Management upset LMAO

[detmaintainer]

E-I-E-I-OWE. 40% WON'T PAY MY NOTE!

 

[RolloTony Brown Town]

What happens to management's (RSU) when the UPS Retirement Plan is frozen in 2023?

RPUs (or RSUs) have nothing to do with your retirement plan. Assuming there aren’t any changes (transformation), your RPUs will continue to be half of your MIP reward and will take 1 year to vest.

The changes to the retirement plan are that the company will stop paying into the retirement fund in January 2023. At that point they will be putting a percentage of your salary (based on years of service) into your 401k on top of what you are already contributing and what the company is matching.

 

[Elmo.goes.to.prom]

Our center manager is always smiling. I want to punch him.

 

[dudebro]

MIP Bonus is calculated as followed:

(Total Salary)*(MIP Factor = 40% for 2019)*(A fixed % of Salary based on job level) = Total MIP

That fixed % is 17% for FT Supervisors, 34% for Mid-Managers, 60% for Staff Managers (e.g. your Division Manager), and continues to climb the higher you go.

Total MIP is split between an electable award you get "immediately" and can choose between cash or stock, and RSUs (stock). RSUs take 1 year to vest (previously took 5 years, with 20% vesting per year). Mid-managers and below get half as electable, and half as RSUs. Staff managers and above get a third as electable, and two-thirds as RSUs. Newly promoted "partners" get their first year of MIP 100% in stock.

So an example FT Supervisor making $65,000/year would get a bonus of $4,420 total this year, $2,210 in cash/stock as the electable portion, and $2,210 next year. Or if they had just been promoted, they get the entire bonus in stock. None of this sounds too bad, but it feels bad when you're expecting a bonus that's *at least* double that, all your compensation statements from the company pretend you're getting paid 100% of the target bonus value, and the total compensation really *isn't* that great considering how many hours (and extra days) are put in and how much is dealt with on a day to day basis compared to a lot of other companies. And it feels even worse when projections for that MIP factor were *well above* 40%, and the MIP factor is based on some fairly subjective things and this year's MIP factor is probably low just to lower retiree (with pensions) compensation and/or set the stage for phasing out MIP and/or to reduce expenses because of money spent elsewhere, as opposed to anything to do with the performance of the company.

You also get paid 3.5% (sup) or 3%(mgr) on the total value of shares you hold, up to a months salary, added to the MIP award. Not much in your first year, but old goats are getting an additional month in MIP if they haven't sold along the way. The sup in your example above would get another 5400 if he/she held 150k in stock.

Casey believed in paying people. Not sure Wall St. has the same approach. They'd rather pay one "rock star" $50M and everyone else below min wage.

 

[dudebro]

By the way thanks for the explanation....Questions:

Does RSU (Restricted Stock Units) and your MIP included with your last 5 year final salaries to calculate your total retirement benefit?

What happens to management's (RSU) when the UPS Retirement Plan is frozen in 2023?

MIP counts in total salary when mgmt. pension is calculated. For those close to retirement - this year didn't make the top 5 of 10 final years, which is another reason people are grumbling.

 

[GameCockFan]

UPS is pushing out old managers. We have one retiring. He told me if he leaves this year he gets $xxxx. If he stays and works longer he actually gets $200/month less for every year longer he stays. He also doesn't get to use his vacations at the beginning of the year, i.e. work thru peak and take the first 6-8 weeks off in January like most hourlies do. You earn the weeks as you go now, not from the year before.

 

[UnconTROLLed]

UPS is pushing out old managers. We have one retiring. He told me if he leaves this year he gets $xxxx. If he stays and works longer he actually gets $200/month less for every year longer he stays. He also doesn't get to use his vacations at the beginning of the year, i.e. work thru peak and take the first 6-8 weeks off in January like most hourlies do. You earn the weeks as you go now, not from the year before.

poor thing

 

[DELACROIX]

When you declare $xxxx it does bring up too many some questions of just how well off your pension benefits are once you retire.

Is it still based on (one half of your base salary and annual MIP stock). So roughly a typical management partner with over 30 years in will receive over $8,000 per month compared to those Union Full timers in the IBT/UPS Pension Plan who will collect under 4,000 for the same number or years and still some others that will only collect 2,500.

Cry me a river...

 

[BrownMonk]

When you declare $xxxx it does bring up too many some questions of just how well off your pension benefits are once you retire.

Is it still based on (one half of your base salary and annual MIP stock). So roughly a typical management partner with over 30 years in will receive over $8,000 per month compared to those Union Full timers in the IBT/UPS Pension Plan who will collect under 4,000 for the same number or years and still some others that will only collect 2,500.

Cry me a river...

There is also the benefit of benefits for the Union employees after retirement. Managers have none except 18 months of COBRA at full rate while Union employees with Teamcare pay a minimal amount until they reach Medicare.

 

[Dragon]

There is also the benefit of benefits for the Union employees after retirement. Managers have none except 18 months of COBRA at full rate while Union employees with Teamcare pay a minimal amount until they reach Medicare.

Wrong....Union employees here are paying over $600 a month for health care, one singe parent is paying over $800...management retirees less than $200....

 

[Dragon]

Here is another one for you about the union insurance in retirement.

What's wrong with the retirement Dept?

Local 25....

 

[DOK]

Wrong....Union employees here are paying over $600 a month for health care, one singe parent is paying over $800...management retirees less than $200....

$200 for management retiree healthcare is awesome. Some local unions offer no discounted healthcare for retirees, I’m in one.

 

[Eat Sleep Fish]

I was under the impression that you must pay for health insurance of you retire befor 55. From 55 until medicare, the premiums are what I pay now which is zero. FWIW, we are under what Obama deemed a "cadillac" plan. It's like $400 a week to get what we get.

 

[govols019]

FWIW, we are under what Obama deemed a "cadillac" plan.

I don't believe that's true.

 

[Eat Sleep Fish]

I don't believe that's true.

I don't know man. Kinda hard to beat what we get.

 

[Staydryitsraining]

They stopped it but managers got free healthcare for every year they worked after they retired.. At least that was told to me by our dm.

 

[Superteeth2478]

MIP Bonus is calculated as followed:

(Total Salary)*(MIP Factor = 40% for 2019)*(A fixed % of Salary based on job level) = Total MIP

That fixed % is 17% for FT Supervisors, 34% for Mid-Managers, 60% for Staff Managers (e.g. your Division Manager), and continues to climb the higher you go.

LOL, I get more than a full-time supervisor's bonus from just a month of supervisors working grievances...and that's on a bad month!

 

[OrioN]

Our center manager is always smiling. I want to punch him.

Wuz his smile lookin' like diss?

 

[Oak]

MIP Bonus is calculated as followed:

(Total Salary)*(MIP Factor = 40% for 2019)*(A fixed % of Salary based on job level) = Total MIP

That fixed % is 17% for FT Supervisors, 34% for Mid-Managers, 60% for Staff Managers (e.g. your Division Manager), and continues to climb the higher you go.

Total MIP is split between an electable award you get "immediately" and can choose between cash or stock, and RSUs (stock). RSUs take 1 year to vest (previously took 5 years, with 20% vesting per year). Mid-managers and below get half as electable, and half as RSUs. Staff managers and above get a third as electable, and two-thirds as RSUs. Newly promoted "partners" get their first year of MIP 100% in stock.

So an example FT Supervisor making $65,000/year would get a bonus of $4,420 total this year, $2,210 in cash/stock as the electable portion, and $2,210 next year. Or if they had just been promoted, they get the entire bonus in stock. None of this sounds too bad, but it feels bad when you're expecting a bonus that's *at least* double that, all your compensation statements from the company pretend you're getting paid 100% of the target bonus value, and the total compensation really *isn't* that great considering how many hours (and extra days) are put in and how much is dealt with on a day to day basis compared to a lot of other companies. And it feels even worse when projections for that MIP factor were *well above* 40%, and the MIP factor is based on some fairly subjective things and this year's MIP factor is probably low just to lower retiree (with pensions) compensation and/or set the stage for phasing out MIP and/or to reduce expenses because of money spent elsewhere, as opposed to anything to do with the performance of the company.

So, what you're saying is, a driver can work 2 hours of OT a week and make more than a FT sup's year's long bonus?

 

[Boywondr]

Wrong....Union employees here are paying over $600 a month for health care, one singe parent is paying over $800...management retirees less than $200....

For what level of coverage?