Matty_lawn
Poopin' on the clock
Can someone link me to anhourovers videos? I need to witness this mental retardation for myself.
Management Pension Buyout conversation time, again...
- Thread starter oldbrownguy
- Start date
Lineandinitial
Legio patria nostra
Anyone heard any rumors that they are going to freeze our pensions?
TearsInRain
IE boogeyman
we have a pension?
Catatonic
Nine Lives
There will be an announcement on Monday June 26th.
dudebro
Well-Known Member
Let's see how good the rumor mill is. I heard:
1) Pension frozen at 55 with no further contribution
2) Buyout of eligible (55 and over) management (this one always creeps in).
3) 50-55 no changes, under 50, it's the Pauli scene from Goodfellas. They hand you a few thousand bucks and say, "Now, I gotta turn my back on you". No pension. Be smart and roll it in your 401k, don't buy a Mustang.
4) No "early" retirement credit to healthcare. You work to 65 and go on Medicaid at that time. Leave before 65 and you're on your own.
I know 2 and 4 kind of conflict. But - rumors are worth the paper they're written on...
1) Pension frozen at 55 with no further contribution
2) Buyout of eligible (55 and over) management (this one always creeps in).
3) 50-55 no changes, under 50, it's the Pauli scene from Goodfellas. They hand you a few thousand bucks and say, "Now, I gotta turn my back on you". No pension. Be smart and roll it in your 401k, don't buy a Mustang.
4) No "early" retirement credit to healthcare. You work to 65 and go on Medicaid at that time. Leave before 65 and you're on your own.
I know 2 and 4 kind of conflict. But - rumors are worth the paper they're written on...
Returntosender
Well-Known Member
Lineandinitial
Legio patria nostra
Now, it makes Uber look like Disney...
I heard the "Buyout" would be 1 credit (equaling $3000) for each year of employment. So, if you've got 25 years, they'll give you $75,000. That doesn't sound right to me though. I'll be stuck cleaning up because I have neither 25 Years or over 55. Or I'll go to McDonalds...
I heard the "Buyout" would be 1 credit (equaling $3000) for each year of employment. So, if you've got 25 years, they'll give you $75,000. That doesn't sound right to me though. I'll be stuck cleaning up because I have neither 25 Years or over 55. Or I'll go to McDonalds...
burrheadd
KING Of GIFS
brownmonster
Man of Great Wisdom
That mirrors today's UPS.
Catatonic
Nine Lives
That was lost somewhere post-1997.
Furguson555
New Member
Contributions to any pension plan, so both the traditional and portable, stop on January 1 2023. If you retire before then you aren't affected in anyway. After 2023 you just get a 401k contribution which will go up to match what the company started offering new hires last year after they dumped the pension for new employees. Health care credits are not affected.
This fits with my theory that the Management Committee won't fark the rest of us on anything that will fark themselves at the same time. Most of them are in their late 50s and will be retiring within a few years, so they'll all get theirs. Very predictable. Fark the rest of us who will still be around. Thanks partners! And fark them and their upspac crap. Not a penny from me!
Dragon
Package Center Manager
Still a rumor right?
Lineandinitial
Legio patria nostra
This only confirms that monkey butt is full of merde!
Catatonic
Nine Lives
Geez!
What did I do ... this time?
Understand, I'm not arguing wid ya ... just curious.
Lineandinitial
Legio patria nostra
Post 44
Returntosender
Well-Known Member
Dragon
Package Center Manager
Not a rumor anymore...
Brownwifey
Active Member
Statement is on upsers.com since info has leaked to the news. It says management pension benefits will be frozen Jan 1 2023. No change to anyone before then.
Doesn't specify what will happen to folks who won't be 55 by then. No medical?? Seems like ferguson555 had it nailed in post #51. Upsers statement implied they will transition in Jan 2013 to higher 401k match offered currently to younger management with no pension.
Guys who will be screwed are in their 40's who haven't contributed enough to 401k. Millenials don't expect pension.
Doesn't specify what will happen to folks who won't be 55 by then. No medical?? Seems like ferguson555 had it nailed in post #51. Upsers statement implied they will transition in Jan 2013 to higher 401k match offered currently to younger management with no pension.
Guys who will be screwed are in their 40's who haven't contributed enough to 401k. Millenials don't expect pension.
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Catatonic
Nine Lives
Merde in your face!
UPS to freeze pension plans for nonunion staffers - Fox Business
United Parcel Service is planning to freeze pension plans for thousands of nonunion employees, seeking to contain the burden of a retirement fund with a nearly $10 billion deficit.
The carrier is expected to announce measures to corral the rising pension obligations to its workforce Wednesday, people familiar with the matter said. Other details couldn't be learned.
UPS has more than 434,000 workers world-wide, with more than 80% in the U.S. Most of them are unionized. Any retirement-plan changes would apply only to management employees, who number 78,000.
