I think you are mistaken. My understanding of the pension plan for new management people is that there is none. The only form of retirement they receive is the 401k match.
On the positive side they get to take the entire "none" with them when they leave. It's portable!
They also get to take their 401k if they were smart enough to contribute an amount at least equal to the match. In most cases they take a pay cut the first few years of management if they were a full time hourly, so they probably don't contribute.
If they contributed nothing to the 401k, they will leave with what they started with - "nothing" and "none."
FracusBrown:
The only correct thing that you said in your post was the "I think" in "I think you are mistaken". At least you qualified it by saying that you weren't sure! After those first two words, it was all downhill from there.
Pretzel_Man did a great job of proving your statements wrong, so I won't reiterate them. However, I have noticed that in this post and previous ones, you seem to be very pessimistic in general. There certainly have been some changes which have negatively affected us over the past few years. However, I think you need to keep in mind two things:
1. It doesn't do your credibility any good when you post stuff on here that without even doing the most basic research. Like I said, there is enough true stuff to complain about.
2. I worked for a number of other companies before coming to UPS, and what UPS has done over the past few years is mild compared to what other companies have done.
Pay freeze? Many companies have have instituted pay cuts.
RSU? Restricted stock is the rule rather than the exception for most companies. I worked for a company where you got all of your bonus as restricted stock, and you know what the vesting schedule was? 0% for the first five years. 20% after 5 years. 40% after six years. Etc.
No 401k match? Many companies eliminated their match over the past few years. Our reinstated match is not the most generous, but one company I worked for had a vesting schedule for their match. Meaning that you got 20% of your match after 1 year. 40% after 2 years. Etc. UPS gives you 100% of your match immediately.
Pension? Pensions are the exception rather than the rule. This is the only company that I've worked for that has a pension. Plus, they match 401k on top of that.
Health benefit costs going up? That is happening everywhere. All companies are getting socked with higher health care costs, and unfortunately, employees end up bearing some of the brunt of that. However, our plan is quite generous in comparison to some plans that I've been on.
I am not saying it is all roses. Certainly we have been hit with a lot of changes over the last few years, and many if not most have been negative. However, you really need to keep all of this in perspective, too. Yes, there are negatives, but there are also a lot of positives, too. If we are going to harp on the negatives, we also need to be fair and acknowledge the positives, too.