Another Mgmt Buyout

[Cezanne]

Hourly here: On the ground level I have never seen any management who wanted to hang around any longer than necessary. The real problem is the extending of the golden carrot for all of us. I am afraid that the cutting of retirement benefits and medical is on corporate's agenda. How will they justify paying it's union members peanuts and grant a select few millions, so expect your pension to go in line with what an union member would get with the same numbers of years. No more double standards, they good thing about your ability to wait till 60 is that for the most part you should last physically. Can that be said to the hourlies who are pushing packages.

It is a shame that with the monies that were vested for all of us that we are even discussing any gutting of pension/medical benefits. Just how much profit is enought and how it is divided will be brought to the table in due time.

 

[ihadit]

Is it just me or does it seem like that only new hires and part timers for the most part are the only ones trying to get into supervision? I hardly ever hear of ft employees wanting to advance with our company. I do not want a shouting match, please.

When you have worked for this company 20+ years and see how people are treated by the so called 'partners'; I don't know why anyone would want to "advance" with this company! Most likely the new hires and part timers are easily coerced.

 

[bighammer]

UPS will wait for the contract to ratified before any buyout. They have to see what the cost of the contract will be.

I am sure that many of the management with the time, will take a buyout. The company has changed to a numbers game and reports with useless information that front line manager or customer want or need.

 

[tieguy]

UPS will wait for the contract to ratified before any buyout. They have to see what the cost of the contract will be.

I am sure that many of the management with the time, will take a buyout. The company has changed to a numbers game and reports with useless information that front line manager or customer want or need.

maybe . the other side of it may be that the bill to bail out the CS plan is so big that they have to implement immediate cost cutting to pay for it all.

 

[Griff]

maybe . the other side of it may be that the bill to bail out the CS plan is so big that they have to implement immediate cost cutting to pay for it all.

UPS has been trying to flex its political muscle and clout for years now on pension issues. If what they claim is true, that they want UPS dollars to go to UPS people, I'd be in favor of an exclusive UPS pension. Unfortunately, I have information from a reliable source that everyone in Atlanta sleeps in a coffin during the day and they are not to be trusted. We all know what UPS really wants, they want more profit and paying billions of dollars every year into pension plans gets in the way.

Lets not forget that the CS plan is $15 billion dollars underfunded. Why the hell would UPS stick their nose into that mess? You think the stock price is dead now..............just you wait. They aren't trying to bail out the CS plan, they are trying to bail OUT of the CS plan.

 

[Cezanne]

People, try to get a copy of the new pension reform act of "06" and really study the provisions. Any early negotiations going on with the union as nothing to do with the 100th year celebration, it is a strictly business decision over the monetary costs involved with the current underfunding. Do you think that the federal government will let these teamsters' plans slide into bankrupcy and get stuck with paying the pensioners? Consider also the company stuck with a disgruntled, angry, and aging workforce. We all might be represented by a collective bargaining unit but bottom line we are still considered employees of UPS just as management. With that being said just what responsiblity does any company have to it's employees' with paying the cost of their pension and health and welfare. Add to that the fact that this company has been very profitable for some time so the money is there.

Any buyout of our pension particularly in the Central States area will be considerable and probadly effect management's pension/health and welfare benefits along with the perks. The money has to come from somewhere. Most of us under Central States are already vested under the UPS Pension Plan for part timers, many of us are finding out that those monetary benefits are being reduced with an 6 percent deduction per year prior to age 65. Basically we are getting hammered by both sides with this underfunding. As an example consider a 30 year employee with 20 years part time (UPS Pension Plan) and 10 years full time (Central States) wants to retire at age 55:

a. UPS Pension Plan benefits = 20/30 of a 1,000 a month benefit = roughly 700 dollars, now reduce that by 60 percent = around 300 dollars for those 20 vested years. (Company)

b. Central States benefits = 10 years at 100 dollars per credit years best case example = 1,000 dollars, now reduce it 6 percent for every year prior to age 62 or 42 percent = around 600 dollars for those 10 years. (Union)

c. Grand total for this employee with a 30 year age 55 formula in which we are currently under with Central States is 900 dollars a month without medical and any spousal reduction and taxes taken out.

If my totals are off and anybody can dispute my figures please do so.
What this has to do with any management buyout? Consider the monetary contributions over the years that have been going into the UPS Retirement Plan (managements) and the UPS Pension Plan (hourly) and you can get my drift. Again the money has to come from somewhere.

 

[Anon1]

I don't understand why you feel the money has to come out of the management pension fund to fund the teamsters fund. If the teamsters did not take care of business and invest the monies they were given wisely, whose fault is that? Why aren't the people that ran the CS pension funds sitting in jail if they defrauded the membership? If it was bad investments, why weren't they fired from their positions after a few years? It is up to each of us to keep our eye on the ball and know what is going on.

 

[scratch]

I don't understand why you feel the money has to come out of the management pension fund to fund the teamsters fund. If the teamsters did not take care of business and invest the monies they were given wisely, whose fault is that? Why aren't the people that ran the CS pension funds sitting in jail if they defrauded the membership? If it was bad investments, why weren't they fired from their positions after a few years? It is up to each of us to keep our eye on the ball and know what is going on.

Excellent points. I have wondered why the people managing Central States weren't booted out or bought up on charges if there were any criminal acts. They probably got raises and bonuses instead.