Driver Buyouts?

Discussion in 'UPS Discussions' started by srvhero, Apr 1, 2011.

  1. srvhero

    srvhero "leastbest"

    Anyone heard the rumor the next contract may offer driver buyouts?
  2. over9five

    over9five Moderator Staff Member

    Yes. Drivers with 20 years will be offered a $627,500 dollar buyout with fully paid medical for themselves and their spouses for life.

    I intend to take the buyout.
  3. ORLY!?!

    ORLY!?! Master Loader

    rumors are awesome1!111!
  4. upsman39

    upsman39 Guest

    If they give that much out, they will be no one left in ups. They will be broke. Hope its true cause ill take that in a heart beat
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I think any driver buyout would have to be coupled with a two-tiered wage structure with a longer wage-progression schedule to make any sense.

    I will use myself as an example of why a buyout may not be the best option. I have 22 years of service and I am covered by the NYS Teamsters. We have to have 30 years of service and be at least 55 to receive a normal pension. If I am offered and accept a buyout I would then have 6 years before I could begin receiving pension payments. I would not be able to access my 401k without penalty until I am 59 1/2 unless I go with the 72t option. Our pension is in a rehab plan and could not afford to start paying pensions early for such a large number of newly "retired" employees. They also cover our medical benefits and, as with the pension, this could cause a strain.

    A buyout would have to be lucrative enough to cover me for the 6 years or so before I could start drawing on my pension. I can't imagine them offering more than 2 years salary, if that. I just don't see it happening.
  6. The Other Side

    The Other Side Well-Known Troll Troll

    I personally heard this from UPS corporate. There will be a buyout offer in the 2013 contract. The verbage is pretty simple and the calculations are also very simple to follow.


  7. Anonymous 10

    Anonymous 10 Guest

    Yea it will never happen when they can just keep running drivers through the meat grinder and document there mistakes. That's your buy out.
  8. Johney

    Johney Well-Known Member

    Your right, just work them until they break,then deny their comp claims.Win/win can't do the job can't get comp.

    Edit: kinda what 407 said.
  9. Just Numbers

    Just Numbers Retired

    How many drivers retire from UPS every year. Would attrition be the answer?
  10. Leftinbuilding

    Leftinbuilding Active Member

    I forget.......what's todays date?
  11. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    This makes more sense than a UPS buyout. The buyout would have to come from the Teamsters.
  12. toonertoo

    toonertoo Most Awesome Dog Staff Member

    Oh I get it, April Fools!
  13. dcdriver

    dcdriver nations capital

    Got my offer in the mail today.
  14. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Was this guy's picture on the envelope?

  15. bigblu 2 you

    bigblu 2 you Active Member

    or managers.....wait ,didnt that happen?
  16. TUT

    TUT Well-Known Member

    It all depends on what you will make per year on a pension. You most likely don't have enough to recover taxes on $700,000, so that will be a chunk lost there. So if you make $50k per on your pension, you only planning on living 10 more years, I'm not so sure. I'm always a fan of take the years, but then with the economy... If I were playing the lotto today, you take the lump sum right now (before the states start defaulting), get that over into some intl banks and diversify in metals and currencies, to hedge bets.
  17. dcdriver

    dcdriver nations capital

  18. thessalonian13

    thessalonian13 Active Member

    It does not make sense for the company to offer buyouts... I would love it, but it does not make sense... unless they buy out part or all of your pension...
  19. TUT

    TUT Well-Known Member

    Oh, I thought that was just a given, they are buying out your pension.
  20. hellfire

    hellfire no one considers UPS people."real" Teamsters.-BUG

    nah,, a buyout would never happen, there is a common denominator amongst drivers , we are all hard workers, there is diff types but there is no way of getting around the fact this job is hard.. a lower paid/lower skilled workforce would never put up with the delivery driver position and what it entails ,, same reason the most talented drivers have no interest in management..