Management Buyout Rumors

Discussion in 'UPS Partners' started by BrownDaddy32, Oct 9, 2006.

  1. BrownDaddy32

    BrownDaddy32 New Member

    I've heard rumors lately about a management benefit buyout... Does anyone have any word on a buyout or some information on what the one in the 90's was like?
  2. beentheredonethat

    beentheredonethat Well-Known Member

    I haven't heard of a buyout for mgmt. I have heard they do plan on cutting back jobs at the supply chain unit. If they did a buyout I would think it would be there. In most districts, we can't get enough sales people and on road supervisors. So a buyout wouldn't make a lot of sense. Back in the 90's when they did it. There was a two part system.
    The VSB Voluntary Seperation Benefit. This gave you a certain amount of money based mainly on the number of years you were with the company. Something like 1 or 2 weeks pay for every year with UPS. Not sure on the actual numbers. The second part was the ERO - Early Retirement option. This was only given to people who took the VSB and were 50 years old or older. I knew a guy who wanted to take advantage of it, but he was 49 years, 50 weeks and 3 days old by the deadline. So he had to stay for another 5 years and a week and 4 days longer.
  3. FEGuy

    FEGuy Member

    I had some friends in management back during the first one. One of them was in the same position, 49 years and within in a few weeks of 50. UPS gave him the same answer. cutoff is 50.
    But, what were they supposed to do? The cutoff has to be somewhere and if you start making exceptions, where do you cut it off? Do you pull it back to 49 & six months? Well, then what about the guy who is 49 and 5 months, 29?
    The cutoff had to be somewhere, he was ticked, but after a while even he realized it.
  4. OldUPSDriver

    OldUPSDriver New Member

    Every year the same rumor runs rampant. No buyout this year or future years.
  5. BrownDaddy32

    BrownDaddy32 New Member

    OldUPSDriver were you working for UPS during the first buyout?
  6. rushfan

    rushfan Well-Known Member

    There won't be any buyouts here-our management team from center manager to two on road supervisors were fired about 2 months ago.
  7. Gman24

    Gman24 Member

    I don't know about a buyout. My center manager told me personally about 2 weeks ago that they were looking at changeing their retirement age to 58. Not sure when the change takes place, but something along the line of an ERO may be at hand when the change is implemented.
  8. No Talent Clown

    No Talent Clown New Member

    If it does happen (which I don't think it will) you can expect the talented management that have capabilities of getting another job elsewhere rather easily to take it. Kind of like what happened the last time.....Most (not all) of the ones who stayed couldn't compete with their partners outside of the bubble of UPS, therefore stuck around. What other company is going to pay a Manager with a h.s. education the salary we pay ours? Not very many.....
  9. speeddemon

    speeddemon Guest

    And do you know why they cant get enough driver sups? Because they are treating them like dirt, running them into the ground, just like they do us. Welcome to the wonderful world of UPS.
  10. OldUPSDriver

    OldUPSDriver New Member

    Browndaddy, yes
  11. helenofcalifornia

    helenofcalifornia Well-Known Member

    Hey Rushfan, what were your management people fired for?
  12. waldo911

    waldo911 New Member

    The Atlanta Journal Constitution article:

    The Atlanta Journal-Constitution
    Published on: 11/09/06
    UPS says it plans to cut additional jobs next year as it attempts to make the delivery giant a seamless company after years of growth and acquisitions.
    The undetermined number of cuts could be handled through attrition or early retirements, but layoffs also are possible, company officials said Wednesday.
  13. upsdawg

    upsdawg UPSDAWG

    I think the changes will be in the retirement of the non-union people--probably in conjunction with raising the age to retire and instead of a Defined Benefit Retirement, I have heard of a higher 401k match and let the employee decide where their 401K $$ will be invested.....S&P 500 (Stock)...Mutual Funds.
    I see this as a first step in getting the Union side away from a Teamsters pension plan where UPS or the the UPS Teamster has no control of any of their monies.Freeze the current Teamster Plan and than offer the union side a 401k match (like Overnite had in lieu of a retirement plan).Very interesting proposal------makes sense---how much longer can UPS afford to bankroll the entire Teamster pension Plan---even those Retired Teamsters that never worked a day for UPS---because UPS is one of the only companies left paying into the plan, non-UPSers are benefiting?????
  14. brownsucks

    brownsucks New Member

    oh yes, the word is out in select circles. The UPS Pension Plan will be "done away with" sometime in early '07. The word is that there will be a buyout of sorts offered to employees depending on the number of years of service. I don't have much more than that but it makes sense as we saw IBM do the same thing in '06. First it was the MIP stock award, now the pension. What incentive do UPS employees have now to put up with the daily BS?
  15. 25yrvet

    25yrvet New Member

    . What incentive do UPS employees have now to put up with the daily BS?[/quote]

    Tell 'em they are MGT, they get their own desk & phone :) . They also get to talk to the Div mgr everyday:) (But don't tell 'em it'll be a buttt chewin' everyday) Tell 'em they are MGT & they get to wear a tie:) TELL 'EM THEY ARE MGT so they can tell their mommas & their 21year old PEERS :)
  16. I will say that I have heard such rumors. I will not identify myself b/c there is probably some management people watching this. I am an on-road supervisor. I've been around for 10 years. It sucks so much that I'm praying the rumor is true. Hopefully, if I could get a small severance pkg so I can get the hell out of there. If not that, maybe my antiquiated manager will take it. I have 2 college degrees and I'm stuck in this on-road hell hole. The first new job opportunity I get, I'll be gone, but if there is a buyout in early March, I hope I'm a part of it. I think they have to give a 90 day notice of such a buyout. That would mean sometime in January. I'd personally wish I'd stayed a driver. That way I could have some part of a life.
  17. waldo911

    waldo911 New Member

    I'm a 34 yr. mgt. vet. The rumor has an annoucement in Jan. 07 on
    changes in UPS benifits.
    One rumor is that all UPS mgt. personnel seniority will be frozen at
    their current years of service and that will never increase regardless of years. Retirement age will increase to 57 for those younger than 50.
    They will increase the 401k donations to 5%, with the company matching 5% for a total of 10%.
    The most current rumor is that UPS will have an early retirement where each person would get a lump sum for years of service and no
  18. flake

    flake New Member

    it's coming. UPS just need to get a few things put to rest first ... like the contract radification with the teamsters. Govt pension laws change this month and UPS needs to get out of the pension business from the management side as well.
  19. seagull4

    seagull4 Member

    Something is up. Our finance department ,yesterday,was putting together years of service and salaries on management within our district.
  20. Why?

    Why? New Member

    Don't forget March is the time for management pay increases. They could just be getting ready for "merit" increases. ???? Who knows what they are up to?