SignificantOwner
A Package Center Manager
From the company that keeps on taking and taking, look for an enhanced pension plan coming soon to a mailbox near you.
Between killing partnership and loyalty, then capping salaries and implementing a forced distribution system to control merit increases, but not having the guts to call it what it is, a cost control initiative, I can’t wait for the new program that will of course benefit all us long time employees. Those smart bean counters at the top of the food chain have figured out a new way to get those of us who have been around awhile to leave at 55 without offering a buy-out. Genius!
While still just rumored, it comes from some pretty reliable sources! The details are to be released at the 2013 Management Conference. So here goes with the rumors and innuendo!
Those born in or before 1960 with be grandfathered into the early retirement age of 55, but your pension will be frozen at 55. If you stay longer, you will be forced into a 401k match program. If you have ever run those numbers, the years between 55 and 60 can have a huge impact on your monthly pension amount. In my case years 56 – 60 would add about $500 per month to my pension for each year I stay.
The good news, there is now nothing keeping me at UPS past age 55. I can get a 401k match at any company, and that company will get the benefit of my talents, training work ethic and loyality. The only loss is the 3% per year early retirement penalty. Now, for those born in 1961 through 1984, your early retirement age is being moved to 59, and guess what? Your pension also freezes at age 55 and years 56 and above are 401k matches. Just think about how much money the company will save and get rid of the long time employees to which they no longer want to be saddled. Pure genius. Scott and Curt are very smart men when it comes to money, but my bet is this is going to be penny wise and dollar foolish.
This will be the last nail in the coffin for cradle-to-grave employees and move UPS into the ranks of other average to below average companies who want to get everything out of you they can for five years and have you move on. IMHO, this is going to be bad for business, but hey, I haven’t been a partner with a voice in this organization since late 1999.
Now for their next act, my bet is that in 2016 when Obama Care begins to tax Cadillac healthcare plans, Scott and Curt will tell me how much they are going to save me in income taxes by moving us Obama Care. The plan that’s not good enough for Congress, but is good enough for everyone else.
People are our greatest asset. BS.
Whatever you do vote your shares to make sure they maintain their 10 votes per share because without control they wouldn't be able to do these great things for the employees!
