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UPS Union Issues
Central states-what happens when???
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<blockquote data-quote="Fullhouse" data-source="post: 1610944" data-attributes="member: 9653"><p>As written in the National Master Agreement-</p><p>"The UPS/IBT Plan will reconize full time service in the CS Plan for determining eligibility for the benefit in this section and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. 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."</p><p></p><p> So at age 65 UPS/IBT Plan will stop fully funding your retirement and begin paying the benefits for the years earned from 2008 forward (the offset). The CS Plan will then begin paying the participant all benefits earned prior to 2008. The amount paid by both plans is supposed to equal the amount of the benefit received prior to age 65 if the participant retired after 2008 under the UPS/IBT Plan.</p><p></p><p> The language in the agreement identifies what the IBT/UPS Plan will do after normal retirement age. The action is labeled as an "offset". </p><p> </p><p> With that said, I do not understand why so many people seem to think that "if" the CS Plan reduces benefits, after normal retirement age, "as permitted or required by law" that UPS will make up any reduction. The language clearly implies to me that the UPS/IBT Plan portion (offset) paid to you after "Normal Retirement Age (65) will not contain any amount more than you earned from 2008 until. "The amount of such reduction shall not be included in this offset. "</p><p> </p><p> In my opinion, UPS placed this language in the Agreement in hopes of being successful with their lobbing efforts within Congress.</p><p> </p><p>Under the bill, passed and signed into law in December 2014, it provided the CS Plan an option to save itself. Under the new law "Multi-employee pension reform act" UPS no longer has to worry "as much" about having to pay the full pension amount of participants after they turn age 65.</p><p>With the passage of that bill, UPS will be able to relieve their selves, at least for the next 23 years, of the obligation to fully cover the retirement benefit for the remainder of the participants life and their spouse's life.</p><p> </p><p> Once again UPS has out foxed the union and the Union was oblivious to the maneuver performed upon them or were they?</p></blockquote><p></p>
[QUOTE="Fullhouse, post: 1610944, member: 9653"] As written in the National Master Agreement- "The UPS/IBT Plan will reconize full time service in the CS Plan for determining eligibility for the benefit in this section and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. 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." So at age 65 UPS/IBT Plan will stop fully funding your retirement and begin paying the benefits for the years earned from 2008 forward (the offset). The CS Plan will then begin paying the participant all benefits earned prior to 2008. The amount paid by both plans is supposed to equal the amount of the benefit received prior to age 65 if the participant retired after 2008 under the UPS/IBT Plan. The language in the agreement identifies what the IBT/UPS Plan will do after normal retirement age. The action is labeled as an "offset". With that said, I do not understand why so many people seem to think that "if" the CS Plan reduces benefits, after normal retirement age, "as permitted or required by law" that UPS will make up any reduction. The language clearly implies to me that the UPS/IBT Plan portion (offset) paid to you after "Normal Retirement Age (65) will not contain any amount more than you earned from 2008 until. "The amount of such reduction shall not be included in this offset. " In my opinion, UPS placed this language in the Agreement in hopes of being successful with their lobbing efforts within Congress. Under the bill, passed and signed into law in December 2014, it provided the CS Plan an option to save itself. Under the new law "Multi-employee pension reform act" UPS no longer has to worry "as much" about having to pay the full pension amount of participants after they turn age 65. With the passage of that bill, UPS will be able to relieve their selves, at least for the next 23 years, of the obligation to fully cover the retirement benefit for the remainder of the participants life and their spouse's life. Once again UPS has out foxed the union and the Union was oblivious to the maneuver performed upon them or were they? [/QUOTE]
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