I have heard that after you leave UP, they have been sending offers to buy out pension and roll a dollar amount into a IRA.
Any truth?
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I know it’s been a while since this thred was active, but I wonder if anyone in 2021 or 2022 was offered a manager’s buyout of their Harriman Pension? I left the company in 2019 but never saw such offer. Depending on the amount I may or may not take it if offered. Retirement is still a decade away.
Ok, so maybe you were PST or something.
I've been wondering if the plan is to convert most of IT to subsidiaries so they can get out from under RRT expenses.
To clarify, I worked for a UP subsidiary prior to being relocated to headquarters. We weren’t eligible for railroad retirement at the sub, but we did qualify for the pension.
Wait a second...if you weren't eligible for Railroad Retirement, why did you receive a pension buyout? The two have the same vesting period.
I was laid off from UP in September of 2015 and received a packet in the fall of 2017 offering a voluntary lump sum payment of my pension or a monthly annuity effective November of 2017. If I chose the lump sum option, then I could have rolled it over to an IRA or a retirement plan in lieu of taking it in cash form. The amount was laughable and so I never responded. The HR service center ultimately reached out to try and sell me on their wonderful offer. I responded that the railroad already screwed me enough by relocating me to Omaha and then laying me off a few months short of qualifying for railroad retirement. To anyone reading this post who is still employed by UP ... if you do get laid off, don't waste your time on recruiters and don't delay! Update your resume, apply for jobs directly on Indeed, reach out to the Omaha Chamber of Commerce, buy a new suit, and say some prayers. It took me about 5 weeks of applying for dozens of jobs but then I received 4 great offers. I accepted a job that enabled me to move back to where I relocated from and work remotely. My management team actually cares about me as a person, and our CEO and executive team took voluntary pay cuts and laid off from the top-down this year to help save as many jobs as possible for their 126,000+ employees. I am also performing all aspects of the SDLC process myself and delivering in one month what took 3 IT departments at UP to deliver in a year. Take this as a nudge from God to better yourself by finding a better job at a better company and expanding your skill-set ... because you will. I read a post on here about calling in on the 13th to avoid the walk of shame. Please! Walk out of there with your shoulders back and head held high! This isn't due to any fault of your own. Chances are high that you are in your 40s or 50s and make too much money because you are a high performer who earned an advanced degree and worked your way up through merit. In other words, you are a worthwhile employee that other employers would be happy to hire. On the other hand, look at the employees that UP has chosen to retain and protect. Liars, cheaters, back-stabbers, adulterers, procrastinators, and those who don't deliver what they promise to deliver. You may need to look outside Omaha, however, as I'm not sure how many more laid-off UP employees the local community can absorb.
@ UPsucks- You took your buy out last year, because it was a buy out you dip sh--. This is a layoff, it doesn't mean they're offering buy outs. When they term people, they typically only buy out the lower amount. They gave you a buy out because you volunteered or were selected during a great offer. This is not being offered, this is being executed to involuntary terminate people, don't let the f---tard that volunteered last year tell you how the layoff this year works. Last year was a once in a 20 year offer which is why 40% of the eligible workforce volunteered and they had to turn people away, many of which were termed this year. mo--n
Yes this is true. Some mo--n posted that if your pension was "less than 5K", then they would try to pay it out. Not true. I took my buyout of well over 200K, last year and rolled it over into an IRA so that I would not lose a great deal of it to taxes. Second the "pension" that is being referred to is the Union Pacific "Harriman Pension". This has nothing to do with the RRB Tier-I or Tier-II retirement contributions. The RRB is separate from the "Harriman" pension. It also does not affect any 401K plan. The only way it would affect your 401K, is if you took your 401K in cash instead of leaving it alone. While you will not have the pricks at UP contributing to that fund anymore, they can't take your 401K. You can take your 401K plan anywhere. That is your account. The Harriman is no longer being offered to new employees, and the a--hole Fritz is making sure that he gets rid of this pension. If offered, take what you have there and roll it over into another retirement account, where it will make money.
No truth to it when considering the current layoffs unfortunately, unless you have a balance under 5k in your pension I believe.
Yes, this is true. It happened to a vested coworker who left UP for another company two years ago. A packet was mailed regarding the pension buyout but I don’t know what the conditions were or the monetary amount. This had nothing to do with lay-offs but it appears the company is trying to lessen its pension liabilities.