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UPS Union Issues
Central states-what happens when???
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<blockquote data-quote="Mugarolla" data-source="post: 1612164" data-attributes="member: 8481"><p>UPS does not pay an offset. UPS offsets what CS pays. Two different things.</p><p></p><p>The reason this language was put in the contract was to protect UPS retirees from any reduction in the CS pension.</p><p></p><p>The contract never would have passed without it back in 2008. It was part of the deal to allow UPS to withdraw from CS. </p><p></p><p>As the retirees collecting a CS portion of their pension declines and the majority of UPS workers are solely in the UPS/IBT plan, this language could very well be voted out.</p><p></p><p>UPS offsets what CS pays at normal retirement age, 65. Any reduction shall not be included in this offset. UPS is liable for your full pension minus what CS pays at age 65.</p><p></p><p>If CS only paid you $1/mo at age 65, UPS would pay you $2999/mo so that you still receive your full pension.</p><p></p><p>This legal mumbo jumbo about offsets seems to be confusing a lot of people.</p><p></p><p>UPS admitted that they are liable for any reduction.</p><p></p><p>Hoffa sent a letter to Congress saying the same thing.</p><p></p><p>UPS went to Congress to get their exemption because they know they are on the hook for any reductions.</p><p></p><p>Hoffa estimated that if UPS did not get this Congressional exemption, that they would have to pay an estimated $2B to retirees to cover the reduced pension.</p><p></p><p>UPS got this exemption so that their retirees will receive little, if any cuts at all to save the $2B.</p><p></p><p>Don't take my word for it, do some research before you go spouting untrue facts. It is all out there. Hoffa's letter, UPS' Congressional exemption, UPS statements.</p><p></p><p>Easy to find.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1612164, member: 8481"] UPS does not pay an offset. UPS offsets what CS pays. Two different things. The reason this language was put in the contract was to protect UPS retirees from any reduction in the CS pension. The contract never would have passed without it back in 2008. It was part of the deal to allow UPS to withdraw from CS. As the retirees collecting a CS portion of their pension declines and the majority of UPS workers are solely in the UPS/IBT plan, this language could very well be voted out. UPS offsets what CS pays at normal retirement age, 65. Any reduction shall not be included in this offset. UPS is liable for your full pension minus what CS pays at age 65. If CS only paid you $1/mo at age 65, UPS would pay you $2999/mo so that you still receive your full pension. This legal mumbo jumbo about offsets seems to be confusing a lot of people. UPS admitted that they are liable for any reduction. Hoffa sent a letter to Congress saying the same thing. UPS went to Congress to get their exemption because they know they are on the hook for any reductions. Hoffa estimated that if UPS did not get this Congressional exemption, that they would have to pay an estimated $2B to retirees to cover the reduced pension. UPS got this exemption so that their retirees will receive little, if any cuts at all to save the $2B. Don't take my word for it, do some research before you go spouting untrue facts. It is all out there. Hoffa's letter, UPS' Congressional exemption, UPS statements. Easy to find. [/QUOTE]
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