UPS to freeze pension plans for nonunion staffers

[cheryl]

UPS to freeze pension plans for nonunion staffers - Fox Business

United Parcel Service is planning to freeze pension plans for thousands of nonunion employees, seeking to contain the burden of a retirement fund with a nearly $10 billion deficit.

The carrier is expected to announce measures to corral the rising pension obligations to its workforce Wednesday, people familiar with the matter said. Other details couldn't be learned.

UPS has more than 434,000 workers world-wide, with more than 80% in the U.S. Most of them are unionized. Any retirement-plan changes would apply only to management employees, who number 78,000.

 

[MAKAVELI]

I guess it sucks to be management at UPS.

 

[oldngray]

 

[Brown724]

Does this mean management will be offered a buyout of their pensions now?

 

[Kae3106]

Not just management. This also hits the non-union hourly admin employees.

 

[burrheadd]

Not just management. This also hits the non-union hourly admin employees.

They don't count

 

[Catatonic]

I guess it sucks to be management at UPS.

It definitely doesn't suck to be retired management.

 

[HEFFERNAN]

That kool-aid they've been drinking for years finally soured on them !!!

 

[MAKAVELI]

It definitely doesn't suck to be retired management.

Got yours, so friend* em. Lol

 

[Catatonic]

Got yours, so friend* em. Lol

I warned everybody that would listen for the last ten years before I left.
A few left and I hope the rest maxed out their 401k contribution.
I was contributing the max the last 15 years and 6 -10 % from the get go.
UPS introduced the 401k in about 1990 with a warning about pension.

 

[Catatonic]

Got yours, so friend* em. Lol

You mean like actively employed UPS Drivers did to the retired drivers in the last contract?
I didn't vote on this however.

 

[Catatonic]

That kool-aid they've been drinking for years finally soured on them !!!

Hope you are contributing to your 401k.
Retired UPS drivers are in the bulls eye.
Remember how you sold Teamster retirees down the creek in the last contract?
Your time will come.

 

[MAKAVELI]

I warned everybody that would listen for the last ten years before I left.
A few left and I hope the rest maxed out their 401k contribution.
I was contributing the max the last 15 years and 6 -10 % from the get go.
UPS introduced the 401k in about 1990 with a warning about pension.

The problem with a 401k is it's not enough to retire on by itself. And all those pre tax contributions will be taxed when withdrawn, most likely at a higher rate.

 

[Catatonic]

That kool-aid they've been drinking for years finally soured on them !!!

I made lemonade!
with a mint garnish.

 

[Turdferguson]

You mean like actively employed UPS Drivers did to the retired drivers in the last contract?
I didn't vote on this however.

Hope you are contributing to your 401k.
Retired UPS drivers are in the bulls eye.
Remember how you sold Teamster retirees down the creek in the last contract?
Your time will come.

Whatever

 

[IVE GOTTA PACKAGE 4U]

UPS to freeze pension plans for nonunion staffers - Fox Business

United Parcel Service is planning to freeze pension plans for thousands of nonunion employees, seeking to contain the burden of a retirement fund with a nearly $10 billion deficit.

The carrier is expected to announce measures to corral the rising pension obligations to its workforce Wednesday, people familiar with the matter said. Other details couldn't be learned.

UPS has more than 434,000 workers world-wide, with more than 80% in the U.S. Most of them are unionized. Any retirement-plan changes would apply only to management employees, who number 78,000.

One supervisor for every 6 employees?

 

[Catatonic]

The problem with a 401k is it's not enough to retire on by itself.
And all those pre tax contributions will be taxed when withdrawn, most likely at a higher rate.

I could retire on my 401k holdings.
Live within your means and contribute the max.
Worked for me.

Looks like the tax reform will reduce that marginal tax rate.

Note: I have not touched my 401k or my outside investments which are much more than my 401k.

 

[Catatonic]

Whatever

You always say that when you don't have an honest reply to refute my argument.

 

[MAKAVELI]

I could retire on my 401k holdings.
Live within your means and contribute the max.
Worked for me.

Looks like the tax reform will reduce that marginal tax rate.

Note: I have not touched my 401k or my outside investments which are much more than my 401k.

You also have a pension.

 

[Turdferguson]

You always say that when you don't have an honest reply to refute my argument.

I thought I brought up sixlets?
Which is it