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Brown Cafe UPS Forum
UPS Retirement Topics
How long have u worked at UPS and how many years do u have left until retirement?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 5132477" data-attributes="member: 12570"><p>This is partially true----while the funds do go directly to the pension funds in question, the application process is anything but simple. Go to pbgc.org and click on one of the (redacted) applications------they are quite lengthy (500 +/- pages) and quite comprehensive. If (when) approved, the funds that are sent to the pension must be kept separate from funds already on hand and must be invested in a manner approved by the pbgc. There are also limitations on increasing future benefits and/or accrual rates.</p><p></p><p>When the funds are received by the pension, pension payments of those affected are restored to their pre-MPRA levels; in addition, "back pay" for all lost benefits are issued-----the only uncertainty is whether that will be done in a lump sum or over the course of a 5 year period. </p><p></p><p>While I will personally benefit from this "bailout", I personally disagree with our Federal government bailing out private pension plans.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 5132477, member: 12570"] This is partially true----while the funds do go directly to the pension funds in question, the application process is anything but simple. Go to pbgc.org and click on one of the (redacted) applications------they are quite lengthy (500 +/- pages) and quite comprehensive. If (when) approved, the funds that are sent to the pension must be kept separate from funds already on hand and must be invested in a manner approved by the pbgc. There are also limitations on increasing future benefits and/or accrual rates. When the funds are received by the pension, pension payments of those affected are restored to their pre-MPRA levels; in addition, "back pay" for all lost benefits are issued-----the only uncertainty is whether that will be done in a lump sum or over the course of a 5 year period. While I will personally benefit from this "bailout", I personally disagree with our Federal government bailing out private pension plans. [/QUOTE]
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How long have u worked at UPS and how many years do u have left until retirement?
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