May 10th Announcement .Pension

Discussion in 'UPS Retirement Topics' started by Tarnsman, Apr 28, 2007.

  1. Tarnsman

    Tarnsman Guest

    Has anyone else heard of the upcoming May 10th announcement concerning major changes in the management pension plan ?....Seems like the last Buy Out some 10 years ago was announved at that years may board meeting & people had until august 31 to participate....Ive heard many rumours & it is probable that UPS will in some way alter the pension plan combined with a sort of quick reduction in force thru a Buy Out aimed squarely at the old people 50 years & older..........Its time to put these people out to pasture & make room for the rest of us ......Go in Peace but Go Soon !!
  2. rod

    rod retired and happy

    "old people" 50 years and older? How foolish the young can be. Come back and post that when you turn 50. I would bet I'm more active in my 50's than I was in my 20's. The only thing going on then was party-party. Now I fish, hunt, motorcycle, kayak, travel, boat, 4-wheel, dirt track race, fly and yes still manage to party every once in awhile.

    BROWNHOG Member

    Guys Like Me Keep The Place Running. I Hope The Payout Is Worth The Effort
  4. SeniorGeek

    SeniorGeek Below the Line

    It appears that Tarnsman is not adverse to funding our retirement.

    Or, maybe he has not thought through the consequences of his request.
  5. Tarnsman

    Tarnsman Guest

    ....Sorry, no offence either implied or meant...I see/hear many management people over 50 who endlessly compare their retirement pensions to those of the Teamsters & especially to the retirement of the Mechanics both auto & pe....They feel they are getting stiffed by UPS...I understand that going public benefitted the upper people and not the peon management like managers & supervisors..
  6. UPS Lifer

    UPS Lifer Well-Known Member

    Poitical you are not! Old people and then Managers and supervisors are peons! WOW! I am sure you didn't mean it the way it came out....

    One thing about the legacy that Jim Casey started, he revered all employees. It is the mutual respect we have for each other that sets us apart from other companies. I just finished the book "Big Brown - The Untold Story". It is easy reading and will give you insight into company history in a story book fashion rather than an accounting of UPS history date by date. I have been a part of this history for 35.5 years and feel that it is a very accurate accounting. You will enjoy it. You will have a more complete feeling about UPS after reading it.

    I never felt that any job I had at UPS was not important. I started out as a "beltboy". (Talk about being political!)

    Anyway - every since the 1st buy out, there have been rumors floating around about retirement and pensions...all we can do is wait and see!
  7. Griff

    Griff Active Member

    Everyone is replaceable.
  8. Sammie

    Sammie Well-Known Member

    Good for you!!! Glad you're out there boogying!!!

    I really do have concerns for those proceeding us in the work force and have done a lot of reading about the younger ones (our kids!!!!) entering the work force after us....

    Supposedly, gone in the near future will be working for a company for 20 - 30 years and reaping a nice pension as we now know it. Contracts for 2-5 years per company may well
    become the norm. And where is a pension out of that???

    Not!! Our young people from here on out really need to become Save savvy!!

    In the 60's I thought predictions were NUTS that gas would
    some day cost more than 19 cents a gallon or that a loaf of
    bread would one day cost $2.00!!! ($.12 at the time..)

    God help these poor kids in this up and coming work culture!!!:mellow:
  9. eagleye6

    eagleye6 New Member

    "graveyards are filled with irreplaceable men" winston churchill
  10. trickpony1

    trickpony1 Well-Known Member

    "the cemetery is full of heros"
    unknown author
  11. area43

    area43 New Member

    Company run pension plains are going the way of the dinosaurs. Rather you like it or not. Companies like the fact of not having the weight of a big company pension fund wrapped around their neck. 401ks are it. They like the fact its all up to you. no economic strings attached on their part . It good for the worker because If you decided to quit, get fired,or the company goes out of bus., you still have your nest egg. Most all 401ks are transferable to you next job. Having said all that ,there is alot of blame to go around as to why the big company pension have gone down tubes.
  12. ImpactedTSG

    ImpactedTSG New Member

    Be careful what you wish for Tarnsman. A reduction in management does not mean that more people will move up. More and more districts are going from one manager for TSG, PE, etc per district. Now there seems to be a shift to having one manager for 2 or 3 districts and a reduced number of sups to pick up the slack. I'm not sure about operations, but I know that is the trend in security, PE, and TSG.
  13. Sammie

    Sammie Well-Known Member

    And not only that, but I've been reading articles about companies who are now outsourcing their internal security departments.

    OK, in our case, on our last day of work, we might be looking forward to taking the "dead man walking" treck out the door with "Guido" or a robot, maybe ??!!?? :laugh:
  14. truckinnaked

    truckinnaked New Member

    Please let this be true....Probe the HR folk and post anything you know. The rats will run off the ship, get out of the way.
  15. SeniorGeek

    SeniorGeek Below the Line

    It sounds as if these two think their only path to becoming Management is to get rid of somebody.

    It used to be that the people who displayed talent and dedication would be encouraged to enter management. Has the situation transmogrified to where it is just a matter of openings being available? Are these two just greedily anxious to become Peons/Rats themselves?
    Last edited: May 1, 2007
  16. Nerd

    Nerd Guest

    verb (used with object), -fied, -fy·ing. to change in appearance or form, esp. strangely or grotesquely; transform.
  17. dumbsup

    dumbsup Member

    May 10 is the Shareholder's Meeting in Wilmington, Delaware. Current rumors flying around are elimination of MIP for supervisors, pension payout of 23 * 0.2 * monthly salary * years of service into 401k (most likely as UPS shares) and increase of 401k match from 3% to 6%.
  18. Six Sides

    Six Sides Member

    If they include the benefits, its a deal for me
  19. Channahon

    Channahon New Member

    I have heard a couple years ago, regarding a pension change to a cash balance program. Similar to IBM and FedEx. Seeing as FedEx announced their changes, wouldn't surprise me if UPS followed.

    I also heard that health benefits will be available at a cost with retirement changes.

    As far as MIP being eliminated for Supervisors, I hope that is not true. If that happens, NO UPS management people should get MIP.
  20. hangin455

    hangin455 Member

    if the formula posted here is correct I don't think they'll be many people left with over 20 years hangin around.