Management EBO-Rumor

[brown lifer]

I think both, also some pension 401K stuff as well. But its just been all rumors, as usual.

 

[pretzel_man]

I was hoping P-man would give us some details. So many rumors today........one I heard is that all eligible employees are getting a NDA ltr tomorrow with your "package details" enclosed. My gut is that 18 and above will be offered first. Just wondering how long they will have to decide before it gets down to the sup level. I am 52 with 31 yrs and excited to see whats going to happen.

The last buyout worked like this....

All outstanding RSU's from MIP, Stock Options, etc. automatically vested (so therefore there was no loss)

A formula was created to eliminate any penalty in the pension for leaving early. That was oferred in a lump sum INSTEAD of pension.

In essence, for the above two items, the buyout just eliminated any penalties for leaving the company.

Then there was a payment.... It wasnt huge. Maybe 4 months salary....

It did come to your house in a NDA letter.

P-Man

 

[Seasoned UPSer]

I hope they announce they are restarting the 401k match. That 3% helps!!

 

[Why?]

The match is nice. I know some who would be within the reach of an EBO and I think there is some happy anticipation with it! I however am not within reach and am having a little anxiety regarding the consolidations. Not sure we'll fare well this go round. Guess I'll see in the AM.

 

[RoyalFlush]

For fun,this is what I heard and we will see if it is correct;
3 waves of EBO's
1st wave - targets grade 18
2nd wave - targets district managers
3rd wave -If not enough people from earlier wave took the buyout offer,it will be offered to managers and supervisors 53 and older.

I hope I am wrong- I'm a 54 year old supervisor, with 33 years and would like a offer now.

The displaced managers in the districts that have already consolidated were moved to lower level jobs and told they would be demoted to the lower level if they didn't find a spot for them at their prior level within a year.

If the rumored consolidations take place there will be a large number of "extra" managers at all levels. There has to be a buy out, early retirement offer or layoff, otherwise consolidation would be of no appreciable financial benefit to the company.

Overall trend for last several years has been to reduce overall management compensation cost.

My vote is we see consolidations and a combination of management reductions through buy out, early retirement and termination/layoff.

 

[Why?]

Will they really put ppl on the street if they don't go willingly?

 

[Bozo Bob]

Will they really put ppl on the street if they don't go willingly?

You betcha! And they'll smile at you and call you "partner" while they're stickin' it in. Bring your own vaseline.

 

[Old Man Jingles]

I have to be in a meeting tomorrow at Noon to go over the announcements.
Reports have to logon to UPSers.com.
Lots of rumors but sounds for sure that:
Region & District consolidations
Some type of Buyout - 53 and older
401k reinstated

Will not be long now

 

[randomUPSISer]

Lots of rumors but sounds for sure that:
...
401k reinstated

Please let that be true.

 

[brownmonster]

Who from district will be left to walk around our center with hands in pockets?

 

[Cezanne]

Will they really put ppl on the street if they don't go willingly?

OK, I give what is a "ppl"?

 

[SimpleUPSer]

OK, I give what is a "ppl"?

ppl = people

 

[brown lifer]

Still spreading the word. I have not heard the official presentation yet, but we are down to about 23 Districts. ERO for eligible people (55). Thats all I can say until I hear it oficially.........more later.

 

[atatbl]

Buyout confirmed, details to follow.

 

[brown lifer]

5 regions to 3

46 districts to 20

 

[kokomojoe]

3 regions 20 Districts....EBO Managers and above..it's official

 

[littlebrown]

what districts will absorb the other 26?

 

[kokomojoe]

UPSer's. com has the whole explanation.

 

[littlebrown]

must just be mgrs that see it - cause its not in my upsers..

 

[kokomojoe]

At the very top of the page there is a huge banner....you must click on "Learn More"