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UPS Union Issues
Labor Shortage
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<blockquote data-quote="DELACROIX" data-source="post: 4917119" data-attributes="member: 49065"><p>No...I am saying that there is a possibility that the part timers in the Central and Southern might be looking for a switch into a matched 401k. Just from what is going on with the elimination of funding into the management’s pension plans in 2023 and the selling of UPS Freight and it’s pension liabilities it appears that all defined pension plans controlled by the company are on the chopping block. </p><p></p><p>Seriously just how many part timers are hanging around for 5 years to become vested? The old timers will still have their vested time in and that can not be taken away by federal law. It makes more sense to offer a matched portable 401k plan to a young part timer as an incentive to hire and retain, these kids could care less whether they are in a traditional pension plan, most will bail in a year or two. They can transfer any monetary contributions into their new employer’s 401k or roll it over into another investment portfolio.</p><p></p><p>This 401k switch if it happens will only apply to those part timers under the UPS Pension Plan, those part time members in the Western Conferences will continue to stay under their current plan. All full timers will also stay in their current pension trusts also, that would be a strike issue for sure if that funding is eliminated.</p><p></p><p>This is all speculation..I know as little as everybody else on what will happen in two years.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4917119, member: 49065"] No...I am saying that there is a possibility that the part timers in the Central and Southern might be looking for a switch into a matched 401k. Just from what is going on with the elimination of funding into the management’s pension plans in 2023 and the selling of UPS Freight and it’s pension liabilities it appears that all defined pension plans controlled by the company are on the chopping block. Seriously just how many part timers are hanging around for 5 years to become vested? The old timers will still have their vested time in and that can not be taken away by federal law. It makes more sense to offer a matched portable 401k plan to a young part timer as an incentive to hire and retain, these kids could care less whether they are in a traditional pension plan, most will bail in a year or two. They can transfer any monetary contributions into their new employer’s 401k or roll it over into another investment portfolio. This 401k switch if it happens will only apply to those part timers under the UPS Pension Plan, those part time members in the Western Conferences will continue to stay under their current plan. All full timers will also stay in their current pension trusts also, that would be a strike issue for sure if that funding is eliminated. This is all speculation..I know as little as everybody else on what will happen in two years. [/QUOTE]
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