May 10th Announcement .Pension

Has anyone else heard of the upcoming May 10th announcement concerning major changes in the management pension plan ?....Seems like the last Buy Out some 10 years ago was announved at that years may board meeting & people had until august 31 to participate....Ive heard many rumours & it is probable that UPS will in some way alter the pension plan combined with a sort of quick reduction in force thru a Buy Out aimed squarely at the old people 50 years & older..........Its time to put these people out to pasture & make room for the rest of us ......Go in Peace but Go Soon !!

[rod]

"old people" 50 years and older? How foolish the young can be. Come back and post that when you turn 50. I would bet I'm more active in my 50's than I was in my 20's. The only thing going on then was party-party. Now I fish, hunt, motorcycle, kayak, travel, boat, 4-wheel, dirt track race, fly and yes still manage to party every once in awhile.

[BROWNHOG]

Guys Like Me Keep The Place Running. I Hope The Payout Is Worth The Effort

[SeniorGeek]

It appears that Tarnsman is not adverse to funding our retirement.

Or, maybe he has not thought through the consequences of his request.

Originally Posted by SeniorGeek

It appears that Tarnsman is not adverse to funding our retirement.

Or, maybe he has not thought through the consequences of his request.

....Sorry, no offence either implied or meant...I see/hear many management people over 50 who endlessly compare their retirement pensions to those of the Teamsters & especially to the retirement of the Mechanics both auto & pe....They feel they are getting stiffed by UPS...I understand that going public benefitted the upper people and not the peon management like managers & supervisors..

[UPS Lifer]

Originally Posted by Tarnsman

....Sorry, no offence either implied or meant...I see/hear many management people over 50 who endlessly compare their retirement pensions to those of the Teamsters & especially to the retirement of the Mechanics both auto & pe....They feel they are getting stiffed by UPS...I understand that going public benefitted the upper people and not the peon management like managers & supervisors..

Tarnsman,
Poitical you are not! Old people and then Managers and supervisors are peons! WOW! I am sure you didn't mean it the way it came out....

One thing about the legacy that Jim Casey started, he revered all employees. It is the mutual respect we have for each other that sets us apart from other companies. I just finished the book "Big Brown - The Untold Story". It is easy reading and will give you insight into company history in a story book fashion rather than an accounting of UPS history date by date. I have been a part of this history for 35.5 years and feel that it is a very accurate accounting. You will enjoy it. You will have a more complete feeling about UPS after reading it.

I never felt that any job I had at UPS was not important. I started out as a "beltboy". (Talk about being political!)

Anyway - every since the 1st buy out, there have been rumors floating around about retirement and pensions...all we can do is wait and see!

[Griff]

Originally Posted by BROWNHOG

Guys Like Me Keep The Place Running. I Hope The Payout Is Worth The Effort

Everyone is replaceable.

[Sammie]

Originally Posted by rod

"old people" 50 years and older? How foolish the young can be. Come back and post that when you turn 50. I would bet I'm more active in my 50's than I was in my 20's. The only thing going on then was party-party. Now I fish, hunt, motorcycle, kayak, travel, boat, 4-wheel, dirt track race, fly and yes still manage to party every once in awhile.

Good for you!!! Glad you're out there boogying!!!

I really do have concerns for those proceeding us in the work force and have done a lot of reading about the younger ones (our kids!!!!) entering the work force after us....

Supposedly, gone in the near future will be working for a company for 20 - 30 years and reaping a nice pension as we now know it. Contracts for 2-5 years per company may well
become the norm. And where is a pension out of that???

Not!! Our young people from here on out really need to become Save savvy!!

In the 60's I thought predictions were NUTS that gas would
some day cost more than 19 cents a gallon or that a loaf of
bread would one day cost $2.00!!! ($.12 at the time..)

God help these poor kids in this up and coming work culture!!!

[partner27]

"graveyards are filled with irreplaceable men" winston churchill

[trickpony1]

"the cemetery is full of heros"
unknown author

[area43]

Company run pension plains are going the way of the dinosaurs. Rather you like it or not. Companies like the fact of not having the weight of a big company pension fund wrapped around their neck. 401ks are it. They like the fact its all up to you. no economic strings attached on their part . It good for the worker because If you decided to quit, get fired,or the company goes out of bus., you still have your nest egg. Most all 401ks are transferable to you next job. Having said all that ,there is alot of blame to go around as to why the big company pension have gone down tubes.

[ImpactedTSG]

Be careful what you wish for Tarnsman. A reduction in management does not mean that more people will move up. More and more districts are going from one manager for TSG, PE, etc per district. Now there seems to be a shift to having one manager for 2 or 3 districts and a reduced number of sups to pick up the slack. I'm not sure about operations, but I know that is the trend in security, PE, and TSG.

[Sammie]

Originally Posted by ImpactedTSG

Be careful what you wish for Tarnsman. A reduction in management does not mean that more people will move up. More and more districts are going from one manager for TSG, PE, etc per district. Now there seems to be a shift to having one manager for 2 or 3 districts and a reduced number of sups to pick up the slack. I'm not sure about operations, but I know that is the trend in security, PE, and TSG.

And not only that, but I've been reading articles about companies who are now outsourcing their internal security departments.

OK, in our case, on our last day of work, we might be looking forward to taking the "dead man walking" treck out the door with "Guido" or a robot, maybe ??!!??

[truckinnaked]

Please let this be true....Probe the HR folk and post anything you know. The rats will run off the ship, get out of the way.

[SeniorGeek]

Originally Posted by Tarnsman

Its time to put these people out to pasture & make room for the rest of us ......Go in Peace but Go Soon !!

Originally Posted by truckinnaked

Please let this be true....Probe the HR folk and post anything you know. The rats will run off the ship, get out of the way.

It sounds as if these two think their only path to becoming Management is to get rid of somebody.

It used to be that the people who displayed talent and dedication would be encouraged to enter management. Has the situation transmogrified to where it is just a matter of openings being available? Are these two just greedily anxious to become Peons/Rats themselves?

Originally Posted by SeniorGeek

Has the situation transmogrified to where it is just a matter of openings being available?

transmogrify
verb (used with object), -fied, -fy·ing. to change in appearance or form, esp. strangely or grotesquely; transform.

[dumbsup]

May 10 is the Shareholder's Meeting in Wilmington, Delaware. Current rumors flying around are elimination of MIP for supervisors, pension payout of 23 * 0.2 * monthly salary * years of service into 401k (most likely as UPS shares) and increase of 401k match from 3% to 6%.

[Six Sides]

Originally Posted by dumbsup

May 10 is the Shareholder's Meeting in Wilmington, Delaware. Current rumors flying around are elimination of MIP for supervisors, pension payout of 23 * 0.2 * monthly salary * years of service into 401k (most likely as UPS shares) and increase of 401k match from 3% to 6%.

If they include the benefits, its a deal for me

[Channahon]

Originally Posted by dumbsup

May 10 is the Shareholder's Meeting in Wilmington, Delaware. Current rumors flying around are elimination of MIP for supervisors, pension payout of 23 * 0.2 * monthly salary * years of service into 401k (most likely as UPS shares) and increase of 401k match from 3% to 6%.

I have heard a couple years ago, regarding a pension change to a cash balance program. Similar to IBM and FedEx. Seeing as FedEx announced their changes, wouldn't surprise me if UPS followed.

I also heard that health benefits will be available at a cost with retirement changes.


As far as MIP being eliminated for Supervisors, I hope that is not true. If that happens, NO UPS management people should get MIP.

[hangin455]

if the formula posted here is correct I don't think they'll be many people left with over 20 years hangin around.

[ihadit]

Originally Posted by hangin455

if the formula posted here is correct I don't think they'll be many people left with over 20 years hangin around.

GOOD! About time we get rid of all the dead wood.

If the formula is correct a manager making $6500 per month with 20 years would get about $600K. Sounds like a lot of money, right?

What would the current pension pay out equal for the same person? (or a teamster, machinist, etc.)

Based on 23 years (55 years old to death at 78) life expectancy the pay out would equal over $1.3 million if the retirement pays 60% of the current compensation. Keep in mind the manager is likely to get about 3% per year in raises, so the final income would be considerably higher and would result in higher retirement because the retirement is based on the last five years average compensation.

Add in the additional 3% match and you would get about $35k in additional contributions over the next 15 years. $635k vs. $1.3 million is the "deal"

It's not the ultimate deal.

[Hangingon]

NM! Off topic sorry

[boiled frog]

Originally Posted by add it up

If the formula is correct a manager making $6500 per month with 20 years would get about $600K. Sounds like a lot of money, right?

What would the current pension pay out equal for the same person? (or a teamster, machinist, etc.)

Based on 23 years (55 years old to death at 78) life expectancy the pay out would equal over $1.3 million if the retirement pays 60% of the current compensation. Keep in mind the manager is likely to get about 3% per year in raises, so the final income would be considerably higher and would result in higher retirement because the retirement is based on the last five years average compensation.

Add in the additional 3% match and you would get about $35k in additional contributions over the next 15 years. $635k vs. $1.3 million is the "deal"

It's not the ultimate deal.

But in order to get your full pension you'd have to wait until you're 55. To be able to leave and take a sizable chunk of your money with you rather than leave it on the table has a lot of appeal to MANY people I know. UPS has become a lousy place to work. People are treated badly,the pay sucks and the work sucks. To complete your analysis you'd also have to figure in how much more you could make somewhere else and what you'd gain in personal satisfaction for the remainder of your career. You'd also have to calculate the present value of that $1.3M to make a valid comparison

[nhguy]

Channahon:

You seemed to have some details from the first buyout. Didn't you say that they recieved a 50% pension and a lump sum that was paid out in 4 payments over two years. I would be interested if you could elaborate on what you know about the buyout from earlier this year.