Ex Management Pension Buy Out

[25 years Served]

Sooooo...... Have you heard?

UPS has sent cards out to "former" management employees notifying them of the "opportunity" to get a one time Pension buy out now- rather than waiting to hit 55 or 65.

Interesting right?

The goal is to improve the "balance sheet". If successful take rate occurs- what would it mean to those still employed?
Perhaps they could improve the sheets even more.....

What have you heard- inquiring minds want to know!

 

[Catatonic]

Sooooo...... Have you heard?

UPS has sent cards out to "former" management employees notifying them of the "opportunity" to get a one time Pension buy out now- rather than waiting to hit 55 or 65.

Interesting right?

The goal is to improve the "balance sheet". If successful take rate occurs- what would it mean to those still employed?
Perhaps they could improve the sheets even more.....

What have you heard- inquiring minds want to know!

My understanding (rumor mill) is that they have been looking at this for existing management as well.

Heard through 2 different sources in the last three months.

 

[What'dyabringmetoday???]

I wouldn't worry about it considering how much your employer cares about YOU. I mean, that is the first letter, right, U?

 

[Catatonic]

I wouldn't worry about it considering how much your employer cares about YOU. I mean, that is the first letter, right, U?

You can't spell FAILURE without U R.

 

[What'dyabringmetoday???]

I would be happy if I could spell beer right now. Then I might be able to pick one out of the "fridgerator".

 

[kristian]

I was a manager for 10 years and I never received a card or offer. One of my friends I worked there with received both. Anybody else not received theirs or know what's up with it? Thanks.

 

[UPSGUY72]

Not a good deal. Just leave it there. Most of the people that take the buy out. Will take money and spend it. The have nothing for retirement.

 

[FracusBrown]

Everything happens for a reason. The current value of the pension began being posted on My Rewards some time ago.

 

[Catatonic]

Everything happens for a reason. The current value of the pension began being posted on My Rewards some time ago.

That was an input for decision making process to retire in Jan 2013.

 

[Finiky]

This is a change in the law. Previously, any person who left UPS and had $1,000 or less in their pension was given the money to lessen the administrative expenses of maintaining. The law changed to $5,000 so now more persons are being given their money left behind. Nothing really exciting.

 

[25 years Served]

This is a change in the law. Previously, any person who left UPS and had $1,000 or less in their pension was given the money to lessen the administrative expenses of maintaining. The law changed to $5,000 so now more persons are being given their money left behind. Nothing really exciting.

Right- under $5,000 monthly benefit they will cash you out in present day values..... no option to leave it- either you pick a plan to move it to, or they will roll it into a new 401k they'll setup for you.

 

[Catatonic]

I saw a mention in the 3rd quarter stock statement that mentioned a one-time write-off related to previous employee pension funds.

Anyone know if that was related to this?

 

[mg5]

Hoaxster, I know I could be jumping the gun on this But....Thinking out a little. If this is at all true and any money would be taken and put into a 401k

account or something it would take away the 55 year old retirement because you now go by 401k rules of 59 1/2. Just thinking out loud. Hmmmm

How does medical play into the picture. More questions. Just saying.

 

[Catatonic]

Hoaxster, I know I could be jumping the gun on this But....Thinking out a little. If this is at all true and any money would be taken and put into a 401k

account or something it would take away the 55 year old retirement because you now go by 401k rules of 59 1/2. Just thinking out loud. Hmmmm

How does medical play into the picture. More questions. Just saying.

This was for ex-UPS management and non-Union that quit before reaching age 55.
Therefore, they have no medical benefits.
This is a payout outside of funds being put into 401k.
These payouts would be immediately taxable by recipients as normal income.

Similar to the SVSO in 2007 but no Medical concerns.
Note, the UPS Retirement Health Care plan is not part of the UPS Retirement Plan and is not restricted to the rules inherent.

 

[UpstateNYUPSer(Ret)]

I saw a mention in the 3rd quarter stock statement that mentioned a one-time write-off related to previous employee pension funds.

Anyone know if that was related to this?

Could that have been for the withdrawal from the New England Pension Fund?

 

[Catatonic]

Could that have been for the withdrawal from the New England Pension Fund?

That makes sense.
The other would have been relatively insignificant.

 

[Jlhkw78]

Sooooo...... Have you heard?

UPS has sent cards out to "former" management employees notifying them of the "opportunity" to get a one time Pension buy out now- rather than waiting to hit 55 or 65.

Interesting right?

The goal is to improve the "balance sheet". If successful take rate occurs- what would it mean to those still employed?
Perhaps they could improve the sheets even more.....

What have you heard- inquiring minds want to know!

 

[Jlhkw78]

anyone around from buyout from 1996?