Mechanics taking over Management Pension

Discussion in 'UPS Discussions' started by Brown Stud, Apr 5, 2008.

  1. Brown Stud

    Brown Stud Guest

    Any Atlanta people hear about the upcoming announcement that the Mechanics Unions will be taking over the existing Pensions for those management people who have the traditional pension ?....Seems like with the changing of the pension plan for those management born after 1980 UPS also wants to sell off its management pensions........The Mechanics Union is extremely well run and has a surplus of money........
  2. smf0605

    smf0605 Member

    That has to be one of the most bizarre rumors ever.
  3. DorkHead

    DorkHead Active Member

  4. Bad Gas!

    Bad Gas! Active Member

    I heard a rumor this week that they might not let management people retire at 55...Maybe 62...My sups weren't too happy telling me this..
  5. trplnkl

    trplnkl 555

    If I could retire at 55, I would be in the Bahamas, settin in a lounge chair sippin from a glass with an umbrella and watchin the ladies in bikinis instead of workin my dawg tired butt everyday for the last three years.
  6. dragracer66

    dragracer66 Active Member

    Trust me when I say this, THAT IS TOTAL B/S. The IAM is not in the pension buying business!!!!!
  7. Brown Stud

    Brown Stud Guest

    ...Well, its a probability now......The word is that of a June 1, 2008 announcement concerning the management buy-out or pension sell off........It seems that not enough management people have either quit or gotten fired.....These numbers are lagging behind plan so in an effort to further reduce cost( overhead ) the buy-out will be aimed at the old-timers of over 50.....Perhaps the buy-out will be like the last one except for the age cut off........
  8. mg5

    mg5 New Member

    Where did this info come from??? What levels did you here,corp. region, district. Management,admins etc......?
  9. Cezanne

    Cezanne New Member

    "Lord help us", here we go again. Till we get more concrete information check this one up as a rumor. It is possibility considering that most low and mid level management over 50 are willing and eager to get out of the Race. Considering just how well the "UPS Retirement Plan" for management has been funded and it's good investment returns over the years, why would it want the IAM to handle their funds? What came first the chicken or the egg? Also there are pretty well spelled out legal issues in switching pension trusts.:greedy:
  10. Brown Stud

    Brown Stud Guest

    ...The trend has been that more people under 50 years old have been leaving due to no oppurtunities while those older over 50 people havent been leaving due to a poor pension coupled with the stock value going down each year because its not not matching inflation.
  11. soberups

    soberups Pees in the brown Koolaid

    I'm just damn glad to be in the Western Conference pension...fully funded, well managed and PEER 80 too.
  12. Cezanne

    Cezanne New Member

    Damn lucky you are, as things go most of us the middle states are stuck with this new UPS/IBT/Central States gobby-goop pension plan. :angry:
  13. dragracer66

    dragracer66 Active Member

    Like I said earlier the IAM is not buying any pensions especially from management. I think what you are refering too is the management pension will be rolled into a 401k plan and if thats the case thats old news!!!!
  14. Johney

    Johney Well-Known Member

    Right now you are, but nothing in the future is guarenteed:sad-little:
    Let me edit: Only death, taxes & rising fuel cost's are guarenteed
  15. Pip

    Pip New Member

    Sounds like more rumor mill gossip, then anything. Will believe it when i see it in writing.
  16. tieguy

    tieguy Banned

    Good rumor until now. Over 50's are not leaving because they are eligible to retire in less then 5 years. The pension itself is not an issue. Having the medical beni's you keep at 55 is the issue.
  17. The point about the medical benefits is very valid; however, my significant other now has better insurance working for the gov't so this may become a mute point. I hope there is some truth behind this rumor!
  18. Any Mgmt folks hearing anything else about early retirement?
  19. Any updates or new rumors on this? Just curious...
  20. seagull4

    seagull4 New Member

    I suspect the June 1st buyout announcement is a pure rumor. It would have been all over the buildings by now.