...My source says that just less than 200 people accepted the offer...The feeling is that one way to move the stock in a positive direction is to restructure the management retirement plan...Looks like management 50 years and over will be offered 30,000 for every year at UPS ...This will go into the individuals annuity & will include medical...The people under 50 will have their pension years frozen and be able to increase their 401k matching up to 6%.......Traditional pensions are going away for management sooner than later........Im curious as to when the Teamsters follow suit....Does anyone have an update on how the management buyout at Corporate went? I think the deadline has passed for deciding.
The time frame will be from April 1 to August 28 ...Each month a grouping of oldest (55 & up) then down to 50/51......UPS wants to avoid the mass summer exodus that happened in the original ...Tarnsman,
Where are you getting your figures from? Everything you say has been rumored for sometime, just curious where you got that $30,000 / year figure.
Have you heard anything as to a time frame????
....The 30k figure is deemed the fairest amount for all...The idea was that the Division Managers and above have been able to reap the huge benefits of their options which their lower status partners do/did not have access to.........The annuity replaces the pension with the advantage that the annuity will carry over to the persons family once the primary dies.....................Im hoping this takes place so that the older management people will retire thus making room for people like me to grow with the company.......The promotions have been very few due to the management jam........Many great people ( under 35 years old) are frustrated by this and are looking for careers outside UPS.......I certainly hope that CEO Big Mike starts to act like a CEO and makes some decisions that benefit the company long term............Im surprised at his audacity of accepting his ( & the Boards) annual pay increases while we do not even keep pace with inflation.......I guess that their pay increases have to come from some where & why not from the lower management.....During Big Mikes tenure the Company has lost 20% of our net worth.....The stock value has declined in real money just over 20%..........Are we talking April of this year? And will the money placed into the "annuity" be all that the retiree is due or in addition to the regular pension amount? I don't understand how this will be structured. Lastly, how likely is this??
During Big Mikes tenure the Company has lost 20% of our net worth.....The stock value has declined in real money just over 20%..........
Are we talking April of this year? And will the money placed into the "annuity" be all that the retiree is due or in addition to the regular pension amount? I don't understand how this will be structured. Lastly, how likely is this??
I don't believe in any package outside the SCS deal from December. They are sure assisting folks out that door but yu dont want to see that package.
The payout is over a 2 year period, every 6 monhts. He had over 30 years, and the $30,000 sounds right based on what he will receive. The payout comes first and then at retirement age of 55 he will get 50% of what his pension would have been. All stock options are to be exercised as well. Along with RSU's and RPU's.Channahon,
Can you elaborate on your friends package? How many installments are we talking about and over what period of time? Did your friends package include a $30,000 / year of service as part of the total payoff. Or is it a 50% cut in your pension and then "x" amount of dollars paid over several installments?
Anything you can add would be appreciated.