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Brown Cafe UPS Forum
UPS Retirement Topics
Pension cuts?
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<blockquote data-quote="wily_old_vet" data-source="post: 83647" data-attributes="member: 2183"><p>Wkmac-I went back and reread the story and unfortunately don't think this has anything to do with partitioning. Congress has made UPS, Yellow etc responsible for bringing the funds up to the 60% level. Yellow has already told the investing community that they would be on the hook for at least $500,000,000 in CS catchup funds. I think these companies want the benefits of anyone, like me, who took the early out pensions cut. The only reason I took the 25 and out was because I had 3 back surgeries and my plan was making noises that they were looking at changing the plan as CS had done. Without notice CSers were told they no longer had the 30 and out option and must work til 62 to get full benefits. Anyone retiring before 62 would lose 5% PER YEAR off the full pension amount. If you retired at age 57 for example your benefit would be cut 25%. This job takes a terrible toll on our bodies and I wanted to get out while I still had some semblance of normality. If this cut in my pension does happen how marketable do you believe someone in their late 50's with a history of 3 back surgeries is? As I said in a earlier post, I have always been pro UPS but this would definitely take me out of that camp.</p></blockquote><p></p>
[QUOTE="wily_old_vet, post: 83647, member: 2183"] Wkmac-I went back and reread the story and unfortunately don't think this has anything to do with partitioning. Congress has made UPS, Yellow etc responsible for bringing the funds up to the 60% level. Yellow has already told the investing community that they would be on the hook for at least $500,000,000 in CS catchup funds. I think these companies want the benefits of anyone, like me, who took the early out pensions cut. The only reason I took the 25 and out was because I had 3 back surgeries and my plan was making noises that they were looking at changing the plan as CS had done. Without notice CSers were told they no longer had the 30 and out option and must work til 62 to get full benefits. Anyone retiring before 62 would lose 5% PER YEAR off the full pension amount. If you retired at age 57 for example your benefit would be cut 25%. This job takes a terrible toll on our bodies and I wanted to get out while I still had some semblance of normality. If this cut in my pension does happen how marketable do you believe someone in their late 50's with a history of 3 back surgeries is? As I said in a earlier post, I have always been pro UPS but this would definitely take me out of that camp. [/QUOTE]
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