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Brown Cafe UPS Forum
UPS Union Issues
Central States Pension - UPS will not cover difference ?
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<blockquote data-quote="Spicybrother" data-source="post: 1144840" data-attributes="member: 11064"><p>As I understand it this is not the case. The accrued benefit is something else. IF you retire at age 62 I believe, you can receive an additional amount above the years of service pension. For example if you have 35 years of service under the current contract the payment is 3500. However if you are Normal Retirement age you can receive an additional sum, the accrued amount. My understanding is that if you look back at the amount paid into the pension over the years, UPS is not honoring the full payments to the pension under the current 35 and out, UNLESS you are full retirement age. So for a guy age 62 with 35 year might get an extra 275.00 added or some sum like that, the accrued amount to his check. It's the accrued amount that they will not guarantee if Central States fails. I've checked and double check and this is the best answer I could get. There is a formula for how this accrued amount is calculated.</p></blockquote><p></p>
[QUOTE="Spicybrother, post: 1144840, member: 11064"] As I understand it this is not the case. The accrued benefit is something else. IF you retire at age 62 I believe, you can receive an additional amount above the years of service pension. For example if you have 35 years of service under the current contract the payment is 3500. However if you are Normal Retirement age you can receive an additional sum, the accrued amount. My understanding is that if you look back at the amount paid into the pension over the years, UPS is not honoring the full payments to the pension under the current 35 and out, UNLESS you are full retirement age. So for a guy age 62 with 35 year might get an extra 275.00 added or some sum like that, the accrued amount to his check. It's the accrued amount that they will not guarantee if Central States fails. I've checked and double check and this is the best answer I could get. There is a formula for how this accrued amount is calculated. [/QUOTE]
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