management pension rumor

luckycharm · 01-11-2008, 12:55 PM

Okay,
What I heard is limited. Anyone born after 1979 will be under new pension system... increased company match to 5%, no actual pension. Anyone born before that date is still under the old system.
Anyone heard any more?

blacknproud · 01-11-2008, 01:16 PM

Quote:

Originally Posted by luckycharm

Okay,
What I heard is limited. Anyone born after 1979 will be under new pension system... increased company match to 5%, no actual pension. Anyone born before that date is still under the old system.
Anyone heard any more?

?

pretzel_man · 01-11-2008, 01:21 PM

Quote:

Originally Posted by luckycharm

Okay,
What I heard is limited. Anyone born after 1979 will be under new pension system... increased company match to 5%, no actual pension. Anyone born before that date is still under the old system.
Anyone heard any more?

There is a change. Guaranteed... I don't know the specifics, but the 1979 date is accurate.

P-Man

Fnix · 01-11-2008, 01:49 PM

Tieguy was born 1978

tieguy · 01-11-2008, 02:31 PM

Quote:

Originally Posted by Fnix

Tieguy was born 1978

reborn with an M16 in my hand.

Why? · 01-11-2008, 02:57 PM

On my way out today I heard rumor too. Had to leave and didn't get further than that. I think there was a conf call. Anyone heard more?

paidslave · 01-11-2008, 04:40 PM

Quote:

Originally Posted by Why?

On my way out today I heard rumor too. Had to leave and didn't get further than that. I think there was a conf call. Anyone heard more?

What is the rumor?

Why? · 01-11-2008, 07:12 PM

That there were changes being announced. That's all I could get from the conversation.

pretzel_man · 01-11-2008, 07:29 PM

Quote:

Originally Posted by Why?

That there were changes being announced. That's all I could get from the conversation.

If I were to guess, those born after 1979 will have pension changed to a 401K plan. This is pretty much what Gen Y'ers have been asking for. A portable retirement plan.

I also heard that there are changes to the infamous LTIP plan.

P-Man

seagull4 · 01-12-2008, 02:58 AM

What is the LTIP plan or what does that stand for?

westsideworma · 01-12-2008, 03:55 AM

Quote:

Originally Posted by seagull4

What is the LTIP plan or what does that stand for?

Long Term Incentive Plan I believe and its for the big wigs in the company and its infamous because even when they said operations had a bad year they still get huge raises...maybe they'll change it, but I doubt it.

trplnkl · 01-12-2008, 04:49 AM

you can bet your sweat bippy they aren't gonna change that. Those big wigs didn't spend years kissing miles and miles of Brown..

... to get where they are just to lower the $$$ they can get.

01-12-2008, 08:29 AM

Quote:

Originally Posted by trplnkl

you can bet your sweat bippy they aren't gonna change that. Those big wigs didn't spend years kissing miles and miles of Brown..

... to get where they are just to lower the $$$ they can get.

Eskew spent his years rewarding his boys (long term, upper management upsers) for mediocre performance. He did make sure that all of us below the district manager level got our 3% raises and had to hold onto the flat stock. That's BS because bottom line is that we can't impact the stock price no matter how hard we work. Maybe Scott D (not a lifetime upser) will refuse to reward them for a flat stock price and still reward them for it. Wall St. doesn't reward their mediocre performance and neither should the CEO and management committee. I like Scott's performance so far. I hope that he keeps making moves realizing that the management structure in small package is still bad and that changes there need to be made to get good results in that area. There's a reason that we're seeing little improvement in dispatch and misload issues - we're not giving it the attention it needs because business managers on up don't understand how to manage the dispatch using technology. How many division managers actually focus on tomorrow's plans at all? We need fewer bigshots and more frontline that know what they're doing if we're going to make significant gains on road.

coldworld · 01-12-2008, 10:23 AM

Quote:

Originally Posted by MyBrownStockIsDown

Eskew spent his years rewarding his boys (long term, upper management upsers) for mediocre performance. He did make sure that all of us below the district manager level got our 3% raises and had to hold onto the flat stock. That's BS because bottom line is that we can't impact the stock price no matter how hard we work. Maybe Scott D (not a lifetime upser) will refuse to reward them for a flat stock price and still reward them for it. Wall St. doesn't reward their mediocre performance and neither should the CEO and management committee. I like Scott's performance so far. I hope that he keeps making moves realizing that the management structure in small package is still bad and that changes there need to be made to get good results in that area. There's a reason that we're seeing little improvement in dispatch and misload issues - we're not giving it the attention it needs because business managers on up don't understand how to manage the dispatch using technology. How many division managers actually focus on tomorrow's plans at all? We need fewer bigshots and more frontline that know what they're doing if we're going to make significant gains on road.

The problem is that the fedex ground machine has died down. This also goes for dhl, who a few years ago was pumping the money in tv ads and how there are many rumors here and there that dhl america has been thinking about getting out of here, or selling off etc. So, why should management care about misloads if our customers arent making too big a stink about it, or are asking for service refunds. How many customers out of 100 who have a late package actually ask for a refund?? If there was more market loss, there would for sure be some changes. Remember when fedex was getting ground back east a day earlier than ups....our customers took notice, and ups did a large restucturing of the ground lanes....it was a great job by management and our customers were put at ease. I personally believe that management hasnt used the drivers "relationships" with small and medium size customers to their fullest. Hopefully someday someone at ups will realize this and take notice. There was a guy in my center who once told me that if he wanted he could probably sign up 20 of his customers onto daily pickups that fedex had, but since the helivery and pickup help wasnt there, he believed management would just try to annex these extra pickups on him, and there was just no time for it. This is just plain sad. As many on here say now, "we cant handle what we have now, let alone add more." Same goes for mgt, why try harder when things go fairly smooth 50% of the time. Seems like " things have a tenency to work themselves out at ups, one way or another."

AirTechSpec · 01-12-2008, 05:09 PM

Quote:

Originally Posted by pretzel_man

There is a change. Guaranteed... I don't know the specifics, but the 1979 date is accurate.

P-Man

Pre-1979-ers also have to have 5 years service (be vested) to be grandfathered in for the current retirement plan.

01-13-2008, 05:47 AM

What if you were born in 1979?

01-13-2008, 09:25 AM

If you were born after 1979 and are fully vested - how would they determine how much to put in your 401K (not talking about the 5% match)? Would it be the formula that was floating around on here for the past year or so?

WEBBE · 01-13-2008, 02:16 PM

I Have Heard That There Were High Level Hr Meetings Nationwide Last Week And There Will Be An Announcement Next Week Or At The Latest, Feb 1, About Changes To The Pension Plan.

nhguy · 01-14-2008, 02:56 AM

This 1979 and beyond plan doesn't make any sense to me. What your saying is that UPS will continue it's current pension plan for basically the next 30 years as it exsist today. I fail to see that this change is all there is. I have no facts or rumors to expand on, but , it is my feeling that you are going to see a much bigger change to the current plan than this.

If you are working for UPS today and you were born in 1979 or later, you still have 26 years to retirement based on the current age of 55. What I think you might be hearing is one component of the changes coming. I guess we'll all know soon!!

Remember the big fish always eats the little ones!!!!

pretzel_man · 01-14-2008, 06:32 AM

Quote:

Originally Posted by nhguy

This 1979 and beyond plan doesn't make any sense to me. What your saying is that UPS will continue it's current pension plan for basically the next 30 years as it exsist today. I fail to see that this change is all there is. I have no facts or rumors to expand on, but , it is my feeling that you are going to see a much bigger change to the current plan than this.

If you are working for UPS today and you were born in 1979 or later, you still have 26 years to retirement based on the current age of 55. What I think you might be hearing is one component of the changes coming. I guess we'll all know soon!!

Remember the big fish always eats the little ones!!!!

Here it is. If you're born after Jan 1, 1979 you will move to a new pension plan. UPS will match the first 3.5% of money you put into Savings Advantage.

If you're born before that. No change.

I think that's pretty close.

P-Man

JThomas · 01-14-2008, 07:10 AM

I know a guy who is set to retire at the end of the month. WHen discussing his payout options he was offered the following: a) $4000 a month until he dies. b) 3500 a month till he or his wife dies. c) $500 something thousand CASH OPTION.

I been around along time. Never heard of option c being offered to anybody before. WHY NOW? It really blew the guy away - because he has been hearing all these rumors - same as we have...

trplnkl · 01-14-2008, 07:20 AM

Quote:

Originally Posted by JThomas

I know a guy who is set to retire at the end of the month. WHen discussing his payout options he was offered the following: a) $4000 a month until he dies. b) 3500 a month till he or his wife dies. c) $500 something thousand CASH OPTION.

I been around along time. Never heard of option c being offered to anybody before. WHY NOW? It really blew the guy away - because he has been hearing all these rumors - same as we have...

Option B makes no sense at all. Who in their right mind would choose to accept $500 less per month AND double the chances of a payment stopping death? you sure that wasn't supposed to 3500 per mo till he AND his wife are both dead? That would make sense cuz if the employee dies first the spouse would still draw the income.

geoffreywebbe · 01-14-2008, 07:24 AM

Is there some kind of formula out there that converts your pension to cash?

01-14-2008, 07:48 AM

Quote:

Originally Posted by pretzel_man

Here it is. If you're born after Jan 1, 1979 you will move to a new pension plan. UPS will match the first 3.5% of money you put into Savings Advantage.

If you're born before that. No change.

I think that's pretty close.

P-Man

3.5%? They already match 3%, that would kinda suck.

I was really hoping they would wait until about the middle of the year to do this. What if you're born after '79 and aren't quite vested?

pretzel_man · 01-14-2008, 08:04 AM

Quote:

Originally Posted by trplnkl

Option B makes no sense at all. Who in their right mind would choose to accept $500 less per month AND double the chances of a payment stopping death? you sure that wasn't supposed to 3500 per mo till he AND his wife are both dead? That would make sense cuz if the employee dies first the spouse would still draw the income.

Option B is until he AND wife die.