Other Contract Perks...

[brown metal coffin]

Do you think that we will see a time when there is some kind of 401k match, more vacation time, personal days or some sort of thrift plan return in this or any future contract? Quite honestly I would take any one if those...

 

[Coldworld]

I really doubt it. There was a thrift plan a few years ago which they yanked. They took a stupid 15 dollar turkey away, there's no way in they are going to pay you an extra week of vacation worth 1,500...sorry

 

[ups hero]

Yea...I want my turkey back!!! I'm not voting yes on anything ......unless..... Same benefits, no premium payments, decent raises.....and my turkey back is involved..

 

[balland chain]

I think the only perk we will be getting on this contract is a 4oz bottle of Astroglide !

 

[Harry Manback]

I think the only perk we will be getting on this contract is a 4oz bottle of Astroglide !

You know as well as I do they like to give it to us "dry".

 

[balland chain]

Yeah they are masochist ! That is why I break it off in em every chance I get...

 

[upsman2940]

I think the only perk we will be getting on this contract is a 4oz bottle of Astroglide !

Lmao!!

 

[IVE GOTTA PACKAGE 4U]

Yea...I want my turkey back!!! I'm not voting yes on anything ......unless..... Same benefits, no premium payments, decent raises.....and my turkey back is involved..

If I don't get Christmas day and he 4th of July off....that's a deal breaker!!!!!

 

[bellesmom]

Do you think that we will see a time when there is some kind of 401k match, more vacation time, personal days or some sort of thrift plan return in this or any future contract? Quite honestly I would take any one if those...

As long as we're dreaming I would like a 5 day work week again without split shifts. I probably have a better chance of winning the lottery.

 

[804brown]

Do you think that we will see a time when there is some kind of 401k match, more vacation time, personal days or some sort of thrift plan return in this or any future contract? Quite honestly I would take any one if those...

When UPS grows a heart. In others words, never.

 

[Bagels]

-It's unlikely we'll ever see a 401K match alongside pension contributions. Almost undoubtedly, UPS will propose such move in the near future -- e.g. transitioning new hires toward a 401K plan, implementing a limited 401K match in lieu of increasing pension contributions -- but there's no doubt the union will fight the move.

-We already receive significantly more paid time off than most other workers. Additional paid time off comes at a high cost (direct wages + increased staffing) and it's much cheaper for UPS to toss a few coins in our direction. Given most Teamsters are more concerned with direct pay, benefits & pension contributions, I doubt this will ever happen in our careers.

-Thrift plans are for government employees, so I assume you're referring to a cafeteria-style benefits plan. Some employee groups, including the PTers in company-controlled plans, have had these implemented to some extent. In terms of being able to select a level of health coverage & receiving cash payments for inferior plans, this will never happen. UPS desperately needs the low-cost 19-year-olds to subsidize the insurance costs of the high-risk 55-year-olds. If anything, there will come a time in which a no (or low) cost HMO is the "standard" option and we can buy up to a PPO.

 

[balland chain]

The thrift plan was something we had at UPS over 20 years that they discontinued..We were able to contribute up to, I think it was 7 dollars a check, and the company used it for investment purposes... we were paid a decent return back then, it would be a great return now..when they discontinued it we had the choice of getting a check or buy stock (when they finally made it available to hourlies), or I think have it put in our 401K accounts..We will never see anything like that again..

 

[Catatonic]

The thrift plan was something we had at UPS over 20 years that they discontinued..We were able to contribute up to, I think it was 7 dollars a check, and the company used it for investment purposes... we were paid a decent return back then, it would be a great return now..when they discontinued it we had the choice of getting a check or buy stock (when they finally made it available to hourlies), or I think have it put in our 401K accounts..We will never see anything like that again..

$6 a week
UPS Thrift Plan funds were used to buy buildings and land on which UPS paid "very high" rent rates.
No risk associated with these "loans/leases" and a steady cash flow.
This arrangement was terminated before going public.
Agreed, you will never see anything like this again.

 

[Brownslave688]

Yea...I want my turkey back!!! I'm not voting yes on anything ......unless..... Same benefits, no premium payments, decent raises.....and my turkey back is involved..

U know everyone makes fun of the turkey but when I was part time I really looked forward to the couple days of free meals that turkey essentially gave me.

 

[Brownslave688]

-It's unlikely we'll ever see a 401K match alongside pension contributions. Almost undoubtedly, UPS will propose such move in the near future -- e.g. transitioning new hires toward a 401K plan, implementing a limited 401K match in lieu of increasing pension contributions -- but there's no doubt the union will fight the move.

The union will fight it hard. They could max out everyone of our 401k every year with the money that goes into our pension. Just average returns would give u at least 2-3 million after 30 years.

Guess what your pension gives u? 3k a month. Live 25 years and you'll only see 900k. PENSIONS ARE A MONSTER RIP OFF FOR US!!!!!!

 

[kingOFchester]

The union will fight it hard. They could max out everyone of our 401k every year with the money that goes into our pension. Just average returns would give u at least 2-3 million after 30 years.

Guess what your pension gives u? 3k a month. Live 25 years and you'll only see 900k. PENSIONS ARE A MONSTER RIP OFF FOR US!!!!!!

And as a fellow UPSer pointed out to me, the Union would not go for a 401k. Our due's are based on hourly rate. If we started to get 401k match instead of a raise, the Union would not see any of that $$

 

[Inthegame]

The union will fight it hard. They could max out everyone of our 401k every year with the money that goes into our pension. Just average returns would give u at least 2-3 million after 30 years.

Guess what your pension gives u? 3k a month. Live 25 years and you'll only see 900k. PENSIONS ARE A MONSTER RIP OFF FOR US!!!!!!

Do a little math mon ami...You're doing numbers with todays contributions which most likely won't get returns as in the past and your expectation of 2-3 mil is way off. If I'm fortunate enough to not get run over by a bus and live to my life expectancy, I'll get over $1.15 ml from my Union controlled, professionally managed, green zone Pension Fund that in my working years has received less than $250K on my behalf. So with todays contribution rates of say $300 per week with a 6.5% yearly return (good luck with that rate, check CD's lately) you'll be lucky to have $1.3ml assuming 2008 doesn't hit again and you lose 33% of everything. And you're missing the big point. The union NEGOTIATES those contributions. UPS doesn't give them out of the goodness of their hearts (of which they seem to be lacking these days). You think this package would be available to you, the individual. Not a chance. It's available because of the collective strength of the organization, the same principle behind pensions. United we stand, divided we beg.

 

[Brownslave688]

The union will fight it hard. They could max out everyone of our 401k every year with the money that goes into our pension. Just average returns would give u at least 2-3 million after 30 years.

Guess what your pension gives u? 3k a month. Live 25 years and you'll only see 900k. PENSIONS ARE A MONSTER RIP OFF FOR US!!!!!!

Do a little math mon ami...You're doing numbers with todays contributions which most likely won't get returns as in the past and your expectation of 2-3 mil is way off. If I'm fortunate enough to not get run over by a bus and live to my life expectancy, I'll get over $1.15 ml from my Union controlled, professionally managed, green zone Pension Fund that in my working years has received less than $250K on my behalf. So with todays contribution rates of say $300 per week with a 6.5% yearly return (good luck with that rate, check CD's lately) you'll be lucky to have $1.3ml assuming 2008 doesn't hit again and you lose 33% of everything. And you're missing the big point. The union NEGOTIATES those contributions. UPS doesn't give them out of the goodness of their hearts (of which they seem to be lacking these days). You think this package would be available to you, the individual. Not a chance. It's available because of the collective strength of the organization, the same principle behind pensions. United we stand, divided we beg.

6% gets you 2 million 8% return gets u 3. They put $350 a week in for you. Those are not unreasonable returns at all. If your idea of investing is let it sit in a CD then yes a pension is better fr u.

What u don't take into account is say u live to be 90 and 2 million. That's all fine and dandy but u had to lie to be 90 to see it. Where as at 60 you could have 2 million and it could continue to grow as u pull some out.

I contend we would be better off if the union negotiated that amount to go into individual 401K instead of a pension.

The union will never do this I know.

 

[Bagels]

6% gets you 2 million 8% return gets u 3. They put $350 a week in for you. Those are not unreasonable returns at all. If your idea of investing is let it sit in a CD then yes a pension is better fr u.

$350/week? A 28% weekly contribution rate (based on a 40-hour work week)? You're dreaming. If UPS were to transition toward 401Ks, the primary goal wouldn't be to invest in your future, but rather to save the company money. If the Teamsters were able to get 8%, it'd be a major victory - and undoubtedly, company contributions/matches would be hard capped, based on a 40-hour work week. 401K are relatively new, with most employee participation beginning in the 1990s. While the returns you listed are indeed sexy, there's no guarantee that that type of return will be delivered over the next 30 years.

 

[Brownslave688]

6% gets you 2 million 8% return gets u 3. They put $350 a week in for you. Those are not unreasonable returns at all. If your idea of investing is let it sit in a CD then yes a pension is better fr u.

$350/week? A 28% weekly contribution rate (based on a 40-hour work week)? You're dreaming. If UPS were to transition toward 401Ks, the primary goal wouldn't be to invest in your future, but rather to save the company money. If the Teamsters were able to get 8%, it'd be a major victory - and undoubtedly, company contributions/matches would be hard capped, based on a 40-hour work week. 401K are relatively new, with most employee participation beginning in the 1990s. While the returns you listed are indeed sexy, there's no guarantee that that type of return will be delivered over the next 30 years.

Ups right now puts $350 a week towards my pension.