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UPS Retirement Topics
Is Central States pension fund ready to go under?
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<blockquote data-quote="18wheelbrownie" data-source="post: 194732" data-attributes="member: 5398"><p>Central States is now only 49% funded and because of H.R. 4 (Pension Reform Act of 2006) <a href="http://www.dol.gov/ebsa/pdf/ppa2006.pdf" target="_blank">http://www.dol.gov/ebsa/pdf/ppa2006.pdf</a> the Teamsters cannot legally increase benefits unless a fund is in the black, funded 100%.</p></blockquote><p></p><p>now go read post 81 ,you did not read what i posted, but at the bottom of the red zone amendment, it said;</p><p></p><p> 2. Plans in the “red zone” are less than 65 percent funded and considered to be in critical </p><p>financial condition. Plan trustees must adopt a reorganization plan to exit the red zone </p><p>within 10 years. The plan must include increased employer contributions, restrictions on </p><p>future benefit accruals, expense reductions, and funding relief measures to help the plan exit </p><p>the red zone.</p><p></p><p>now you must understand why we need to leave the central states multi employer fund ,for a single employer plan. while ups is doing well, we would recieve nothing for 10 yrs. from cental states.<img src="/community/styles/default/xenforo/smilies/group1/w00t.gif" class="smilie" loading="lazy" alt=":w00t:" title="W00t :w00t:" data-shortname=":w00t:" /></p><p>[/QUOTE]</p>
[QUOTE="18wheelbrownie, post: 194732, member: 5398"] Central States is now only 49% funded and because of H.R. 4 (Pension Reform Act of 2006) [URL]http://www.dol.gov/ebsa/pdf/ppa2006.pdf[/URL] the Teamsters cannot legally increase benefits unless a fund is in the black, funded 100%.[/QUOTE] now go read post 81 ,you did not read what i posted, but at the bottom of the red zone amendment, it said; 2. Plans in the “red zone” are less than 65 percent funded and considered to be in critical financial condition. Plan trustees must adopt a reorganization plan to exit the red zone within 10 years. The plan must include increased employer contributions, restrictions on future benefit accruals, expense reductions, and funding relief measures to help the plan exit the red zone. now you must understand why we need to leave the central states multi employer fund ,for a single employer plan. while ups is doing well, we would recieve nothing for 10 yrs. from cental states.:w00t: [/QUOTE]
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Is Central States pension fund ready to go under?
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