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UPS Union Issues
Read Between the Lines - Update to UPS Contract re: Retiree Healthcare Costs
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<blockquote data-quote="InsideUPS" data-source="post: 1086360" data-attributes="member: 31414"><p>And then in 2001 the stock markets crashed (9/11) (people lost big on their 401k's). In regard to hourly employees being able to purchase company stock.... ONLY after it went to the IPO of $50...some dollars....which prior to the IPO was $25 and some change... This was when management was able to "hypo"thecate their $25+ shares.....AND use their existing 401k money to purchase additional shares at $25+......making many management people millionaires.. How many hourly people back then (retiring today) had enough money to purchase enough B stock at $50+ per share. ALSO......we hourly were FORCED to get out of the THRIFT plan which little did we know was actually Class A stock..... ..yes...I as an hourly wanted to buy all the UPS stock I could using my existing 401k money but was NOT ALLOWED by the company UNTIL the stock price doubled in the IPO.... Really didn't leave me feel like investing in UPS at that point...</p></blockquote><p></p>
[QUOTE="InsideUPS, post: 1086360, member: 31414"] And then in 2001 the stock markets crashed (9/11) (people lost big on their 401k's). In regard to hourly employees being able to purchase company stock.... ONLY after it went to the IPO of $50...some dollars....which prior to the IPO was $25 and some change... This was when management was able to "hypo"thecate their $25+ shares.....AND use their existing 401k money to purchase additional shares at $25+......making many management people millionaires.. How many hourly people back then (retiring today) had enough money to purchase enough B stock at $50+ per share. ALSO......we hourly were FORCED to get out of the THRIFT plan which little did we know was actually Class A stock..... ..yes...I as an hourly wanted to buy all the UPS stock I could using my existing 401k money but was NOT ALLOWED by the company UNTIL the stock price doubled in the IPO.... Really didn't leave me feel like investing in UPS at that point... [/QUOTE]
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Read Between the Lines - Update to UPS Contract re: Retiree Healthcare Costs
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