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Management Retiree Mailing Re: Medicare supplemental plan changes
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<blockquote data-quote="RoyalFlush" data-source="post: 907632" data-attributes="member: 27311"><p><a href="http://aging.senate.gov/crs/pension7.pdf" target="_blank">http://aging.senate.gov/crs/pension7.pdf</a></p><p><strong>[FONT=PalatinoLinotype,Bold]<p style="text-align: left">1. Anti-cutback Rule</p><p></strong>[/FONT]<span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><p style="text-align: left">ERISA Section 204(g) prohibits plan amendments that eliminate or reduce benefits alreadyaccrued by plan participants.</p><p></span><p style="text-align: left"></p><p></span><p style="text-align: left"></p><p></span><p style="text-align: left"></p><p></span><p style="text-align: left"><span style="font-family: 'Times New Roman'"><span style="font-size: 9px"><span style="font-family: 'Times New Roman'"><span style="font-size: 9px">58 </span></span></span></span><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'"><span style="font-size: 12px">This prohibition is commonly referred to as the “anti-cutbackrule.”</span></span></span></span><span style="font-family: 'Times New Roman'"><span style="font-size: 9px"><span style="font-family: 'Times New Roman'"><span style="font-size: 9px">59 </span></span></span></span><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'"><span style="font-size: 12px">Benefits subject to the anti-cutback rule include basic accrued benefits, as well as anyearly retirement benefits, “retirement-type” subsidies, and other optional forms of benefits that anindividual who has met certain requirements (as defined by the plan) is eligible to receive.However, the anti-cutback rule does not prevent a plan from freezing accrued benefits, reducingthe rate at which benefits will accrue in the future, or eliminating future benefit accruals</span></span></span></span></p><p><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'"><span style="font-size: 12px">altogether.</span></span></span></span></p><p><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"></span></span></span></span></p></blockquote><p></p>
[QUOTE="RoyalFlush, post: 907632, member: 27311"] [URL]http://aging.senate.gov/crs/pension7.pdf[/URL] [B][FONT=PalatinoLinotype,Bold][LEFT]1. Anti-cutback Rule[/LEFT][/B][/FONT][FONT=Times New Roman][SIZE=3][FONT=Times New Roman][SIZE=3][LEFT]ERISA Section 204(g) prohibits plan amendments that eliminate or reduce benefits alreadyaccrued by plan participants.[/LEFT][/SIZE][LEFT][/left][/FONT][LEFT][/left][/SIZE][LEFT][/left][/FONT][LEFT][FONT=Times New Roman][SIZE=1][FONT=Times New Roman][SIZE=1]58 [/SIZE][/FONT][/SIZE][/FONT][FONT=Times New Roman][SIZE=3][FONT=Times New Roman][SIZE=3]This prohibition is commonly referred to as the “anti-cutbackrule.”[/SIZE][/FONT][/SIZE][/FONT][FONT=Times New Roman][SIZE=1][FONT=Times New Roman][SIZE=1]59 [/SIZE][/FONT][/SIZE][/FONT][FONT=Times New Roman][SIZE=3][FONT=Times New Roman][SIZE=3]Benefits subject to the anti-cutback rule include basic accrued benefits, as well as anyearly retirement benefits, “retirement-type” subsidies, and other optional forms of benefits that anindividual who has met certain requirements (as defined by the plan) is eligible to receive.However, the anti-cutback rule does not prevent a plan from freezing accrued benefits, reducingthe rate at which benefits will accrue in the future, or eliminating future benefit accruals[/SIZE][/FONT][/SIZE][/FONT][/LEFT][FONT=Times New Roman][SIZE=3][FONT=Times New Roman][SIZE=3]altogether. [/SIZE][/FONT][/SIZE][/FONT] [/QUOTE]
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