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<blockquote data-quote="local804" data-source="post: 281704" data-attributes="member: 1123"><p>I hope he dont do to UPS what he did to OPL while an assigned CEO. I thought UPS`s claim to fame about the buyout was the huge savings it would have in the future? correct me if I am wrong. UPS international TANKED the first decade it was introduced but now is the prime cheese so to speak. The figured chart I seen with the savings UPS waoul;d save over the years with the pension buyout was titanic.</p><p></p><p></p><p></p><p>In an investor webcast on 12/20/07, UPS revealed details of the newly ratified contract. Sixty-one percent of UPS teamsters will now be covered by a UPS pension plan. UPS expects the new Central State pension model (including the cost of the pension buyout) to be cost benefitial to the company in 2010. This is a shorter period of time than expected for UPS to payoff the buyout. In 2007 alone, the company expects to have a $2.3 billion reduction in income tax.</p><p></p><p>Nineteen percent of UPS teamsters are in the 100% funded Western Conference pension plan. The remaining twenty percent are in various small local multiemployer plans. If any of these plans fall into "critical status" as defined by the Pension Protection Act of 2006, $.35 of the wage increase can be moved to pension contribution.</p><p></p><p>Part-timers will be lumped into one UPS run health plan. And the eligibility for part-timers will increase to 12 month for the employee and 18 months for their dependents.</p><p></p><p>Implimentation of wage increases will be equally split in August and February. Also it will now take 36months for a full-timer to reach top scale.</p></blockquote><p></p>
[QUOTE="local804, post: 281704, member: 1123"] I hope he dont do to UPS what he did to OPL while an assigned CEO. I thought UPS`s claim to fame about the buyout was the huge savings it would have in the future? correct me if I am wrong. UPS international TANKED the first decade it was introduced but now is the prime cheese so to speak. The figured chart I seen with the savings UPS waoul;d save over the years with the pension buyout was titanic. In an investor webcast on 12/20/07, UPS revealed details of the newly ratified contract. Sixty-one percent of UPS teamsters will now be covered by a UPS pension plan. UPS expects the new Central State pension model (including the cost of the pension buyout) to be cost benefitial to the company in 2010. This is a shorter period of time than expected for UPS to payoff the buyout. In 2007 alone, the company expects to have a $2.3 billion reduction in income tax. Nineteen percent of UPS teamsters are in the 100% funded Western Conference pension plan. The remaining twenty percent are in various small local multiemployer plans. If any of these plans fall into "critical status" as defined by the Pension Protection Act of 2006, $.35 of the wage increase can be moved to pension contribution. Part-timers will be lumped into one UPS run health plan. And the eligibility for part-timers will increase to 12 month for the employee and 18 months for their dependents. Implimentation of wage increases will be equally split in August and February. Also it will now take 36months for a full-timer to reach top scale. [/QUOTE]
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