Management Buy-out and Pension cut

[cheryl]

Cheryl,
Why did my post get deleted???

Although to me your post didn't seem to be much different from the public press release, I still received several complaints from other users about your post as being non public information. I don't want to get into any entanglements with UPS legal so I pulled the post in response to their complaints.

In the future my suggestion would be to paraphrase the information that you would like to share and then offer to send a copy of the original to others via the forum's private message system. If you didn't want to hassle with sending out private messages I would even handle that for you; just send me a message to let me know what you would like to do. That way everyone's privacy is protected, UPS non public information is kept off the internet and the information can still be passed on to our community.

 

[trickpony1]

Cheryl-
I would think the shareholders would have a right to know about this event in depth.
"I still received several complaints from other users......".
Have you ever heard the expression, "those with nothing to hide, hide nothing."?
Could a person accurately conclude that the company has something to hide?

 

[retired]

Is there another way for those of us that have already retired to see the upsers.com announcements about this?

 

[wkmac]

Is there another way for those of us that have already retired to see the upsers.com announcements about this?

I would suggest hooking up with a current UPSer willing to cut and paste and then via private email (not browncafe PM service, let's keep Cheryl out of this folks) send stuff from UPSers.com.

I'm not involved in this process but I'll look at UPSers.com sometime (I rarely do because I find little use in it) and see if there is something of interest. If there is I'll PM you that I have something but no specifics and then if you are interested you can give me an email account, create on on yahoo or hotmail if you want to maintain privacy and I'll email you the stuff I find.

Outside of that, I don't know of anything else.

Someone from Corp. works in my building so I saw the annoucement yesterday afternoon and it really wasn't much at all. The general press had the same details so I wouldn't worry about it personally. Thinking about going back for some quick $$$$$$$$?

 

[cheryl]

Cheryl-
I would think the shareholders would have a right to know about this event in depth.
"I still received several complaints from other users......".
Have you ever heard the expression, "those with nothing to hide, hide nothing."?
Could a person accurately conclude that the company has something to hide?

All of the complaints I received weren't about the information, they were about directly copying text from an internal source.

Is there another way for those of us that have already retired to see the upsers.com announcements about this?

My husband left UPS in 03 so it's been a couple of years since we've been on UPSers.com. Hopefully any further developments will be shared here.

I would suggest hooking up with a current UPSer willing to cut and paste and then via private email (not browncafe PM service, let's keep Cheryl out of this folks) send stuff from UPSers.com.

You have a good point there wkmac.
I should probably stay out of this

 

[retired1]

Is there another way for those of us that have already retired to see the upsers.com announcements about this?

I tried to message you but your private messages are off. Please contact me I can help you with this.

 

[Hawk780]

Although to me your post didn't seem to be much different from the public press release, I still received several complaints from other users about your post as being non public information. I don't want to get into any entanglements with UPS legal so I pulled the post in response to their complaints.

In the future my suggestion would be to paraphrase the information that you would like to share and then offer to send a copy of the original to others via the forum's private message system. If you didn't want to hassle with sending out private messages I would even handle that for you; just send me a message to let me know what you would like to do. That way everyone's privacy is protected, UPS non public information is kept off the internet and the information can still be passed on to our community.

Duly noted, thanks for the info. Like you said, I didn't see anything harmful in the report, and just wanted to get word out. Thought it might end some of the swirling rumors. Definitely didn't want to expose you to any legal trouble. -Hawk

 

[FEDUPWITH18'S]

Typical reward the upper management and shaft all the others who really carry the load. What I don't get is that the division level managers view anyone over 50 as a high cost piece of dead weight. Why not offer this to all 50 or older? Force us to stay until 59 and take our pension away - that's highly motivating!

 

[hoser]

How come announcements are always on Mondays? Must be so the whole week can be ruined.

or better... two years salary AND you can start a new career!

Typical reward the upper management and shaft all the others who really carry the load. What I don't get is that the division level managers view anyone over 50 as a high cost piece of dead weight. Why not offer this to all 50 or older? Force us to stay until 59 and take our pension away - that's highly motivating!

Sorry, how much more above industry median do you make? I dare you to say it.

 

[Cezanne]

Here is the secret for a successful career, never be considered redundant especially if you are over 50.

 

[wkmac]

I tried to message you but your private messages are off. Please contact me I can help you with this.

retired,
I'm assuming you're talking to me. Not sure why my PM's are turned off but I did check out UPSers.com for you and there was nothing there at all on the subject. In fact, the website was again just as useless as it has always been but that is a matter of opinion on my part. I've spoke with others who think quite differently so there you go.

I'm sure more and more info will filter out in the days ahead and when it does, I've no doubt you'll hear something on it here. Have you asked a Feeder Driver about this?

 

[pocoloco]

1 I am one of those 2010 employees, over 50, with more than 10 years. The offer is nice, but still very scary. My pension will be drastically reduced if I take this offer. The payoff is nice, but it will be paid out in lump sums and the taxes will eat alot of it. UPS has done well by me, but this decision is a tough one.

 

[Keepingthemhonest]

feeder drivers know everything...

 

[upsdawg]

Poco----take it an don't look back!! It is great that UPS is in the aquisition stage , and it make sense to not duplicate positions and eliminate some costs at the same time.It doesn't take a Rocket Scientist to understand that in the long run it is cheaper to offer an ERO and keep some lower salary employee------but the trade off is "Experience". UPS learned a lot from the last ERO---lost some good people who were just 50......and they went to work for our competition. Granted there may be afew of the older management that are not up to par--but the majority are and we don't want the DHL's/FedEx's of the world to capture our most experienced people!!

 

[hoser]

1 I am one of those 2010 employees, over 50, with more than 10 years. The offer is nice, but still very scary. My pension will be drastically reduced if I take this offer. The payoff is nice, but it will be paid out in lump sums and the taxes will eat alot of it. UPS has done well by me, but this decision is a tough one.

take the lump sum, invest it in your retirement (wouldn't that save you HUGE in taxation?), and find another job fast.

but the question is if you can find comparable employment at the exceptional wage that you earn. if not, stay.

 

[waldo911]

Poco,
What was the formula for the lump sum?

 

[pocoloco]

Not sure of the formula, but loosing almost 60% of my projected monthly pension if I do not stay and leave in Feb. Waiting to talk to a finanacial person, but my understanding on the buyout is it is wages, and due the numbers will be taxed at almost 40%, so although they state they are trying to make the pension whole, it does not. Too bad they didn't stretch the payment out over more time, or make it deferable. The are lumping stock, vacation, pension make up etc into one lump sum that does not look too bad until you tax it. It depends how bad you want to leave, and if you feel confident that when you do turn 55 the age will still be 55 and the pension plan does not change.

 

[waldo911]

Good Luck Poco,
Hope everything goes well for you and yours. I'd wish you a Merry
Christmas, but I'm not sure this is a good present. Good luck.

 

[tieguy]

Not sure of the formula, but loosing almost 60% of my projected monthly pension if I do not stay and leave in Feb. Waiting to talk to a finanacial person, but my understanding on the buyout is it is wages, and due the numbers will be taxed at almost 40%, so although they state they are trying to make the pension whole, it does not. Too bad they didn't stretch the payment out over more time, or make it deferable. The are lumping stock, vacation, pension make up etc into one lump sum that does not look too bad until you tax it. It depends how bad you want to leave, and if you feel confident that when you do turn 55 the age will still be 55 and the pension plan does not change.

poco do you have the option of rolling your retirement payout directly into your 401K or other similar fund thus avoiding the tax bite?

 

[wkmac]

if you feel confident that when you do turn 55 the age will still be 55 and the pension plan does not change.

It sure is sad to see a time where any of us, whether hourly or management, have to feel this way and I see this attitude growing with management folk almost on equal par to the concern of the hourly union members covered by the various Teamster plans. After the late 2003' changes to the Central States plan I thought UPS after the events of 97' would rub our noses in it as they had every right too. Instead and to my shock, they seem to be changing their own to match ours. All I can say to the management folk is what I've said to my IBT bretheren and that is to dedicate the first stanza of the Guns & Roses song, "Welcome to the Jungle" to ya!

Welcome to the jungle
We've got fun 'n' games
We got everything you want
Honey, we know the names
We are the people that can find
Whatever you may need
If you got the money, honey
We got your disease

In the jungle
Welcome to the jungle
Watch it bring you to your
knees, knees
I wanna watch you bleed

Looking around everywhere it's just as bad if not in many cases worse (auto maker or airline) but I can remember a day when this was the last thing on our minds as UPSers to be concerned about. And IMO, the very first people that deserve the best retirements money can buy are the hourly and management folks in the trenches day in and day out making it happen at this company. And who are the first to get hurt?

I know it pains to say the answer but we both know who it is don't we!

Poco, best of luck to ya.

Smile Everyone, IT'S SUPER SATURDAY!!!!!! Come about noon I'm off to work again for an afternoon sort as I'm betting the majority of you are either doing the same or have just had a week of pure hell and resting up for another beginning on Monday. But if it makes you feel any better, those big dogs that lead our pack are still working 9 to 5 and are kicked back this weekend enjoying the good life knowing our hard work and efforts will ensure their fat bonus checks under the new upper management compensation plan at UPS. You know, the one that was funded when they slashed and burned your MIP to please Wall Street again but to still fatten their wallets at the same time! Wanna know what kind of company we work for now? Just look at how they treat their own kind!

Jim Casey always said, "people first!" But then, what the hell did he know anyway.