PAF suprise

[upsmangreg]

Hi,
Just wondering if any of the partners on this site have run into the issue of getting promoted after January 1st 2008 after working for a significant time as a union employee. Several months after being promoted I was informed that my pension was the annuity based PAF, instead of the UPS defined benefit contribution. This resulted in a net decrease of 33% of what I would have received had I finished my career as a driver. The division manager who hired me had no idea that I would be put into the PAF as it was completely new when I was promoted in February 2008. Shame on me for not getting anything in writing.

 

[hangin455]

I was promoted many years before 2008. Even then a driver was getting a bigger pension. When I asked about this I was told not to worry about it. I wouldn't even need the pension as the stock would handily cover my needs in retirement. Talk about getting something in writing......

 

[packageguy]

Wow, 33% I would cry thats alot of money. Would you make it back in stock you guys get

 

[hangin455]

Wow, 33% I would cry thats alot of money. Would you make it back in stock you guys get

NO

 

[Harry Manback]

Playin on Facebook in the a/c all day has its disadvantages.

 

[Jackburton]

Receive less in retirement from pension when going into management from driver argument - check

 

[grinandbearit]

Here is more info, we have a retirement calculator on UPSers and when I checked 4 years ago when I was making less, my monthly retirement was $500 higher than when I use the calculator today. I'm figuring that each year when they send those notices to our home (with the font so small you cant read it with your eyes) they were letting us know they changed the plan. So now I'm down to getting a 1/4 of the stock I used to get and the pension is getting smaller. I stayed here over 25 years for security and retirement only to see both fading

 

[upsmangreg]

Wow, 33% I would cry thats alot of money. Would you make it back in stock you guys get

Not even close.

 

[upsmangreg]

Playin on Facebook in the a/c all day has its disadvantages.

Playing on facebook=lol not a chance.

 

[Catatonic]

I was promoted many years before 2008. Even then a driver was getting a bigger pension. When I asked about this I was told not to worry about it. I wouldn't even need the pension as the stock would handily cover my needs in retirement. Talk about getting something in writing......

At that time it was with good intentions.
Anyone telling a management person that now is a very despicable person.
I stopped telling people that over 10 years ago when I realized it did not apply anymore.

 

[TxRoadDawg]

At that time it was with good intentions.
Anyone telling a management person that now is a very despicable person.
I stopped telling people that over 10 years ago when I realized it did not apply anymore.

shame my boss wasnt as honest