Q4-2019 / MIP Status Update
- Thread starter Kadok
- Start date
MIP is determined by the Management Committee and has nothing to do with how well UPS has done or not. If you think the targets are real I have a bridge to sell you. We have only met two targets in the past and gotten 70%. If the Elements are true, the failure is strategic and not on the individual managers, but the Management Committee itself. BTW we still made tons of money.
Heavy Package
Well-Known Member
The 2020 MIP is $0.75 starting August 1st. Hope this helps.
burrheadd
KING Of GIFS
Brownwifey
Active Member
Told "Brownhusband" when RSU's were heading for 100% vesting immediately, the company would eliminate it before January 2023. Quick calculation says if this is the last year, they will save roughly 5% per employee on pension obligation since pension is based on highest 5 yrs of last 10. Hired new CFO, Brian Newman last year for 8.5M compensation package. Scott Price got more than that, INCLUDING a $6.5M payoff for "forfeited compensation" from prior employment. REALLY???????
Brownwifey
Active Member
Typing so fast cuz I was "mildly upset". If this is the last year for MIP, company will save roughly 5% per employee for pension obligation.
BROWN skid Mark
Member
detmaintainer
Detroit Maintenance Rat
E-I-E-I-OWE 40% WON'T PAY MY NOTE!
I have been lurking
Tired hubrat
Grievances paid more
Popeye
Well-Known Member
MIP is determined by the Salary Committee, which is a subset of the Board of Directors. The only person on both the Management Committee and the Board of Directors is David Abney. He is not on the Salary Committee.
Lineandinitial
Legio patria nostra
The IPA got a healthy Contract extension though....
Old Man Jingles
Rat out of a cage
It would be a stupid answer.
Stupid In, Stupid Out.
I have been lurking
Tired hubrat
She blamed you drivers too
WoC Multi-year Platinum
Who changed the plan?
Since the last transformation pension is based on last 5 years only, no longer highest 5 out of last 10.
Bamboozled
Active Member
Where are you getting your info???
Because under the Retirement Calculator, Resource Library, Under the Plan Information and Forms, Summary Plan Description is a document called the UPS Retirement Plan for us non union folks and it clearly states your Final Average Compensation is the 5 Best Consecutive Years out of your last Ten....
So before I become rude, can direct me to posted documentation that states otherwise.....
WoC Multi-year Platinum
Who changed the plan?
I do see that the 2007 Summery Plan Description does indeed state that it is the 5 best out of the last 10. I am certainly not trying to spread bad information, I am not alone in my recollection that it was enhanced to only the last 5 years. Ever other management pension eligible person that I have had this discussion with has had the same understanding of this change. If I can find an official source on this I will post it.
Bamboozled
Active Member
In addition to it being documented in the plan as the 5 best CONSECUTIVE of the last 10, you can run a Single retirement calculation, and then select the Calculations Detail, you can open and download the PDF. It will show you the detail that seems to support that in the calculation.
You also have to remember we have a Guaranteed Defined benefit which they are ending. If they were re-writing it, they would have to resubmit to the Gov't and the changes would not change the formula prior to the change date which would make things pretty difficult to sort out.
Let us know if you find anything to the contrary. It was probably just uneducated person running their mouth because they are in a position of power not knowledge.
