UPS buying out former employees pensions?

[rod]

Or more likely, Central States Retirees.

Been a long time since I've been wacked.

 

[Catatonic]

If there is any truth to the buy out rumor I wonder what they would offer?


Probably a slap in the face like a thousand dollars--- like the old contract bonuses they used to give that most everyone fell for.

It is going to be low-ball because interest rates come into play so much in actuarial calculations.
I helped my sister in 2006 when rates were high and she did well.
UPS offered a buyout in 2007 for management and it was really weak ... about 40% of what it would take to buy an annuity to replace the pension monthly payments and the payout was all taxable in one year.

 

[Catatonic]

Been a long time since I've been wacked.

You mean by someone other than yourself?

 

[rod]

You mean by someone other than yourself?

I stand corrected

 

[Junkguy]

I am a former UPS employee and got a letter in the mail from a company that is handling the updating of addresses of former UPS employees. I called the number and spoke to the customer service person and he said that UPS was working on some things to buy out former employees of UPS and there pensions. Is this true?

I got my letter from UPS today as you probably did. I suspected something was up as well. UPS isn't that concerned about anyone unless it benefits them.

 

[Catatonic]

I got my letter from UPS today as you probably did. I suspected something was up as well. UPS isn't that concerned about anyone unless it benefits them.

And why should they?

 

[UpstateNYUPSer(Ret)]

I got my letter from UPS today as you probably did. I suspected something was up as well. UPS isn't that concerned about anyone unless it benefits them.

It sounds like they are trying to do what is best for all involved. You get your money upfront and they shed their pension obligation.

Does the letter say whether you can have the money deposited directly in to a qualified retirement plan, thereby escaping the tax hit?

 

[HEFFERNAN]

It sounds like they are trying to do what is best for all involved. You get your money upfront and they shed their pension obligation.

Does the letter say whether you can have the money deposited directly in to a qualified retirement plan, thereby escaping the tax hit?

The postcard says all information will be made available in October.
The picture has both sides of the postcard.

 

[margincharge1]

I am a former UPS employee and got a letter in the mail from a company that is handling the updating of addresses of former UPS employees. I called the number and spoke to the customer service person and he said that UPS was working on some things to buy out former employees of UPS and there pensions. Is this true?

ATTENTION!!!

Here's the contact phone number for more info. for those who received the UPS SPECIAL PENSION PAYMENT OFFER Notice.
(855) 216-8048

 

[UpstateNYUPSer(Ret)]

ATTENTION!!!

Here's the contact phone number for more info. for those who received the UPS SPECIAL PENSION PAYMENT OFFER Notice.
(855) 216-8048

Wouldn't it be easier to wait for the actual offer to arrive in the mail in mid October?

 

[AJ73]

I am a former UPS employee and got a letter in the mail from a company that is handling the updating of addresses of former UPS employees. I called the number and spoke to the customer service person and he said that UPS was working on some things to buy out former employees of UPS and there pensions. Is this true?

I got something in the mail from UPS yesterday stating this information it was a postcard advises me to watch my mail and I can either select a lump sum payment or month to month or not take the option at all

 

[AJ73]

View attachment 96615 View attachment 96614

I received the same letter weeks ago and got a card in the mail today...Very UPS official...Said that I will be getting an offer in the mail, early October. I was a sales person for 13 years. I think all ex employees will be getting the buyout offer.

yep got mine yesterday

 

[burrheadd]

I got something in the mail from UPS yesterday stating this information it was a postcard advises me to watch my mail and I can either select a lump sum payment or month to month or not take the option at all

Let it ride like the old OPL stock
I did alright on that

 

[Jaco Williams]

I got the same thing the other day... 15yrs with that jacked company... In aircraft maintenance, non-management, non-union....
I plan to take the money & run. I'm in a much better place now.

 

[UpstateNYUPSer(Ret)]

I got the same thing the other day... 15yrs with that jacked company... In aircraft maintenance, non-management, non-union....
I plan to take the money & run. I'm in a much better place now.

Keep in mind that a lump sum payment will be treated the same as a distribution from a retirement account and you will be taxed accordingly.

 

[Brown echo]

Wall St analysts take away points based on obligated future debt so UPS is trying to get rid of as much future obligated debt as possible.

 

[88UPS1969]

I've been with UPS for 29 years. I worked 11 P/T and I am Package Driver now. We recently got a new Supervisor. He was riding with me to gain area knowledge, because he came from a different center. Anyways, during the ride we were talking and he told me that UPS paid him off for his P/T pension in a lump sum. He never offered the amount, but he said that he rolled it over to an IRA? I work in the Carolina's and we were in the Central States Pension fund, well I guess should say we are as long as it's funded! I'm in 3 pension funds CSF, UPS P/T pension and now the UPS-IBT pension fund. I'm curious if anyone else has been bought out of their P/T pension fund? Thanks

 

[burrheadd]

I've been with UPS for 29 years. I worked 11 P/T and I am Package Driver now. We recently got a new Supervisor. He was riding with me to gain area knowledge, because he came from a different center. Anyways, during the ride we were talking and he told me that UPS paid him off for his P/T pension in a lump sum. He never offered the amount, but he said that he rolled it over to an IRA? I work in the Carolina's and we were in the Central States Pension fund, well I guess should say we are as long as it's funded! I'm in 3 pension funds CSF, UPS P/T pension and now the UPS-IBT pension fund. I'm curious if anyone else has been bought out of their P/T pension fund? Thanks

I thought that boat already sailed

Maybe