Discussion in 'UPS Union Issues' started by BrownMonk, Feb 5, 2020.
E-I-E-I-OWE. 40% WON'T PAY MY NOTE!
RPUs (or RSUs) have nothing to do with your retirement plan. Assuming there aren’t any changes (transformation), your RPUs will continue to be half of your MIP reward and will take 1 year to vest.
The changes to the retirement plan are that the company will stop paying into the retirement fund in January 2023. At that point they will be putting a percentage of your salary (based on years of service) into your 401k on top of what you are already contributing and what the company is matching.
Our center manager is always smiling. I want to punch him.
You also get paid 3.5% (sup) or 3%(mgr) on the total value of shares you hold, up to a months salary, added to the MIP award. Not much in your first year, but old goats are getting an additional month in MIP if they haven't sold along the way. The sup in your example above would get another 5400 if he/she held 150k in stock.
Casey believed in paying people. Not sure Wall St. has the same approach. They'd rather pay one "rock star" $50M and everyone else below min wage.
MIP counts in total salary when mgmt. pension is calculated. For those close to retirement - this year didn't make the top 5 of 10 final years, which is another reason people are grumbling.
UPS is pushing out old managers. We have one retiring. He told me if he leaves this year he gets $xxxx. If he stays and works longer he actually gets $200/month less for every year longer he stays. He also doesn't get to use his vacations at the beginning of the year, i.e. work thru peak and take the first 6-8 weeks off in January like most hourlies do. You earn the weeks as you go now, not from the year before.
When you declare $xxxx it does bring up too many some questions of just how well off your pension benefits are once you retire.
Is it still based on (one half of your base salary and annual MIP stock). So roughly a typical management partner with over 30 years in will receive over $8,000 per month compared to those Union Full timers in the IBT/UPS Pension Plan who will collect under 4,000 for the same number or years and still some others that will only collect 2,500.
Cry me a river...
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