May 10th Announcement .Pension

The "Survey" (as posted above) is what is being done starting on Monday (14th). The talking points of the announcement as well as the survey itself (given by an outside firm) give examples like the ones being rumored about here and other places...

[ImpactedTSG]

Originally Posted by tieguy

Pennsylvania though they get you on everything else

PA has state income tax.

[Fullhouse]

Originally Posted by BCFan

dont forget texas tennessee and every retiree's dream state Florida!!!! all these states have no state income tax....there is at least one more that eludes me at this time....little help from the peanut gallery? BC

And the answer is Alaska

[Quiggster]

Originally Posted by Fullhouse

And the answer is Alaska

Who cars about state tax, who knows anything about the pension news??????

[BrownBlackandBlue]

Originally Posted by Anonymous 060107

did you guys hear about the Total Rewards Survey.? Only for Non- Union Upsers!
It talks about 4% additional match to 401(K). freezing the current pension. That 4% comes whether or not you currently participate in 401k.

This sounds more realistic to me. I think any change to the pension would make it far more appealing to stay than to go. (The infamous carrot). Plus given any financial incentive to go, too many from all age groups would hit the door. Who would lock up?

[moreluck]

Tax Burden as per cent of total income

1Maine13.50%
2New York12.90%
District of Columbia12.80%
Ohio12.00%
Minnesota11.90%
Hawaii11.70%
Nebraska11.60%
Wisconsin11.60%
Rhode Island11.50%
Connecticut11.30%
Vermont11.10%
Louisiana11.00%
Indiana11.00%
Illinois10.90%
California10.90%
Washington10.90%
Michigan10.80%
New Jersey10.80%
Kentucky10.70%
Kansas10.70%
Maryland10.70%
West Virginia10.60%
North Carolina10.50%
Utah10.50%
Iowa10.40%
Georgia10.40%
Pennsylvania10.40%
Arkansas10.30%
Massachusetts10.30%
Mississippi10.20%
South Carolina10.20%
Idaho10.20%
Arizona10.10%
Wyoming10.10%
Missouri9.90%
New Mexico9.90%
Oregon9.90%
North Dakota9.80%
Colorado9.80%
Florida9.70%
Oklahoma9.60%
Virginia9.50%
Montana9.50%
Nevada9.50%
Texas9.40%
South Dakota9.20%
Alabama8.80%
Tennessee8.60%
Delaware8.40%
New Hampshire7.30%
Alaska6.60%

[Quiggster]

So is that a total 7% match and the pension stay in place but no increases from now on?? Hit the door?? Why would people leave???

[tieguy]

Well its thursday morning and it appears to be all quiet. Do we have another great rumor slowly sneaking out the back door?

[The Zen Man]

Originally Posted by Cezanne

You guys are not quite getting it, if the plan is well over 100 percent vested why is the company continuing to put in a half a billion dollars annually, they can technically quit contributing at any time. Just how much monetary contributions is required to provide for it's management employees and to what extent. The Health and Welfare benefit plan is a separate account and has no bearing on the retirement plan, presuming it is as well funded as it's pension counterpart. If it was hurting financially as most of the teamster plans currently I could see them eliminating the fund, but right now I fail to see the reasoning behind it. For all those vested in the UPS Retirement Plan, need not to worry, start studying the ERISA laws and see how well your benefits are protected even if they eliminate or change the plan's benefit formula. How much this has to do with the current teamster negotiations I guess we have to wait and see.

The Total Rewards Value Study will be intorduced on Monday 5/14.

Pension, and compensation accross the board will be surveyed. 9including cars for sales people!)

The feedback should be interesting. I guess time will show us more...

Originally Posted by The Zen Man

The Total Rewards Value Study will be intorduced on Monday 5/14.

Pension, and compensation accross the board will be surveyed. 9including cars for sales people!)

The feedback should be interesting. I guess time will show us more...

Unless its like the 'Work/Life Balance' survey they did a year or two back. I over heard the district big shots saying that the Ops folks were just a bunch of whiners and cry-babies who couldn't possibly be working as much as they said.

On the same note, I think a compensation survey is closing the door after the cows have left the barn. In the two districts I have been in, one is 0/12 in management trainees staying past 5 (total) years and the other was 1/14. No matter how you cut it, I'm sure many of you can attest to a LOT of the best and brightest have already left. Even if they fix the problem today, I think UPS is still going to be facing a management crisis for 5 years minimum while the ranks re-fill after years of it just not being worth it.

[Pip]

dave_socal says:

That's B-U-D-W-E-I-S-E-R but a genius like youself can't be bothered with not knowing how to spell the most common beer in the USA.

No genius here, but I always thought Rootbeer was the most famous beer.

[BrownBlackandBlue]

Originally Posted by Quiggster

So is that a total 7% match and the pension stay in place but no increases from now on?? Hit the door?? Why would people leave???

Read back a few pages. There was speculation of the pension being bought out to the tune of a 20 year person receiving $600,000+. That is what I think is not realistic because it would cause high turnover.

No news is good news!

Any changes will not be in favor of the current and future management and non-union employees. There will be a positive spin, but in the end it will equal lower compensation.

Good sources still say a raise in the retirement age is comming.

All the hype over pension can't be just hype.

More to come.

[seachange]

well... i heard from someone in nj (i'm an ex upser)... that the 4% is just that, 4%. so, if you're already getting 3%... you do the math. it just doesnt make sense especially when IBM contributes 6% now. also, no word of another buyout.

Originally Posted by add it up

No news is good news!

Any changes will not be in favor of the current and future management and non-union employees. There will be a positive spin, but in the end it will equal lower compensation.

Good sources still say a raise in the retirement age is comming.

All the hype over pension can't be just hype.

More to come.

..........I heard that there will be district meetings on saturday May 19th for all management over 50 years old with 25 or more years of service...

[hangin455]

Originally Posted by Tarnsman

..........I heard that there will be district meetings on saturday May 19th for all management over 50 years old with 25 or more years of service...

since you originally posted this rumor that has come to nothing, why would anyone put stock in this latest yarn?

[SeniorGeek]

Yarnsman...?

[BrownBlackandBlue]

Originally Posted by Tarnsman

..........I heard that there will be district meetings on saturday May 19th for all management over 50 years old with 25 or more years of service...

They have those meetings every year. Those people are 5 years from retirement. It gives them an opportunity to understand their retirement benefit options and to get some guidance for planning the next 5 years to be ready.

Total Rewards & Value Study Participation

One of the most important aspects of working at UPS is the overall employee experience. The Total Rewards program is the cornerstone of that experience for union-free employees. Total Rewards represents our investment in our people – including how we compensate, the benefits we offer, our approach to learning and development, and the intangible benefits that come from working at a globally respected company.



Our rewards and the experience we offer employees currently are being evaluated to determine which components best support the strategy, people, and structure of our business.



It is important to know that the evaluation process takes time and the UPS employee experience will not change overnight. Some changes may begin in late 2007 and continue over the next few years. But some things won’t change, like those cultural elements and programs that align with our business and people strategies.



Available from May 16-30, the Total Rewards Value Study will ask UPSers to evaluate features in their pay and benefit programs and make choices between real and hypothetical reward features. UPSers’ participation will help UPS better understand what our people and their families most value and provide employee insight into future program designs.



The value study is anonymous and will be managed by an outside vendor. The value study should take approximately 15-20 minutes. UPSers will be asked for some demographic information at the beginning and end of the survey. This information will help UPS understand how the diversities of our workforce (such as economic differences, age, gender, length of service, etc.) may impact the benefit choices made. All responses will be confidential.

[boiled frog]

Originally Posted by Survey Says you get less

The value study is anonymous and will be managed by an outside vendor. The value study should take approximately 15-20 minutes. UPSers will be asked for some demographic information at the beginning and end of the survey. This information will help UPS understand how the diversities of our workforce (such as economic differences, age, gender, length of service, etc.) may impact the benefit choices made. All responses will be confidential.

NOTHING at UPS is anonymous. You can be sure the so-called "demographic" information the survey asks for will be sufficient to identify you. Let's assume that "economic differences" means your salary. How many people do you think there are who have exactly the same salary, age, gender and length of service as you? The answer is one. You. NONE of the things that they say are anonymous are actually anonymous. Not the United Way contributions, not the UPSPAC contributions, not the Compliance hotline, not the ERI, none of it.

Originally Posted by boiled frog

NOTHING at UPS is anonymous. You can be sure the so-called "demographic" information the survey asks for will be sufficient to identify you. Let's assume that "economic differences" means your salary. How many people do you think there are who have exactly the same salary, age, gender and length of service as you? The answer is one. You. NONE of the things that they say are anonymous are actually anonymous. Not the United Way contributions, not the UPSPAC contributions, not the Compliance hotline, not the ERI, none of it.

..... No doubt that includes this site as well........

[northeast]

Do you really think ups has that many managers backed up to back fill? Too many have already left...