Management Buy-out and Pension cut

[nhguy]

POCOLOCO-
It would be nice if you could elaborate more on this buyout offer. I would be interested in some details since the rumors keep flying that this offer is going to be expanded beyond SCS and Corporate. Is there any severance pay? What is the formula used on the lump sum from the pension? Is medical insurance for retirees still part of the deal? How many payments is the money paid out in and how far apart? Anything you or anybody else can give us might help some of us get a better understanding of what they have actually offered?

 

[Browser]

heard the announcement will be next week...it will only affect Div Mgr and up...strictly a buyout, no pension change at this point in time...

formula is RUMORED to be:

length of service x monthly salary x 23 x .20

and NO RETIREMENT MEDICAL

Do you know what the 23 is based on?

 

[HazMatMan]

My buyout price is one million dollars!!! no more no less, (i'm not greedy) take it or leave it big brown....

 

[OldManAllowance]

Listening to the guys in my building...you would think the Brinks truck will be backing up tomorrow..Bring your wheelbarrows in boys. UPS is giving away 1 million! Why would you pay people to leave? Lets just throw the heat up and see who will go on their own...Heck a law suit might even be cheaper!

 

[brownISer]

the formula I originally shared was just a rumor...sorry guys....they really kept this under wraps and only those it was offered to know all the details...

 

[Channahon]

The buyout is for corporate payroll employees only. Offered to employees over 50 in all job categories, including admins. Due to the number of acquisitions, some jobs were duplicated. The total number of employees targeted is 650. For every employee who takes the buy out, the company will save $100,000.

 

[waytodayok]

My buyout price is one million dollars!!! no more no less, (i'm not greedy) take it or leave it big brown....

I hate to rain on your parade (that IS water, I promise) but if you’re talking about the target group in the original posting (that turned out to be BS) you’re probably looking at people sitting on $3 million at the very least and more like $10+ on the high side.

Just so you know. They aren’t going to be hurting if they don’t take the offer and get laid off.

That’s in general – we now know it was offered to everyone not just 18+ or whatever the original rumor was.

I doubt you’re in the targeted group so you don’t have an offer or a buyout price. No million, no half-million, no $5,000.

When you’re no longer needed you’ll get your walking papers and that’ll be that, take it or not, you’ll still take it.

 

[HazMatMan]

I hate to rain on your parade (that IS water, I promise) but if you’re talking about the target group in the original posting (that turned out to be BS) you’re probably looking at people sitting on $3 million at the very least and more like $10+ on the high side.

Just so you know. They aren’t going to be hurting if they don’t take the offer and get laid off.

That’s in general – we now know it was offered to everyone not just 18+ or whatever the original rumor was.

I doubt you’re in the targeted group so you don’t have an offer or a buyout price. No million, no half-million, no $5,000
When you’re no longer needed you’ll get your walking papers and that’ll be that, take it or not, you’ll still take it.

Oh no, i'm not management, but my buyout price is still one million dollars!!

 

[truckinnaked]

Cut the BS...Someone update these rumors and get us (over 50) out of here.

 

[an anonymous guest]

I'm still waiting for the buyout offer. Wait...I waited so long that I'm already retired! Do you think it could be retroactive?

Go UPS!
P71

 

[BROWNHOG]

1) Full Time Inside Management Jobs Are Going Away, Replaced By Specialists.
2) If You Do Not Have A Degree Or Are Activly Working On It, Your Not Considered For A Full Time Position
3) The Pension Will Be Converted To A " Cash Plan " For New Ups Employees Going Into Management ( New Hire Date To Be Determined )
4) This Contract Is The Last Time Ups Is Going To Help The Teamsters Bail Out Their Pension Fund And The Teamsters Know It. We Are Getting Out Of The Parcel Business In The Usa ( 10 Year Plan )
5) There Is A Buyout Coming, But Terms Are Rumor Based, But Stated Facts To Date Are: ( Elimination Of Mip For Management Below Manager Level...pension Plan Conversion To Cash Plan Which Will Be Portable..increase In Ups Match To Either Your 401 K ..or Ups Stock Plan..older Workers Are Grandfathered.
6) Payout In $$ For Years Of Service With A Freeze For Any " Fixed Or Grandfathered Pension ( Age 50 Or Older With 30 Or More )
7) Payout In Cash For Years Served If Your Younger Than 50 And Decide To Take A Deal. More Later

 

[BrownBlackandBlue]

1) Full Time Inside Management Jobs Are Going Away, Replaced By Specialists.
2) If You Do Not Have A Degree Or Are Activly Working On It, Your Not Considered For A Full Time Position
3) The Pension Will Be Converted To A " Cash Plan " For New Ups Employees Going Into Management ( New Hire Date To Be Determined )
4) This Contract Is The Last Time Ups Is Going To Help The Teamsters Bail Out Their Pension Fund And The Teamsters Know It. We Are Getting Out Of The Parcel Business In The Usa ( 10 Year Plan )
5) There Is A Buyout Coming, But Terms Are Rumor Based, But Stated Facts To Date Are: ( Elimination Of Mip For Management Below Manager Level...pension Plan Conversion To Cash Plan Which Will Be Portable..increase In Ups Match To Either Your 401 K ..or Ups Stock Plan..older Workers Are Grandfathered.
6) Payout In $$ For Years Of Service With A Freeze For Any " Fixed Or Grandfathered Pension ( Age 50 Or Older With 30 Or More )
7) Payout In Cash For Years Served If Your Younger Than 50 And Decide To Take A Deal. More Later

I admit I can be a little cynical at times and I fully expect the MIP to decline to a level that the board finds acceptable, but the elimination of the MIP for supervisors? In the 100th year no less? That is a stretch for me.

 

[Six Sides]

In the next two weeks UPS will announce a buy-out for Corporate and Region management (Division Managers and higher) who are 50 or older. Take the money and run, or be forced to stay until 59 (new retirement age.) Managers < 50 will have their pension cut and be given a one time payout of 20% of their future estimated. Cost-cutting time!

If thats true the stock would have gone up 10 points by now

 

[nhguy]

BROWNHOG,

You use the term "stated facts to date" , elimination of MIP for supervisor level, you talk about increasing the 401k match. There has been no public announcement or company announcement to any of these things. I don't know how you can say "stated fact". Have you seen official documents pertaining to these things?

Don't get me wrong, my gut tells me that there are going to be many changes coming. The pension, the retirement age, and a buyout are all real possibilities.The top has to do something to move our stock, because they are failing in the eyes of wall street. I also feel that the first buyout and the new grade 20 and up incentive program are the first of many of these other changes that you speak of. I only hope that the savings don't come at the expense of the people who have worked their ass off for the past 20-30 years to make this corporation what it is today.