Driver Buyouts?
- Thread starter srvhero
- Start date
U
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
UpstateNYUPSer(Ret)
Well-Known Member
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.
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.
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.
"WORK OR GET FIRED".
Peace.
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.
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.
Just Numbers
Retired
How many drivers retire from UPS every year. Would attrition be the answer?
Leftinbuilding
Well-Known Member
I forget.......what's todays date?
Catatonic
Nine Lives
This makes more sense than a UPS buyout. The buyout would have to come from the Teamsters.
UpstateNYUPSer(Ret)
Well-Known Member
bigblu 2 you
Well-Known Member
or managers.....wait ,didnt that happen?
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.
Was this guy's picture on the envelope?
LMAO!
thessalonian13
Well-Known 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...
Oh, I thought that was just a given, they are buying out your pension.
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..
