OPL

Discussion in 'UPS Discussions' started by worthlessdriver, Mar 16, 2009.

  1. worthlessdriver

    worthlessdriver New Member

    What happened to ups' little tax scheme called OPL? Wasn't it a tax shelter in Bermuda? The sups would always rave about how well it was doing. Now I never hear a word about.
    Also a while back I saw where UPS was being sued for charging customers for add corrections what happened with that?
    And while we are at it what happened to the suit about overcharging for insurance?
    What happened to these suits?
     
  2. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    IRS decided it was not an illegal tax shelter and UPS did not have to pay any penalties.
    OPL was liquidated in late 2007.
    As for the suits, I believe they were settled and as always the lawyers got the money paid out.
    OPL is pretty much a forgotten memory at this point... but a good memory. Without a doubt the best investment I ever had in terms of percent return on investment. Donated a lot to United Way and sold the rest.
    I remember the Thrift Plan was nice too and that was available to all employees.
    I don't remember OPL being available to non-management which is a shame.
     
  3. brownmonster

    brownmonster Man of Great Wisdom

    Hoax, OPL was available to us when UPS stock first became available to non-mgmnt employees. I believe it was one share for every 4 UPS shares. Had no choice but I don't think you could buy it separately.
     
  4. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    You're right as i remember...but you could sell it and keep the UPS Stock.
    At least non-management could get some of the benefits for a while.
    I definitely had more in Thrift Plan than in OPL and any employee could get that $7 a week for Thrift Plan taken out.
     
  5. bad company

    bad company semi-pro

  6. brownmonster

    brownmonster Man of Great Wisdom

    I had about a thousand bucks in the thrift plan which UPS automatically used to purchase me about 28 shares.
     
  7. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member