Management Pensions
- Thread starter oldbrownguy
- Start date
UnconTROLLed
perfection
They have not tried to promote you so there is still hope!
If you knew the truth, friend..........Looks like management pension amounts vary by location.......stock has nothing at all to do with ones monthly pension....the comparisons between union, iam and management (supervisor) pension amounts are without spousal adjustments with supervisors far lower than union and iam.
Catatonic
Nine Lives
Sorry ... I forgot to answer that.
The MIP total reward is included in the total amount used to calculate the yearly total compensation used to calculate the monthly pension.
That is why some people were saying (if you were eligible) to retire with the year 1999 in your highest consecutive 5 years because 1999 had 2 MIPs included (or something like that).
I'm pretty sure this is everywhere in the US.
I never got into whether it was more or less than Union because that varies by local.
If you are in Central States, I understand the Union monthly is 3000 monthly. Not sure though it does not apply to me and I am not privy to that info.
I saw where Mechanics get $7000 monthly - Holy Cow! Good for them.
InsideUPS
Well-Known Member
Hoaxster....you are correct... CS 30y FT = $3,000/mo. 35yr FT = $3500/mo. Max = $3500/mo. regardless of time > 35 yrs. This of course is contingent on CS not being taken over by the PBGC...
2BOver
Member
I don't know where you are at, but from where I am sitting the management people are running out the door at age 55.
yes and just had a dm demoted to manager in norwood mass preload today I hate how this company is s------- all over there management Jim casey has allready turned over in is grave what a shame Scott davis make another few million more than last year your salary will be be disclosed next month . you are stearing this titanic into the same iceberg don,t you get it step down and go the time has come SCOTT goodbye
Catatonic
Nine Lives
That may be the case but do they start looking another job out of financial necessity.
BTW, I am retired after 40 years but I was in a Corporate technology position.
If I was in operations, I probably would have left at 55 regardless.
OldManAllowance
Well-Known Member
I was in operations and left @ 55. I once had a corp assignment..and WOW. I was treated very nicely. The insisted that I "reduce" my planned day. I guesss they didn't like me bring in the package center hours thing into the department. Maybe it has gotten alot harder these days in corp. But I would not have left. It was great to be treated with respect and consideration. I can remember a retiring center manager who I was replacing at the time. He said back then "Wait until you sit in that seat for 20 years, then tell me how you feel"! Nothing compares to life in a package center.
Catatonic
Nine Lives
I think we are in total agreement - mine being a "what-if" scenario and yours being real life.
You were on a rotational assignment in Corporate and most people I know in Corporate work 9 hour work days.
It is a different work environment but people in Corporate, that did not come from the district, are paid less ... much less often.
Other than Accounting, people just leave if you require people to work hard, long hours.
They are two different cultures ... no doubt.
upsoldtimer
Well-Known Member
The MIP award is indeed included in the management pension calculation, up to a maximum of two units of stock. Stock Options, for those managers at a higher level, are not included in the pension calculation. The highest 5 consecutive years of earnings out of the last 10 years of one's employment are used to calculate the pension amount. This is true for management all throughout the U.S. You can go to the bank on this information baby.....
Will there be any changes to the management pension structure this year ?
beentheredonethat
Well-Known Member
Who knows on when. But will it? that's a pretty safe bet. I'm sure corporate will spin it as some enhancment, because the EOS indicated people wanted to get screwed on the pension.
Im surprised the management defined pension is still around. Might as well include the various teamster defined pensions as well.
beentheredonethat
Well-Known Member
Well, all new mgmt folks are not in a defined benefit pension. They all have a defined contribution which is similar to a 401K type plan where company kicks in a certain amount and it's up to you to invest. So it is going away in that respect already.
Manny Goldstein
Shackled
Hoaxster - I see the 58 thing as well. What do you contribute the extra 3 years to?
quamba 638
Well-Known Member
Hey guys, I had a question or two about the UPS pension plan. I've worked pt for almost 9 years now with (along with a full time day job) and I was wondering if there is anyway to monitor how much your pension has built over the years? I know it goes by hours worked in a year, for example if I worked over 750 hours a year I should get 60 dollars a year according to the book. Is there a site available with the balance or totally hours worked each year? Sorry if this is a dumb question. Just really curious.
Thanks!
Thanks!
Catatonic
Nine Lives
There is about a 1000 dollar difference per month (or more) if you retire at 55 versus 60.
I think people just get a feel for it.
They say, "I'll work until I'm 60" but when they get to 58 (or 58 1/2 like me) it's like, "OK, I'm not sticking aroound for that extra $250 per month.
Looking back at the past 5 years since I retired I know I did the right thing and retired at 55. My years as a partner have made up for $1000 a month I would have got had I stayed.
Using your comments here, when I plugged numbers into retirement calculator and changed years of service and age at retirement, It always was adding like a 3% per year increase in salary amount. That is incorrect. That would change your best 5 in 10 years especially if you would be one of the operations people who had been talked to about making too much in their pay grade or band and would not be getting a raise for the next few years at least. Big reduction, and including the lower MIP awards that makes a difference. No reason to stay and put up with the grief. There are ways to supplement income for your benefit. Not to mention additional cuts in operations that have been low key but still a big issue for more with less......and for less money. Never know where you would end up. Not the way to spend your supposed last good years.
