Retirement Package for Management?

Discussion in 'UPS Partners' started by brown8207, Jul 20, 2011.

  1. brown8207

    brown8207 New Member

    Is anyone hearing about a new retirement package coming our for Management people this year? I heard a lump payout is coming and they are taking away our health benefits. Does anyone know details or a projected date? Will they "grandfather" people in? Details appreciated.
  2. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Have not heard a thing.
  3. upssalesguy

    upssalesguy UPS Defender

    not heard a thing, but I'm sure some changes will ultimatly come down.

    I'm hoping I and others get grandfathered. without health care, it really diminishes my desire to put in 30 years.
  4. seagull4

    seagull4 New Member

    Here we go again.Time to start retirement rumors. It is that time of year again. I heard,from Feeder Drivers out of Chicago,that something was coming that would impact both management and hourly over 55.
    One must admit that the feeder driver network does have a way of getting a heads up on stuff coming down the pipeline before some of us hear about it.
  5. FracusBrown

    FracusBrown Ponies and Planes

    One word comes to mind. It starts with "les" and rhymes with guess. The alternate rhymes with lewd. Just a hunch.
  6. Casca

    Casca Member

    I heard that it will be a buy out for supervisors over 55 with the same offer as the buy out last year for managers and up. one years pay and stock as incentive. considering the odd management goals its probably a good idea to cut these people loose before they die on the job.
  7. menotyou

    menotyou bella amicizia

    Is is true that if they didn't take the buyout, that they would be transferred to a place they wouldn't choose?
  8. upssalesguy

    upssalesguy UPS Defender

    i was talking to my manager today and we both agreed if they cut retirement benefits OR the pension - it's much easier to sell at another company. it sucks, but that's the reality.
  9. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    could is the more correct word to use here. It depended on where they were and if another job was available in that area.

    Would definitely applied to some.
  10. menotyou

    menotyou bella amicizia

    I heard 'would'. When I was still going to the airport, (I know this will shock some) a very nice man named 'G' was promoted to building manager there. It lasted 2 months. The big manager cut occurred and 'G' disappeared. Our Division manager decided he wanted the airport.
  11. Anonymous 10

    Anonymous 10 Guest

    Yea I heard something about this.
  12. beentheredonethat

    beentheredonethat Well-Known Member

    They have already made changes over the years to our retirement package. For health care, they capped the total dollar amount they will contribute to health care each year. For newer mgmt folks, they changed the plan from a defined benefit to a defined contribution. A defined contribution is one where they will put in a certain dollar amount per year based on a variety of factors and it acts almost like another 401K, but one that is funded by the company. If you leave, you get to take it with you, if the market does fantastic, you benefit. However, if the market has a large downturn, you have to deal with the consequences. The company does not have that liability as they do with the traditional pension for mgmt.
    That being said, I'm sure that there will be other changes made. I find it hard to believe that UPS will keep the early retirement option of 55. I'm assuming that it will change to at least 2 years and probably 4 years later. But, that's just an assumption, I haven't heard any rumors to this effect.
  13. preload1

    preload1 Member

    The first "buyout" was the "VSB" in 1995. The most recent "buyout" was the "SRP" in 2010. That means the next "buyout" is still about 14 1/2 years away. Dig in.
  14. packageguy

    packageguy Well-Known Member

    UPS will not spend money on buy outs, they just will find away to get you out. That my story and i'm sticking with it. lol
  15. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    There was one in 2007 too.