Probaly nothing to it. They freeze the pension and raise the match. Big deal. For older workers, it sucks. The only group to benefit is the group with 10 years or less in the company, although I would think that if you have over 20 or 25 they might give you a choice to stay on old pension. Seems there would be a legal issue for the old dead weight to have there pension frozen with 5-10 years to go to retirement..
R
Relo = NO
Guest
Paying for moving expenses doesn't compensate for watching your wife and kids cry when you tell them you're making them move away from family and friends just so Wall St. investment bankers will continue to make money.
By the way - they've relocated a number of Business managers over the past few years in my district - to some lousy poverty stricken areas I might add. They after moving they get treated like crap. No thanks - I can be treated like crap right where I am.
M
Mr. Manners
Guest
Old dead weight? That was a pretty lousy thing to say.
SEC filing by FedEx for pension changes.
Portable Pension Account Benefits
FedEx summarized many of the changes to employees in a series of communications that began today, and it will share additional information and educational materials in the coming months.
The enhanced, Portable Pension Account offers several benefits:
• Employees can take their vested benefit with them if they leave FedEx;
• It is flexible and offers the choice of monthly benefit payments or a lump sum payment;
• Pre-retirement death benefits can be paid to a spouse or any other designated beneficiary;
• There is no limit on years of service under which benefits accrue;
• Benefits will be vested after three years of credited service, compared to five years currently; • Eligible employees who have accrued benefits under the traditional pension benefit formula will receive transition credits
Portable Pension Account Benefits
FedEx summarized many of the changes to employees in a series of communications that began today, and it will share additional information and educational materials in the coming months.
The enhanced, Portable Pension Account offers several benefits:
• Employees can take their vested benefit with them if they leave FedEx;
• It is flexible and offers the choice of monthly benefit payments or a lump sum payment;
• Pre-retirement death benefits can be paid to a spouse or any other designated beneficiary;
• There is no limit on years of service under which benefits accrue;
• Benefits will be vested after three years of credited service, compared to five years currently; • Eligible employees who have accrued benefits under the traditional pension benefit formula will receive transition credits
tieguy
Banned
I don't know that I would ever take a lateral relo as a business manager. I'm not arguing against the point that moving the family can be pretty tramatic. I was more so asking questions about the financial reimbursment and how some at least some seem to turn the relo process into one that benifits them finacially.
constructively dissatisfi
Well-Known Member
Sometimes it can work out OK financially but it's by no means a sure thing. And depending on who you work for, failure to accept a relo could easily get you blackballed. They don't seem to move people below staff level around as much these days but it's been very common in the past.
Relocations have been a cost initiative for the last few years. The goal was to reduce by 50% year after year. So there have been many promotions within districts to staff and division managers without moving the family.
Also with managers not wanting to relocate, it benefits both UPS and our management.
Personally, I have relocated a few times, and did well financially with both real estate and increases at UPS.
Buying up every time and getting the best mortgage financing.
Also with managers not wanting to relocate, it benefits both UPS and our management.
Personally, I have relocated a few times, and did well financially with both real estate and increases at UPS.
Buying up every time and getting the best mortgage financing.
I guess we are determined to get off topic here. So here's my two cents. Many years ago I worked for a Government agency and I relocated twice. Both times were promotions. No-one has anything to gripe about at UPS regarding their relocation package. Uncle Sam doesn't pay any cost diffewrential in housing, uncle Sam doesn't pay additional monthly income, uncle Sam doesn't even pay for your closing costs. All I got was my moving costs and Real Estate fees paid. After I got a $3,00.00 a year raise and lost $15,000 on the sale of my home, it didn't take long to realize that this was a bad deal. You upper management at UPS have nothing to complain about. Your relo package is 100 times better than most!!!!!!!!!!!
constructively dissatisfi
Well-Known Member
Sounds like you made some pretty poor decisions there.
The rumor I heard was that people in NH are going to have their pensions reduced by $100/month for every week they stay with UPS beginning June 1.
O
Overseas Partner
Guest
Don't forget the Cayman Islands!
A
Anon Guy
Guest
I quit after 10 years in management last December and just got the letter that told me what my vested pension benefit will be. I had my fingers crossed that they would just make me a lump sum offer to buy the pension out, but they didn't. So...now I have to wait until 65 to get the dough. Personally, I'd be really happy if they tried some kind of buy out, unless it was in UPS stock.
tieguy
Banned
might be the only thing that we offer better then the government. I have family who travels for the government. They rape the taxpayer with the per diem they collect. Best hotels available etc.
trickpony1
Well-Known Member
Did that recessive gene get passed along to you also?
tieguy
Banned
recessive or excessive?
trickpony1
Well-Known Member
....actually, when it's manifested, as yours appears to be, it would be double recessive.
The Zen Man
Translucent
"Rich plan, poor plan - 13 Jan 2006
Steven Brull
UPS's pension plan for nonunion employees outperforms its peers and runs a surplus, while many of the multiemployer plans for its unionized workers struggle. And Big Brown can't deliver a fix.
It's the best of times, it's the worst of times for pension holders of United Parcel Service of America.
In this tale of two pension plans, if the employees are among UPS's 125,000 nonunion workers, they're in fine shape. Big Brown's $10.5 billion in-house plan is one of the rare corporate schemes to be overfunded, boasting $110 in assets for every $100 in liabilities. Its portfolio returned 13.3 percent in 2004 -- the most recent year for which figures are available -- and an annualized 10.9 percent for the three years ended 2004. Those results handily best the 12.2 percent and 7 percent returns, respectively, for plans of the nation's 100 biggest corporations, according to Seattle-based Milliman Consultants."
SO WHY WOULD THEY KILL IT?
Steven Brull
UPS's pension plan for nonunion employees outperforms its peers and runs a surplus, while many of the multiemployer plans for its unionized workers struggle. And Big Brown can't deliver a fix.
It's the best of times, it's the worst of times for pension holders of United Parcel Service of America.
In this tale of two pension plans, if the employees are among UPS's 125,000 nonunion workers, they're in fine shape. Big Brown's $10.5 billion in-house plan is one of the rare corporate schemes to be overfunded, boasting $110 in assets for every $100 in liabilities. Its portfolio returned 13.3 percent in 2004 -- the most recent year for which figures are available -- and an annualized 10.9 percent for the three years ended 2004. Those results handily best the 12.2 percent and 7 percent returns, respectively, for plans of the nation's 100 biggest corporations, according to Seattle-based Milliman Consultants."
SO WHY WOULD THEY KILL IT? Similar threads
