No matter where you are, pensions are a dying breed and just be prepared for the inevitable. Case in point would be the thrift plan. Who would even have believed UPS would pull a stunt like that on both hourly and management. Sad day IMO.

    And to the APWA cheerleaders. Guys, my comments about the pension is not an open invitiation for you to come here
    and turn this thread into a Spammer for APWA.
    :nono:

    Keep that stuff over there where you guys control the boards. It's your playground over there so knock yourself out!
     
  3. iloadthetruck

    iloadthetruck Member

    Agreed. I have a Roth IRA and max it out every year. I'm only in my 20's so that $4k will invest itself very well. (And I can invest in stuff that the 401k doesn't offer.)
     
  4. wkmac

    wkmac Well-Known Member

    Outstanding iload! Being so young when you hit your late 40's to early 50's, watching other people fret about SS or pension will become sport to watch rather than something you find yourself in the middle of. Good for you.
     
  5. wyobill

    wyobill New Member

    Wkmac
    I have a hard time swallowing the fact that UPS have put a ton of money in Central States pension fund over the past 25 yrs in my behalf and I will recieve such little in return. The spousal plan is horrible and any work restriction put on me by the union is totally unacceptable.