BT have you worked for the company long?
I hope your right about not cutting much management, but there is some fat in some spots that needs trimming. I would think they will give the older managers some real motivation to retire early, and not replace them with new hires but move other managers around bit instead.
You must a have good amount of pride for the company and for your fellow management team to give up so much for the well-being of the company. There are Union employees that care about the well-being of the company, too. The difference is your sacrifice is dictated to you and the unions is negotiated and agreed to by both sides. It is easier to dictate than to negotiate.
Did you really have much of a choice, but to come to work the next day? If you didn't you would have been fired. It would have only saved them decision of which manager to get rid of next. The union employees have the advantage of being a single bargain unit, and locked into a contract until July 31, 2013 for good or bad. If the company's profit went sky high, the union employees wages would not have been any more than what's stated in the contract. Both management and union employees want to see large profits for UPS, it makes for a better contract in 2013, but if the company can't stay a float everyone's ship is sunk.