Catatonic
Nine Lives
And Soc Sec.
That's what we live off of.
UPS to freeze pension plans for nonunion staffers
- Thread starter cheryl
- Start date
That's what we live off of.
Catatonic
Nine Lives
That's when you try and be funny.
'Whatever' is for when you are mad.
Catatonic
Nine Lives
Almost all of Information Services is mangement (~5000) is management.
All the District staff.
Almost all Corporate (~3000)
International staff too.
MAKAVELI
Well-Known Member
Soc sec is likely to be gone in the not too distant future.
Union hourlies can contribute to a Roth 401K in our Prudential accounts. Not sure if it's the same for management.
Catatonic
Nine Lives
E-mail message to UPS Alumni:
Today we announced that we’re changing the way we deliver retirement benefits to our active union-free people in the U.S. This change will take place on January 1, 2023.
This change does not affect your current or future benefit payments from the UPS Retirement Plan. Although it doesn’t affect your benefits, we wanted to ensure you were aware of the change.*
Instead of earning benefits in the UPS Retirement Plan, active participants will earn enhanced benefits in the UPS 401(k) Savings Plan staring January 1, 2023. Any benefits they earn through December 31, 2022 will not be affected. We’re announcing this change five years in advance to help our affected people prepare.
This decision was made after an extensive and thoughtful evaluation of our retirement benefits. Great care was taken to balance the effect on our people with the right outcomes for our business.
We know how important a financially secure retirement is for our people and their families. Rest assured we remain committed to offering comprehensive and competitive benefits.
Again, this change does not affect your benefits.
You’ll also receive a letter to your home within the coming days. Please visit UPSers.com for more information.
Thank you for your service to UPS.
Today we announced that we’re changing the way we deliver retirement benefits to our active union-free people in the U.S. This change will take place on January 1, 2023.
This change does not affect your current or future benefit payments from the UPS Retirement Plan. Although it doesn’t affect your benefits, we wanted to ensure you were aware of the change.*
Instead of earning benefits in the UPS Retirement Plan, active participants will earn enhanced benefits in the UPS 401(k) Savings Plan staring January 1, 2023. Any benefits they earn through December 31, 2022 will not be affected. We’re announcing this change five years in advance to help our affected people prepare.
This decision was made after an extensive and thoughtful evaluation of our retirement benefits. Great care was taken to balance the effect on our people with the right outcomes for our business.
We know how important a financially secure retirement is for our people and their families. Rest assured we remain committed to offering comprehensive and competitive benefits.
Again, this change does not affect your benefits.
You’ll also receive a letter to your home within the coming days. Please visit UPSers.com for more information.
Thank you for your service to UPS.
Turdferguson
Just a turd
Too many chiefs and not enough Indians
Jackburton
Gone Fish'n
So in a brief summery, what does the announcement mean for current management that had a pension plan when they started. This doesn't effect newer members of management who never were under a pension plan correct?
Interesting. I'd rather have a 401K match than a pension contribution that will almost definitely not be there for me in the future anyway.
(Curls up into a protective ball)
Brown724
New Member
Think it means a buyout of our pension to allow us to either move it to an ira or our 401k.
MAKAVELI
Well-Known Member
That is until your 401k gets wiped out by a market crash.
It could happen. But I'd rather take my chances with something like a highly diversified total stock market index fund than an underfunded pension.
MAKAVELI
Well-Known Member
It's a risk for both. But at least you're not putting your own money into a pension.
Catatonic
Nine Lives
1) They will still have the funding that is contributed up through Dec 31, 2022.
2) Correct
1 (Continued) - I imagine UPS will have a forced buy-out at some point but this is based on what other Fortune 500 corps have done.
Catatonic
Nine Lives
It always rebounds ... look at 2008-2009.
Investors had recovered by 2013 and the market has been restrained since 2013 but is going bonkers now that Obama is gone.
Catatonic
Nine Lives
Almost none of the above are chiefs and if UPS relied upon just Operations to survive, UPS would be out of business.
Catatonic
Nine Lives
Not yet but that is on that UPS Horizon.
Catatonic
Nine Lives
At least current UPS management can't take my pension and healthcare away from me.
You time will come when your pension and healthcare will be sacrificed so current UPS Drivers can get that extra dollar per hour.
MAKAVELI
Well-Known Member
You still lose the potential growth during the time it takes to rebound. Like I said both are a risk, but taking away that pension is still going to hurt and lose a lot of security when it comes time to retire.
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