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Letter about pension cuts - not CSPF
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1870080" data-attributes="member: 12570"><p>Just got back from the union meeting. Cosmo is right----we are at 46.5%. </p><p></p><p>Our BA talked at length about the Central States situation. By law they are not allowed to cut below 110% of what the pension would be if it got taken over by PBGC. PBGC is currently paying about 30 cents on the dollar so a $1000 pension would be reduced to $300 and then increased by $30 for a net of $330. He said that UPS was one of the biggest lobbyists for passage of the Omnibus bill and that pension funds in ours and other industries will be closely watching what happens with Central States to see if they could reduce their unfunded liabilities.</p><p></p><p>He then spoke about the bill sponsored by Bernie Sanders which would in effect repeal the Omnibus bill.</p><p></p><p>I told him that I had heard that UPSers who retired after 2008 would have their reduction made up by UPS and that those who retired before then would be out of luck. He said that he not heard of this and that all retirees would be made whole.</p><p></p><p>I asked him point blank if he was anticipating CS type cuts for our pension fund and he said that he wasn't but that he would not rule them in the future if our fund does not bounce back.</p><p></p><p>He also stated that actuaries are being allowed to reduce their expectations for future growth to bring them down to more realistic levels.</p><p></p><p>He further said that our pension fund offered UPS a deal to pay off their unfunded liability but that the company declined to do so.</p><p></p><p>It does not look good for the future of our pension fund.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1870080, member: 12570"] Just got back from the union meeting. Cosmo is right----we are at 46.5%. Our BA talked at length about the Central States situation. By law they are not allowed to cut below 110% of what the pension would be if it got taken over by PBGC. PBGC is currently paying about 30 cents on the dollar so a $1000 pension would be reduced to $300 and then increased by $30 for a net of $330. He said that UPS was one of the biggest lobbyists for passage of the Omnibus bill and that pension funds in ours and other industries will be closely watching what happens with Central States to see if they could reduce their unfunded liabilities. He then spoke about the bill sponsored by Bernie Sanders which would in effect repeal the Omnibus bill. I told him that I had heard that UPSers who retired after 2008 would have their reduction made up by UPS and that those who retired before then would be out of luck. He said that he not heard of this and that all retirees would be made whole. I asked him point blank if he was anticipating CS type cuts for our pension fund and he said that he wasn't but that he would not rule them in the future if our fund does not bounce back. He also stated that actuaries are being allowed to reduce their expectations for future growth to bring them down to more realistic levels. He further said that our pension fund offered UPS a deal to pay off their unfunded liability but that the company declined to do so. It does not look good for the future of our pension fund. [/QUOTE]
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Letter about pension cuts - not CSPF
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