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UPS Partners
Whats the buzz in management?
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<blockquote data-quote="Cezanne" data-source="post: 98555" data-attributes="member: 5104"><p>If the post about the UPS Retirement Plan is true, can imagine alot of high seniority managers and supervisors will be getting out of here. Anybody ever notice that once most of them hit the retirement age of 55 with the 30 years they don't hang around much longer. This appears to be another buyout like the one that occured in the mid-</p><p>nineties, maybe they are targeting the high salary managers this time. The last one took out alot of young supervisors some of them pretty good ones who saw the opportunity to get out of the rat race.</p><p> </p><p>The details are in the pudding though, from my understanding any retirement plan has to pay the vested benefit for all it's participants before it is terminated. Can anybody remember the old thrift plan? The plan itself has to be pretty well funded, unlike some others that we know of, it has been around since "61" and funded to the max with a very good portfolio and UPS common stock. Has to be well over 100 percent vested by now, question should be whether they are eliminated the plan itself or just not having people collect vested years past September? If they are going to dispurse the monetary value of the plan it would be considerable, a real windfall for all managers who left. Would be kind if they considered the working folk too, a plan has to be in place for it's non union workplace that are not in management (OMS's, administrative assistants, part time supervisors etc).</p><p> </p><p>Again if this is true it could be that the company will be using UPS stock for management's retirement future, which would provide a living wage to compensate the lack of a retirement package. Of course having medical coverage is a must for all retirees till medicare or medicad kicks in, imagine that will be part of the package. </p><p> </p><p>If you been following the news lately you can understand this happening, corporations are getting out the traditional retirement plans and making the employee pay for their own (40lk plans). Management does have their own 401K and it does match, also they have a savings plan that I am not too familar with. Bottom line is that once they retire working for Walmart will not be an option, they will make sure they are are taking care of.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 98555, member: 5104"] If the post about the UPS Retirement Plan is true, can imagine alot of high seniority managers and supervisors will be getting out of here. Anybody ever notice that once most of them hit the retirement age of 55 with the 30 years they don't hang around much longer. This appears to be another buyout like the one that occured in the mid- nineties, maybe they are targeting the high salary managers this time. The last one took out alot of young supervisors some of them pretty good ones who saw the opportunity to get out of the rat race. The details are in the pudding though, from my understanding any retirement plan has to pay the vested benefit for all it's participants before it is terminated. Can anybody remember the old thrift plan? The plan itself has to be pretty well funded, unlike some others that we know of, it has been around since "61" and funded to the max with a very good portfolio and UPS common stock. Has to be well over 100 percent vested by now, question should be whether they are eliminated the plan itself or just not having people collect vested years past September? If they are going to dispurse the monetary value of the plan it would be considerable, a real windfall for all managers who left. Would be kind if they considered the working folk too, a plan has to be in place for it's non union workplace that are not in management (OMS's, administrative assistants, part time supervisors etc). Again if this is true it could be that the company will be using UPS stock for management's retirement future, which would provide a living wage to compensate the lack of a retirement package. Of course having medical coverage is a must for all retirees till medicare or medicad kicks in, imagine that will be part of the package. If you been following the news lately you can understand this happening, corporations are getting out the traditional retirement plans and making the employee pay for their own (40lk plans). Management does have their own 401K and it does match, also they have a savings plan that I am not too familar with. Bottom line is that once they retire working for Walmart will not be an option, they will make sure they are are taking care of. [/QUOTE]
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Whats the buzz in management?
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