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<blockquote data-quote="Brad. H" data-source="post: 3544214" data-attributes="member: 72847"><p>As an old-timer. I will give you the scoop and I hope it helps. It was called the ups thrift plan in which you could have up to $6 withdrawn from your paycheck on an after-tax basis and ups would match whatever amount you chose to withdrawal. Rember back then the 401K and Retirement funds had not been created. So when the retirement accounts became available, it made the thrift plan obsolete and Casey family members who still owned a large amount of stock were putting a lot of pressure to have the company go public because they were only allowed to sell so many shares a year. So they came up with this great plan "really" to give the thrift plan members half cash half stock. the only negative was that we all could not sell our stock until 1 year after the public offering. the great deal was that before the IPO they split the shares in half so now you had double. They set you up with a BNY Mellon account to manage the stock offering and hold your stock for a year as they were class A voting stock. Most of us then put the stock and cash in the new Western Conference of Teamsters UPS 401k. As far as what they invested in who will ever know. There were some good years that hit double-digit returns and years that hit single digits as well. </p><p>Those who had invested in the plan in the early 70's and retired after the IPO made a killing. I saw some of their accounts between $500,000 and a $1,000,000. I could go into more detail of how they sold us the idea and how they used it against us.</p></blockquote><p></p>
[QUOTE="Brad. H, post: 3544214, member: 72847"] As an old-timer. I will give you the scoop and I hope it helps. It was called the ups thrift plan in which you could have up to $6 withdrawn from your paycheck on an after-tax basis and ups would match whatever amount you chose to withdrawal. Rember back then the 401K and Retirement funds had not been created. So when the retirement accounts became available, it made the thrift plan obsolete and Casey family members who still owned a large amount of stock were putting a lot of pressure to have the company go public because they were only allowed to sell so many shares a year. So they came up with this great plan "really" to give the thrift plan members half cash half stock. the only negative was that we all could not sell our stock until 1 year after the public offering. the great deal was that before the IPO they split the shares in half so now you had double. They set you up with a BNY Mellon account to manage the stock offering and hold your stock for a year as they were class A voting stock. Most of us then put the stock and cash in the new Western Conference of Teamsters UPS 401k. As far as what they invested in who will ever know. There were some good years that hit double-digit returns and years that hit single digits as well. Those who had invested in the plan in the early 70's and retired after the IPO made a killing. I saw some of their accounts between $500,000 and a $1,000,000. I could go into more detail of how they sold us the idea and how they used it against us. [/QUOTE]
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