Catatonic
Nine Lives
They screwed themselves ... any person at UPS who is in their 40's and have NOT have been contributing the max to 401k is a fool.
Management Pension Buyout conversation time, again...
- Thread starter oldbrownguy
- Start date
Catatonic
Nine Lives
Jkloc420
Do you need an air compressor or tire gauge
reported
oldbrownguy
Well-Known Member
I don't think this is all of the story. This piece of news was leaked to the WSJ so UPS HAD to make some type of announcement. I think there is more to come. Abney said " our customers don't want us to be in the pension business". The fund LOST money again. You think the BOD will let it lose money for another 5 years? I don't....Stay tuned my brown friends.....
Catatonic
Nine Lives
oldbrownguy
Well-Known Member
hahahah. Time will tell....
Lineandinitial
Legio patria nostra
Tuesday is not Monday
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brownalltheway
Well-Known Member
No buyout
beentheredonethat
Well-Known Member
I'll be fine, I did save a decent amount in 401K. That along with outside UPS savings will keep me comfortable in retirement. I'll probably have to retire a year or so later to let my 401K grow a bit more. However Monkeybutt. It is frustrating to be a UPSer for 29 years, most in management hearing the term from UPS of partner etc. Then slowly year by year stuff being taken away. Then to hear a fellow management person who retired who had a lot more of the good years with stock splits, etc plus more of the better years (pre 91) for higher medical in retirement etc to blame the current management really doesn't sit well. I get needing to prepare. But don't slap people the day they got bad news. That's a real jerk move.
Catatonic
Nine Lives
Who blamed current UPS management?
I was part of that management until 4 years ago?
beentheredonethat
Well-Known Member
A person in their 40's in management screwed themselves. Isn't that blaming current mgmt?
Catatonic
Nine Lives
That's not blaming current management ... that's blaming anybody in any job in any company.
By the time I was in my 40's, I owned 2 houses and had over $200 in outside investments and was contributing over 15% to my 401k.
It's all a matter of making choices.
I never had a 'new' vehicle until I was 45 and I'm still driving my 2000 Tundra today.
It's all about choices.
beentheredonethat
Well-Known Member
You're on browncafe in the ups partners forum in a discussion about reduction in pension plan. That anybody is UPS partners you are blaming if they aren't set to retire with a substantially reduced pension. And.. you do all that the day of the announcement when we still don't know all the details. If you were on another web site then yes you are talking in generics. On this site, in this forum on this subject. No.. You are talking to current younger mgmt people.
Catatonic
Nine Lives
My advice stands ... if someone is in their 40's and not contributing their max to their 401k, they are not preparing to retire and probably a fool.
PS - Drop the partner crap ... any one who still believes that is definitely a fool.
This forum was named 'UPS Partners' as a joke BTW ... I was the one who named it.
beentheredonethat
Well-Known Member
Sorry if I use the name of the forum in describing you being a jerk. I know the only time UPS calls us partners is for UPS PAC time, or united way time. That's about it. I know the partnership is long gone. But there was a point when real partners cared about each other and didn't hit them on the day of bad news. As I said, I'll be fine, since I do contribute a decent amount to 401K. However, I dont' belong to the theory of kick peolple when they are down. Obvioosly you area "partner" who thinks otherwise.
Coldworld
60 months and counting
To be fair houses were quite a bit cheaper when you bought into the housing market in the 50's... not so now!!
Catatonic
Nine Lives
I bought my first house in 1979 for $56 k.
Lived there for 8 years and sold for $82k after I completely finished the basement by myself except HVAC.
(It was cheaper to pay someone to put in HVAC than I could get the parts.)
TheBrownLie
New Member
No one cares about your HVAC. Your almost as evil as the board of directors that put this plan in place.
Catatonic
Nine Lives
Nice first post! lol
Catatonic
Nine Lives
I did not realize it came across that way ... so sorry if I made anyone feel more lousey.
Certainly another a nail in the coffin of the UPS Culture and I can empathize since I was there when the first nails were being driven. The lid is surely well nailed in place by now.
As an explanation for my posts, I was thinking about it in terms of a person preparing for retirement in the context of a subset/adjacent discussion that was taking place.
My advice still stands ... if someone is in their 40's and not contributing their max to their 401k, they are not preparing to retire and probably a fool.
UPS ain't your Daddy anymore like they told us in 2002.
