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Brown Cafe UPS Forum
UPS Union Issues
Central states-what happens when???
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<blockquote data-quote="Mugarolla" data-source="post: 1611444" data-attributes="member: 8481"><p>You understand it incorrectly. The offset is the amount CS pays you after you turn 65. The offset is what you earned under CS before 2008.</p><p></p><p>UPS pays you your full retirement until age 65. UPS then offsets the amount you receive from CS. If that amount is reduced by law, the reduction shall not be included in the offset.</p><p></p><p>I gave this example before. You started in 1988. Worked 20 years under CS and then 10 years under UPS/IBT.</p><p></p><p>Forgetting about the raise we got in 2015 and again in 2017, just to make the math easier, here's what happens.</p><p></p><p>You retire at age 57 with 30 years of service. UPS pays you your full $3000/mo until you turn 65. </p><p></p><p>UPS then offsets the amount CS pays you. In this case it is roughly $2000. Now, UPS pays you $1000/mo and CS pays you $2000/mo to keep you at your $3000/mo.</p><p></p><p>If CS cuts your pension by half, they now only pay you $1000/mo.</p><p></p><p>UPS cannot include this reduction in the offset per the contract. So now, UPS can only offset $1000/mo instead of $2000/mo.</p><p></p><p>So now you will receive $2000/mo from UPS and $1000/mo from CS to keep you at $3000/mo.</p><p></p><p>The reduction shall not be included in the offset.</p><p></p><p>But this clause needs to stay in the contract or else UPS is not liable for any reduction.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1611444, member: 8481"] You understand it incorrectly. The offset is the amount CS pays you after you turn 65. The offset is what you earned under CS before 2008. UPS pays you your full retirement until age 65. UPS then offsets the amount you receive from CS. If that amount is reduced by law, the reduction shall not be included in the offset. I gave this example before. You started in 1988. Worked 20 years under CS and then 10 years under UPS/IBT. Forgetting about the raise we got in 2015 and again in 2017, just to make the math easier, here's what happens. You retire at age 57 with 30 years of service. UPS pays you your full $3000/mo until you turn 65. UPS then offsets the amount CS pays you. In this case it is roughly $2000. Now, UPS pays you $1000/mo and CS pays you $2000/mo to keep you at your $3000/mo. If CS cuts your pension by half, they now only pay you $1000/mo. UPS cannot include this reduction in the offset per the contract. So now, UPS can only offset $1000/mo instead of $2000/mo. So now you will receive $2000/mo from UPS and $1000/mo from CS to keep you at $3000/mo. The reduction shall not be included in the offset. But this clause needs to stay in the contract or else UPS is not liable for any reduction. [/QUOTE]
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