Aside from showing Amazon the door, this is by far one of the smartest moves the Company has made in quite some time. This MAGA inspired buyout is clearly designed to shed excess labor costs by providing the financial impetus for those who have already met the minimum requirements for their pension to put in their papers. Union jobs have a natural progression---get hired, work your 30 years, retire----and are not meant to be life long occupations. Folks who stay upset this progression. This VOLUNTARY buyout will provide a lump sum payment of $3-5K for every year of eligible service-----unfortunately, unlike the pension bailout, there is no way to roll this buyout over tax free to a retirement account----along with health care through the end of the year. They will also receive lump sum payments of any accrued personal/sick/vacation time----these will be paid in their customary manner. UPS will formally offer this buyout in early August and will set a firm deadline (30 days) for eligible members to accept their offer as they would like to clear their books before the end of their fiscal year. Employees who do accept the buyout will have their employment terminated in early October at which point the Company will hire and train seasonals and let them run bulk routes during Peak. I find it amusing that our resident Union expert is characterizing this buyout as a extra contractual agreement----it is not----and that offering a buyout in any way relieves the Company of their responsibility to create x number of new jobs----one has nothing to do with the other.
Employees who are within a year or two of meeting their pension plan's minimum requirements have a interesting dilemma----if they have the years but not the age they could accept the buyout, freeze their pensions, flip burgers for a year or so and then begin to draw their pension once they reach the minimum age requirement. Those who have the age but not the years of service could decide that they are willing to accept the buyout and the 6% permanent cut (per year) in their pension for every year that they leave early. Anyone with less than 25 years of service should not even think about taking the buyout as it would make ZERO financial sense. It would also make ZERO sense to accept the buyout and then go on COBRA. This buyout is specifically for those who have overstayed their welcome.
As for the Brown Cafe buyout, this site has become a shell of itself and, despite the best efforts of one member to single handedly boost the posts count, only a fool would invest a dime on what would be a nostalgia purchase. The FNN is much more accurate. Time for this forum to go buh bye.
