More gloom and doom..CS is tanking

[BigUnionGuy]

There were a few years where it paid 20 -22% and in those years it grew like a SOB. But like all good things at UPS they found a way to put a cap on what you could earn and ruined the TP. When they dissolved the TP I had $126,000 in it.

If I remember (and correct me if I'm wrong)....

It was the government that put an end to it.



-Bug-

 

[Re-Raise]

This guy had just over $100K in his. Cashed it out and used all of it to buy our stock when it first came out @ $20 or so per share. Supposedly had $1.8M in stock.

They only allowed the hourlies to buy shares for a couple of years while they were trying to convince us we were all one big happy family.

You had to buy blocks which included 3 shares of OPL and one share of UPS stock. The UPS stock was around $40 a share which split at the IPO to give a cost basis of right around $20 a share like you said. The stock then tripled to a little over $70 the first week.

He probably did well, but not to the tune of 1.7 mill in profit on a 100k investment.

 

[oldngray]

They only allowed the hourlies to buy shares for a couple of years while they were trying to convince us we were all one big happy family.

You had to buy blocks which included 3 shares of OPL and one share of UPS stock. The UPS stock was around $40 a share which split at the IPO to give a cost basis of right around $20 a share like you said. The stock then tripled to a little over $70 the first week.

He probably did well, but not to the tune of 1.7 mill in profit on a 100k investment.

The Thrift Plan was before hourly employees could buy any stock.

 

[Re-Raise]

The Thrift Plan was before hourly employees could buy any stock.

I know. He said he used a 100k he had in his thrift plan to buy stock before the IPO.

 

[rod]

If I remember (and correct me if I'm wrong)....

It was the government that put an end to it.



-Bug-

I don't recall hearing anything about the government being involved with shutting it down but I could also be wrong--anyway it don't matter now

 

[brownmonster]

Are you going to come back here and whine about it if things don't go as planned?

No because I plan for future expenses.

 

[brownmonster]

The Great one of Wisdom certainly will be Whining....

I will have nothing to whine about. I expect the unexpected.

 

[Catatonic]

Thrift Plan closed down ... anyway it don't matter now

It matters if you want another reason to whine!

 

[The Milkman]

I will have nothing to whine about. I expect the unexpected.

We'll See.......We all will be watching and waiting........

 

[The Milkman]

No because I plan for future expenses.

Most of us did Oh Great one..........Into my 8th yr of retirement and NO I have no plans to ever work again because I planned although UPS threw a curve at us retirees..Planning a month long RV trip in June....Ah life is GOOD.... Thank You for your concern, please keep my checks a coming...

 

[CharleyHustle]

If I remember (and correct me if I'm wrong)....

It was the government that put an end to it.



-Bug-

In a round about way. My understanding was the Thrift Plan was created in the early 60's under Security & Exchange rules and regulations that limited what the money could be invested in. During the hyper growth years of the 70's-80's the fund did very well. The fund got way to big for the restrictions placed on it and the administers (UPS) had no where to invest all the money and were predicting lower and lower returns into the future. They decided, along with many other Thrift Plans of the time to end the fund. If you did buy UPS stock with it, you did very well.

 

[QKRSTKR]

Not only that, but UPS is the only company in the country that would have to make up any reduction in Central States pension.

Congress did not want their Pension Relief Act to hurt one company, and only one company.

UPS also notes that any other company can get the same exception. They have to do what UPS did.

1 pay the withdrawal liabilty. UPS did. $6.1B

2 set up their own pension. UPS did.

3 promise to cover any reductions for their employees in CS in the future. UPS did.

Not too many, companies, if any, in CS has the money to do this. UPS does and did.

Right. But didn't UPS get out of the "promise to cover any reductions for their employees in CS in the future"

I understand it's not right to have ups on the hook for any problem with central states now since they bought out. Their promise was to make up any loss we suffered under CS with the new ups/teamster pension. If we worked our 30 years we were entitled to 3000k a month, regardless what happens to CS.

If I'm wrong which I may be then what did UPS promise when they bought out.

 

[QKRSTKR]

I agree with saving for your own future. Young guys let this be a wake up call for you. We full time employees make enough money to have our own retirement set. We shouldn't count on anyone else for our retirement. Any pension I get when I retire will be nothing but gravy on the biscuit. Plus you can't give away your pension.

A good man leaves his children's children an inheritance. Pro.13:22

 

[O/C]

In a round about way. My understanding was the Thrift Plan was created in the early 60's under Security & Exchange rules and regulations that limited what the money could be invested in. During the hyper growth years of the 70's-80's the fund did very well. The fund got way to big for the restrictions placed on it and the administers (UPS) had no where to invest all the money and were predicting lower and lower returns into the future. They decided, along with many other Thrift Plans of the time to end the fund. If you did buy UPS stock with it, you did very well.

You could transfer your thrift plan money, interest only into stock at that time. It was locked into a IRA with the same tax liability has a 401k, it did work out well with the stock option considering the return when the company went public. Would be interesting to really why they did discontinued the thrift plan?

Sent using BrownCafe App

 

[PT Car Washer]

You could transfer your thrift plan money, interest only into stock at that time. It was locked into a IRA with the same tax liability has a 401k, it did work out well with the stock option considering the return when the company went public. Would be interesting to really why they did discontinued the thrift plan?

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I believe they discontinued the Thrift Plan so top management could buy up more stock before the IPO. I never got out of the Thrift Plan and after the IPO my account more then doubled. Got out later after it had dropped a bit but still did very well.

 

[BigUnionGuy]

I believe they discontinued the Thrift Plan so top management could buy up more stock before the IPO.

I thought.. I heard.. or, somebody told me.

I never got out of the Thrift Plan and after the IPO my account more then doubled.

Do tell....

Got out later after it had dropped a bit but still did very well.

Details ??



-Bug-

 

[Mugarolla]

Right. But didn't UPS get out of the "promise to cover any reductions for their employees in CS in the future"

I understand it's not right to have ups on the hook for any problem with central states now since they bought out. Their promise was to make up any loss we suffered under CS with the new ups/teamster pension. If we worked our 30 years we were entitled to 3000k a month, regardless what happens to CS.

If I'm wrong which I may be then what did UPS promise when they bought out.

It's spelled out in Article 14 Section 1 of the Central Region Supplement. UPS is liable for any reduction in CS pension.

Let's say a guy is retiring in 2018. He will have 30 years and his pension would be $3000 per month. I know we got a raise and get another in 2017, but let's keep it simple. He will be 57 when he retires.

He had 20 years in CS and 10 years in the UPS/IBT pension.

UPS will pay him his $3000/month until normal retirement age, 65.

When he turns 65, his CS portion of his pension kicks in. Roughly $2000/month.

So now he receives $2000/month from CS and $1000 from UPS to keep him at $3000/month. UPS offsets what he gets from CS.

If CS reduces his pension from $2000/month to $1000/month, this reduction is not included in the offset.

So now UPS pays him $2000/month and CS pays him $1000/month to keep him at $3000/month.

UPS is liable for any reduction in the CS pension until and/or if this clause is removed from the contract or until every employee collecting a portion of their pension through CS has passed away.

In 30 some years, this will not be an issue. The retirees will have not had any time worked under CS. All their time would have been under the UPS/IBT pension.

 

[Johney]

Hairball....You just don't get it....Since 81....I always wanted less of a wage because I felt I was making decent enough for the times, and more pumped into my benefits package which included the pension, so when the time came all of us would not be facing the situation we are now faced with.. But like I said before in previous posts....Everyone wanted it in their paychecks......So cough up a hairball and swallow them thoughts....Most reasonable people will understand and agree with my thoughts..........

What's to say that giving up your raises for all those years to put into the health & welfare/pension fund that they wouldn't have pissed away all that money too? No raises and then still no pension? No thank you. I'm not much of a gambler, crap in one hand and wish in the other and see which fills up first.

 

[The Milkman]

What's to say that giving up your raises for all those years to put into the health & welfare/pension fund that they wouldn't have away all that money too? No raises and then still no pension? No thank you. I'm not much of a gambler, crap in one hand and wish in the other and see which fills up first.

It is was it is.......No one knows what the future holds for them no matter how they plan for it..The crash of 08 is a prime example, as many of us lost our shirts with our investments..So you never know.......

 

[UpstateNYUPSer(Ret)]

It is was it is.......No one knows what the future holds for them no matter how they plan for it..The crash of 08 is a prime example, as many of us lost our shirts with our investments..So you never know.......

Only those who foolishly decided to sell during the downturn lost their shirts. My 401k has more than rebounded from 2008.