Q2-2019 MIP Status Update

[burrheadd]

We all have been working much harder and longer hours. After last year MIP I was starting to think we would be rewarded for it.

 

[Gsd]

Well I started right out of HS and Ronald Reagan was in his first term. I was full time years before we went public. Whatever the union got we got. They got a signing bonus we got a signing bonus. Goals were occasionally obtainable, our raises were between 3.5 and 5 percent, only hated people got less than 3 percent. We received years of service awards every 5 years, had a thrift plan, free healthcare, no weekends, Christmas turkeys, all our vacations the first day of our last year, an expense account we could actually use, trinkets for employees and customers, we had UPS porters that actually cleaned the place nicely and adequate parking.

Back then, I was well aware of what I got into, but it used to be worth it. They no longer care about the people who were promoted, only themselves. I am glad I can go at anytime, maybe they will offer me a buyout...

The 80s were good times. It was a good deal to go into management because of the benefits that you mentioned. What happened to the retirement plan when changes occurred in the early 90s? I know about health care credits going from 3 to 1, but what happened on the pension side. Just curious anyone know?

 

[Bamboozled]

The 80s were good times. It was a good deal to go into management because of the benefits that you mentioned. What happened to the retirement plan when changes occurred in the early 90s? I know about health care credits going from 3 to 1, but what happened on the pension side. Just curious anyone know?

To answer your question, I broke out one of my old retirement books. In a nutshell the Grandfathered Alternative Formula is based on your years, your final average compensation and your threshold amount. The keyword is your threshold amount. People born before 1950 have the highest threshold amount, second to people born between 1951-1956, and the rest 1957 and after having the lowest threshold amount. Yes it absolutely appears to be age discrimination. I had a coworker who retired several years ago with less time than me, but he was alot older than me, and he gets hundreds a month more than I will get because he was in a different and better threshold amount because of his birth year.

 

[Gsd]

To answer your question, I broke out one of my old retirement books. In a nutshell the Grandfathered Alternative Formula is based on your years, your final average compensation and your threshold amount. The keyword is your threshold amount. People born before 1950 have the highest threshold amount, second to people born between 1951-1956, and the rest 1957 and after having the lowest threshold amount. Yes it absolutely appears to be age discrimination. I had a coworker who retired several years ago with less time than me, but he was alot older than me, and he gets hundreds a month more than I will get because he was in a different and better threshold amount because of his birth year.

Thanks for sharing! Being born in the mid 60s and over 30 years in I thought I would get much more. I won’t be able to completely retire till 70. I’m sure UPS will force me out well before then. I wonder what a 35 year driver pension is.

 

[silenze]

Thanks for sharing! Being born in the mid 60s and over 30 years in I thought I would get much more. I won’t be able to completely retire till 70. I’m sure UPS will force me out well before then. I wonder what a 35 year driver pension is.

Ask a driver in central states.

 

[104Feeder]

Thanks for sharing! Being born in the mid 60s and over 30 years in I thought I would get much more. I won’t be able to completely retire till 70. I’m sure UPS will force me out well before then. I wonder what a 35 year driver pension is.

Someone hitting PEER 80 now with 5 more years worked at the last contract's contribution rates should see a pension of $72,000-75,000/yr by my calculations depending on how many part time years worked and assuming full hours credited each year. People going out now with 30-32 years of service are reporting $60,000/yr with less than 5 years part time, ages 49-52. WCTPF. Wouldn't have to make much to get you back into 6 figures or just have at least $1m in a 401k etc to draw 4% from. Our healthcare is $300/mo for retirees with essentially the same coverage and post 65.

 

[DELACROIX]

Twice as much monthly pension benefit as those under the IBT/UPS formula in the Central and Southern..

 

[ifreak]

So are you saying you didn't realize what you were getting into? Lol.

When I 'got into it', MIP was a profit sharing program that took 10% of Profits and divided that up with the Managers.

 

[Scuba_Steve]

The fact they go from 100% one year to 40% the next, just shows how either they are totally incompetent at forecasting financial results, or just exposes the truth that everyone already knows which it that it is a totally rigged number and has nothing to do with actual results like they pretend it does.

 

[Retiree]

When I 'got into it', MIP was a profit sharing program that took 10% of Profits and divided that up with the Managers.

MIP was 15 percent pretax profit divided between supervisors and managers who were recommended to receive MIP.

 

[IVE GOTTA PACKAGE 4U]

The fact they go from 100% one year to 40% the next, just shows how either they are totally incompetent at forecasting financial results, or just exposes the truth that everyone already knows which it that it is a totally rigged number and has nothing to do with actual results like they pretend it does.

Sounds like Orion

 

[BROWN skid Mark]

I hate to say it, but my inner conspiracy theorist says it’s a way to lower pension costs with a lower FAC.

its ty but true

 

[detmaintainer]

E-I-E-I-OWE. 40% WON'T PAY MY NOTE!