The Old Thrift Plan

Discussion in 'UPS Discussions' started by hseofpayne, Jun 7, 2008.

  1. hseofpayne

    hseofpayne Guest

    Are there any of you old farts on here who remember the good ole days before UPS traded us out of our Thrift Plan? I was a part-timer and my memory ain't what it never was, but it seems like we put in $6 a week and it grew like kudzu! Wonder what we would have now if we hadn't got snookered into UPS stock?!
     
  2. stealth8

    stealth8 Active Member

    I remember the old thrift plan. You could only put in $6.00 a wk, and interest was paid up to 22% max. We had a string of 22% years back then it was a nice plan.
     
  3. BrownSuit

    BrownSuit Active Member

    I'm not sure snookered is quite the word.

    If you went from all of that in the Thrift plan into UPS stock prior to going public and were an employee when the IPO happened (Folks who quit, retired, or otherwise left the company when the stock was private were required to sell it back) You are a millionaire right now several times over.

    I don't see a problem with that . . .
     
  4. pkgdriver

    pkgdriver Member

    snookered and millionaire both dont work here...I did fine but nowhere close to 1,000,000 ...started Thrift plan in 87...I think the drivers in my center with senority dates of late 60s werent even close to it either.
     
  5. JonFrum

    JonFrum Guest

    BrownSuit,

    A millionaire several times over? Could you provide some numbers on how that could be? Six dollars contributed per week is only $312 a year, or about $11,232 over the course of a 36 year career. Even if you started contributing when the Thrift Plan started in 1960, and taking into account the "magic of compound interest," several years of high yield, and the UPS stock IPO, it seems a stretch.
    - - - - -
    And how many would be surprised to learn that the Thrift Plan was still chuggin' along, at least as of 2006. (Though it was taking its last breaths.) You can get its annual Form 5500 reports from . . .
    http://freeerisa.benefitspro.com/
     
  6. hseofpayne

    hseofpayne Guest

    Whatever you had doubled when it split, went from $40 ish to low 70s' ever since, no Thurston Howell III here!
     
  7. You're dreaming there suit. Please lay out some numbers to back that one up. I started contributing the max in 86 and converted it to UPS stock in an IRA when the plan was changed. I got nowhere near 7 digits at the IPO...didn't even hit 6 digits.

    To answer the "what if" question above, I don't think we'd have much - the company has done away with those kinds of benefits over the last several years. It wouldn't have continued unless you were a district manager or higher.
     
  8. rod

    rod retired and happy

    I was in the Thrift plan from the early part of 1970 up until we were able to buy stock. When the stock split I didn't become an instant millionaire although if I remember correctly my net worth at that time did go from about 120 thousand to a couple of hundred thousand. A nice bump but no where near qualifying me for the "millionaires club" After the stock split I didn't take my financial advisers advise and unload a bunch of it for other more promising investments. It took me about 10 years of riding that dead horse to finally wise up and dump it.
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    We had one driver who parlayed $180,000 from his Thrift Plan in to $1.2M in UPS stock.
     
  10. JustTired

    JustTired free at last.......

    I always wished that they hadn't done away with the thrift plan. While it was before my time, I was told that the $6/week equated to about 2-3 hrs pay back in the 60s. Never understood why that amount didn't rise with wage increases. Can you imagine being able to invest 2-3 hrs wages/week and receive a 20+% return on your money?

    I always heard that the SEC regulated the amount you could contribute. Never bought it. Finally, I had someone fairly high up tell me what I considered to be the real reason. He said that UPS used the TP money for investment in equipment, etc. They were paying the 20% return for the use of that money. It got to the point where they could save a lot of money by borrowing from a bank as opposed to the TP. So it was capped at $6.

    Hated to see the TP end. But the stock I received split and a few years back I cashed in and paid my house off. This allowed me to jump up my retirement date. Now going in to my second week of retirement. And I guess I can thank the TP in part for that.
     
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    BTW, the Thrift Plan was up to $6/week. I was always amazed at the number of drivers how thought that $6/week was too much and wouldn't set aside that amount.
     
  12. New Englander

    New Englander New Member

    I'm confused, the first paragraph said it was before your time. Yet in the last paragraph it seems you were part of it and got stock?

    Did I miss a quote in there from something else?
     
  13. 1989

    1989 Well-Known Member

    Why do you feel a sence of entitlement? UPS stated the thrift plan, UPS ended the thrift plan. You could have cashed out of the plan and not bought stock that I believe has more than tripled since the end of the plan. Plus has given out more than $10 a share since going public. Move on, make your own decisions, Don't be snookered anymore.
     
  14. JonFrum

    JonFrum Guest

    Has he received a Trial Date yet?
     
  15. hseofpayne

    hseofpayne Guest

    Why can't you spell "sense" you old bastard.
     
  16. drewed

    drewed Shankman

    See Payne its just not the youngins with spelling problems lol
     
  17. JonFrum

    JonFrum Guest

    I think JustTired means he contributed $6 in the 1980s-1990s, but that $6 wasn't worth what it was back in the 1960s. The 1960s, when $6 was several hours pay, were before his time.
     
  18. hseofpayne

    hseofpayne Guest

    The 60's were before his time , when $6 represented 2-3 hrs pay.
     
  19. hseofpayne

    hseofpayne Guest

    Yeah, I intend on getting financial advice from a bitter, old, no spelling, all knowing, E F Hutton channeling, jackass!
     
  20. drewed

    drewed Shankman

    Whos E F Hutton? LMAO