May 10th Announcement .Pension

[moreluck]

Boiled....you're right. We moved several times with UPS and it was like playing "catch up" each time compared to the guy that didn't move anywhere his entire career. The "catch-up" was anywhere from 2-5 yrs. depending on the area you were moved to.

[tieguy]

Originally Posted by boiled frog

Having your moving costs paid isn't exactly "paid pretty well". Especially if you're moving somewhere the cost of living is signifcantly higher. You usually don't get paid enough to cover the difference.

Does the extra two grand a month for two years help?

[boiled frog]

Originally Posted by tieguy

Does the extra two grand a month for two years help?

That's not quite how it works. There's a formula that considers what a house like yours would cost in the new location, your current interest rate on your mortgage and all kinds of stuff. You may be eligible for some extra money to make up the difference in the cost of your house for a few years. But after that you're screwed. Especially with the crummy raises we can expect these days.

[moreluck]

The subsidized house payment for 5 years is great.........you don't get the money directly (we didn't). Your housepayment for the first year is low especially in CA. It increases yearly as the subsidy lessens. At 5 years your are slapped with the biggest mortgage payment of your life and your raises during that 5 yr. period DO NOT cover it.

That's why the people who stay put and don't move make out better financially.....I think. They are in the same house as they were 30 yrs. ago and it's now paid off and the people who moved could very well be in a home at or near retirement age and still facing a 27 yr. mortgage.

[boiled frog]

Originally Posted by tieguy

Does the extra two grand a month for two years help?

I also should have added: Tie, suppose you got an extra $2k a month because the payment on a house just like your old one in the new location COSTS $2k more a month. Then before you know it that $2k extra you're getting tapers off to nothing. But guess what? Your mortgage payment doesn't taper off. It stays the same.

not to mention the family-related sacrifices one makes during their career if they relo several times...regardless, I think we are going off topic and need to hear from those in the know, about the May 10 announcement.

Maybe NEWYORKER could shed some light. He was all over the last buyout announcement and then disappeared once it was announced. How 'bout it NEWYORKER, are you still lurking?

and he could also say a thing or two about relo, having done it several times himself..!!

[nhguy]

I agree, Let's stay on topic. I want to know as much as possible about this rumored big announcement this week!!

Anyone in the know, shed some light on us!!!!!!!!!!!!!!!!!!!!1

[tieguy]

Originally Posted by boiled frog

I also should have added: Tie, suppose you got an extra $2k a month because the payment on a house just like your old one in the new location COSTS $2k more a month. Then before you know it that $2k extra you're getting tapers off to nothing. But guess what? Your mortgage payment doesn't taper off. It stays the same.

I would imagine thats true in some cases where you move from low cost of living to high. In many cases I see those who move leverage these perks to buy a bigger and better house then what they had before. They buy with an interest only mortgage to maximize the house they can buy and with the intent of moving again in a few years.

[tieguy]

Originally Posted by nhguy

I agree, Let's stay on topic. I want to know as much as possible about this rumored big announcement this week!!

Anyone in the know, shed some light on us!!!!!!!!!!!!!!!!!!!!1

we will know thursday. until then I would not treat anything posted here as anything but rumor.

..guy`s we are hearing the same rumor over here at UPSF,and there are meetings of management going on...so...guess its time to be prepared for the worst !

[dumbsup]

Probaly nothing to it. They freeze the pension and raise the match. Big deal. For older workers, it sucks. The only group to benefit is the group with 10 years or less in the company, although I would think that if you have over 20 or 25 they might give you a choice to stay on old pension. Seems there would be a legal issue for the old dead weight to have there pension frozen with 5-10 years to go to retirement..

Originally Posted by tieguy

I have never seen anyone that was asked to relocate that would rely on their spouses salary to survive. All relocatees I have seen are divison manager in rank and higher. All recieve some pretty generous terms from what I have seen?

Paying for moving expenses doesn't compensate for watching your wife and kids cry when you tell them you're making them move away from family and friends just so Wall St. investment bankers will continue to make money.

By the way - they've relocated a number of Business managers over the past few years in my district - to some lousy poverty stricken areas I might add. They after moving they get treated like crap. No thanks - I can be treated like crap right where I am.

Originally Posted by dumbsup

...Seems there would be a legal issue for the old dead weight to have there pension frozen with 5-10 years to go to retirement..

Old dead weight? That was a pretty lousy thing to say.

[Channahon]

SEC filing by FedEx for pension changes.


Portable Pension Account Benefits
FedEx summarized many of the changes to employees in a series of communications that began today, and it will share additional information and educational materials in the coming months.
The enhanced, Portable Pension Account offers several benefits:
• Employees can take their vested benefit with them if they leave FedEx;
• It is flexible and offers the choice of monthly benefit payments or a lump sum payment;
• Pre-retirement death benefits can be paid to a spouse or any other designated beneficiary;
• There is no limit on years of service under which benefits accrue;
• Benefits will be vested after three years of credited service, compared to five years currently; • Eligible employees who have accrued benefits under the traditional pension benefit formula will receive transition credits

[tieguy]

Originally Posted by Relo = NO

Paying for moving expenses doesn't compensate for watching your wife and kids cry when you tell them you're making them move away from family and friends just so Wall St. investment bankers will continue to make money.

By the way - they've relocated a number of Business managers over the past few years in my district - to some lousy poverty stricken areas I might add. They after moving they get treated like crap. No thanks - I can be treated like crap right where I am.

I don't know that I would ever take a lateral relo as a business manager. I'm not arguing against the point that moving the family can be pretty tramatic. I was more so asking questions about the financial reimbursment and how some at least some seem to turn the relo process into one that benifits them finacially.

[boiled frog]

Originally Posted by tieguy

I don't know that I would ever take a lateral relo as a business manager. I'm not arguing against the point that moving the family can be pretty tramatic. I was more so asking questions about the financial reimbursment and how some at least some seem to turn the relo process into one that benifits them finacially.

Sometimes it can work out OK financially but it's by no means a sure thing. And depending on who you work for, failure to accept a relo could easily get you blackballed. They don't seem to move people below staff level around as much these days but it's been very common in the past.

[Channahon]

Relocations have been a cost initiative for the last few years. The goal was to reduce by 50% year after year. So there have been many promotions within districts to staff and division managers without moving the family.
Also with managers not wanting to relocate, it benefits both UPS and our management.

Personally, I have relocated a few times, and did well financially with both real estate and increases at UPS.

Buying up every time and getting the best mortgage financing.

[nhguy]

I guess we are determined to get off topic here. So here's my two cents. Many years ago I worked for a Government agency and I relocated twice. Both times were promotions. No-one has anything to gripe about at UPS regarding their relocation package. Uncle Sam doesn't pay any cost diffewrential in housing, uncle Sam doesn't pay additional monthly income, uncle Sam doesn't even pay for your closing costs. All I got was my moving costs and Real Estate fees paid. After I got a $3,00.00 a year raise and lost $15,000 on the sale of my home, it didn't take long to realize that this was a bad deal. You upper management at UPS have nothing to complain about. Your relo package is 100 times better than most!!!!!!!!!!!

[boiled frog]

Originally Posted by nhguy

I guess we are determined to get off topic here. So here's my two cents. Many years ago I worked for a Government agency and I relocated twice. Both times were promotions. No-one has anything to gripe about at UPS regarding their relocation package. Uncle Sam doesn't pay any cost diffewrential in housing, uncle Sam doesn't pay additional monthly income, uncle Sam doesn't even pay for your closing costs. All I got was my moving costs and Real Estate fees paid. After I got a $3,00.00 a year raise and lost $15,000 on the sale of my home, it didn't take long to realize that this was a bad deal. You upper management at UPS have nothing to complain about. Your relo package is 100 times better than most!!!!!!!!!!!

Sounds like you made some pretty poor decisions there.


The rumor I heard was that people in NH are going to have their pensions reduced by $100/month for every week they stay with UPS beginning June 1.

[dumbsup]

yes but people in nh can afford it. No taxes in their state...

[nhguy]

Boiled Frog,

We all learn from our mistakes in life! Dumb sup is right, no income tax and no sales tax in NH. Wish I was from New Hampshire!!

[moreluck]

Only 2 places are lower than N.H. in taxes and that's Alaska & DC.

Originally Posted by moreluck

Only 2 places are lower than N.H. in taxes and that's Alaska & DC.

Don't forget the Cayman Islands!

Originally Posted by dumbsup

yes but people in nh can afford it. No taxes in their state...

I quit after 10 years in management last December and just got the letter that told me what my vested pension benefit will be. I had my fingers crossed that they would just make me a lump sum offer to buy the pension out, but they didn't. So...now I have to wait until 65 to get the dough. Personally, I'd be really happy if they tried some kind of buy out, unless it was in UPS stock. :-)

[tieguy]

Originally Posted by nhguy

I guess we are determined to get off topic here. So here's my two cents. Many years ago I worked for a Government agency and I relocated twice. Both times were promotions. No-one has anything to gripe about at UPS regarding their relocation package. Uncle Sam doesn't pay any cost diffewrential in housing, uncle Sam doesn't pay additional monthly income, uncle Sam doesn't even pay for your closing costs. All I got was my moving costs and Real Estate fees paid. After I got a $3,00.00 a year raise and lost $15,000 on the sale of my home, it didn't take long to realize that this was a bad deal. You upper management at UPS have nothing to complain about. Your relo package is 100 times better than most!!!!!!!!!!!

might be the only thing that we offer better then the government. I have family who travels for the government. They rape the taxpayer with the per diem they collect. Best hotels available etc.