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UPS Retirement Topics
Surrending CS Pension?
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<blockquote data-quote="wkmac" data-source="post: 76335" data-attributes="member: 2189"><p>Was told that by a management retiree via his son. The retiree had attended a meeting on the subject just recently and wasn't happy about it. Another manager who I know is set to retiree this spring and I even asked him when I heard it and he also verified this. As much as I think it sux "if true", it does make sense. The majority of corporations do this so we (both UPS management and union) are in a very rare minority from what I can see. I've no doubt UPS would push this come 2008' and I'm sure the savings to the plans would be huge since most UPSers would draw towards the upper end of what SS pays out. If a UPSer works until 62' and then draws at say 65', my guess is the SS check will be about 2/3rds to 3/4ths of the pension check so that's a huge savings for the pension plan and takes a lot of pressure off of both the union and UPS. Come to think of it, they can make the change now without the company but the heat would be enormous. It's more like they would wait until 08' and use the "blame the company" as cover. Otherwise, in this climate right now it's political suicide to do this. </p><p> </p><p>As for Jim Casey, well it's true in the since that we'll never know but if I were a betting person I think Big Jim would have seen the train wreck coming back in the 1980's and started doing something then. JMO.</p></blockquote><p></p>
[QUOTE="wkmac, post: 76335, member: 2189"] Was told that by a management retiree via his son. The retiree had attended a meeting on the subject just recently and wasn't happy about it. Another manager who I know is set to retiree this spring and I even asked him when I heard it and he also verified this. As much as I think it sux "if true", it does make sense. The majority of corporations do this so we (both UPS management and union) are in a very rare minority from what I can see. I've no doubt UPS would push this come 2008' and I'm sure the savings to the plans would be huge since most UPSers would draw towards the upper end of what SS pays out. If a UPSer works until 62' and then draws at say 65', my guess is the SS check will be about 2/3rds to 3/4ths of the pension check so that's a huge savings for the pension plan and takes a lot of pressure off of both the union and UPS. Come to think of it, they can make the change now without the company but the heat would be enormous. It's more like they would wait until 08' and use the "blame the company" as cover. Otherwise, in this climate right now it's political suicide to do this. As for Jim Casey, well it's true in the since that we'll never know but if I were a betting person I think Big Jim would have seen the train wreck coming back in the 1980's and started doing something then. JMO. [/QUOTE]
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