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Brown Cafe UPS Forum
UPS Retirement Topics
Pension security
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<blockquote data-quote="Mugarolla" data-source="post: 4123124" data-attributes="member: 8481"><p>That depends.</p><p></p><p>Are you in the UPS Pension Plan, or a multi-employer plan?</p><p></p><p>If you are in a multi-employer plan and UPS goes out of business, you still receive your full pension until the fund cuts them because they can no longer be sustained.</p><p></p><p>If that fund goes bankrupt, then the PBGC kicks in. This is the agency that insures pensions.</p><p></p><p>For a multi-enployer plan, the limit is around $1100/mo. Yes, a third to a quarter of what you should get, but that is the limit, sorry.</p><p></p><p>If you are in the UPS Plan, well, right now it is around 100% funded, meaning there is enough money in it to pay all the current pension obligations. So you are good.</p><p></p><p>Even if the pension fund did run out of money, the PBGC kicks in, and for a single employer pension, they guarantee over $5000 at age 65.</p><p></p><p>Even if you retired earlier, they pretty much guarantee more than the amount that your pension entitles you to, so again, you are fine.</p><p></p><p></p><p>.....until the PBGC runs out of money,,,,,</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 4123124, member: 8481"] That depends. Are you in the UPS Pension Plan, or a multi-employer plan? If you are in a multi-employer plan and UPS goes out of business, you still receive your full pension until the fund cuts them because they can no longer be sustained. If that fund goes bankrupt, then the PBGC kicks in. This is the agency that insures pensions. For a multi-enployer plan, the limit is around $1100/mo. Yes, a third to a quarter of what you should get, but that is the limit, sorry. If you are in the UPS Plan, well, right now it is around 100% funded, meaning there is enough money in it to pay all the current pension obligations. So you are good. Even if the pension fund did run out of money, the PBGC kicks in, and for a single employer pension, they guarantee over $5000 at age 65. Even if you retired earlier, they pretty much guarantee more than the amount that your pension entitles you to, so again, you are fine. .....until the PBGC runs out of money,,,,, [/QUOTE]
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