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Central States Pension - UPS will not cover difference ?
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<blockquote data-quote="Ms.PacMan" data-source="post: 1145352" data-attributes="member: 4656"><p>I posted the link to the SPD - read it. It gives upteen examples of people retiring before age 65 and getting their full "and out" pension. The examples also show that at age 65 you will start getting paid by both IBT/UPS and the old CS fund.</p><p></p><p style="text-align: left">"this Plan will pay the <strong>total benefit until </strong>your Normal Retirement Date. At Normal Retirement Date, your Plan <strong>benefit will be reduced </strong>by the value of the benefit that is <strong>payable by the CSPF </strong>at that date"</p> <p style="text-align: left"></p> <p style="text-align: left"></p> <p style="text-align: left">"The USP/IBT Plan will recognize full time service in the CS Plan for determining eligibility for the benefits in</p> <p style="text-align: left">this Section <span style="color: #ff0000">(they will recognize full time service. It does not mention the 1801 hr minimum or age, so a person becomes eligible just like in the past - after 25 or 30 calendar years) </span>and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. (<span style="color: #ff0000">They promise to continue to pay up to or offset the benefit amount, say $3000, until CS is required to pay out their pension obligations at age 65 for the time you accrued in the CS plan) </span>If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset". <span style="color: #ff0000">(NOT is the key word in that sentence - nowhere in that SPD does it say that benefits will come solely from IBT/UPS after age 65, in fact it gives many, many examples showing how this will work)</span></p> <p style="text-align: left"></p> <p style="text-align: left">If Central States remains solvent then it's all good. If the PGBC <strong>takes over </strong>the Central States pension our pension payments from CS will be reduced according to the law. But CS is telling Congress right now that the plan will be bankrupt in 9-12 years and wants to lower the payments in the next couple of years.</p> <p style="text-align: left"></p> <p style="text-align: left">You will still get one pension check from the IBT/UPS pension plan for the number of years you worked under that plan, but the CS portion will be reduced, if they go bankrupt or get the law changed, and that portion of your pension, after age 65, will be the amount that is allowed by law. This is not in the SPD but it is what happens when pensions go broke.</p> <p style="text-align: left"></p> <p style="text-align: left">I don't know how to explain it any better.</p> <p style="text-align: left"></p> <p style="text-align: left"></p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1145352, member: 4656"] I posted the link to the SPD - read it. It gives upteen examples of people retiring before age 65 and getting their full "and out" pension. The examples also show that at age 65 you will start getting paid by both IBT/UPS and the old CS fund. [LEFT]"this Plan will pay the [B]total benefit until [/B]your Normal Retirement Date. At Normal Retirement Date, your Plan [B]benefit will be reduced [/B]by the value of the benefit that is [B]payable by the CSPF [/B]at that date" "The USP/IBT Plan will recognize full time service in the CS Plan for determining eligibility for the benefits in this Section [COLOR=#ff0000](they will recognize full time service. It does not mention the 1801 hr minimum or age, so a person becomes eligible just like in the past - after 25 or 30 calendar years) [/COLOR]and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. ([COLOR=#ff0000]They promise to continue to pay up to or offset the benefit amount, say $3000, until CS is required to pay out their pension obligations at age 65 for the time you accrued in the CS plan) [/COLOR]If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset". [COLOR=#ff0000](NOT is the key word in that sentence - nowhere in that SPD does it say that benefits will come solely from IBT/UPS after age 65, in fact it gives many, many examples showing how this will work)[/COLOR] If Central States remains solvent then it's all good. If the PGBC [B]takes over [/B]the Central States pension our pension payments from CS will be reduced according to the law. But CS is telling Congress right now that the plan will be bankrupt in 9-12 years and wants to lower the payments in the next couple of years. You will still get one pension check from the IBT/UPS pension plan for the number of years you worked under that plan, but the CS portion will be reduced, if they go bankrupt or get the law changed, and that portion of your pension, after age 65, will be the amount that is allowed by law. This is not in the SPD but it is what happens when pensions go broke. I don't know how to explain it any better. [/LEFT] [/QUOTE]
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