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UPS Retirement Topics
What are you guys hearing about the pension held by central states
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<blockquote data-quote="GameCockFan" data-source="post: 1101655" data-attributes="member: 44159"><p>As it stands now, if you retired and receive your pension from only CS and the fund becomes insolvent you are SOL. I suppose they could slash accrued benefits and lower your pension in an effort to try and stabilize the fund even for already retired members and cause a drop in their pension amounts. It would be a hard pill to swallow but may be better than having the feds step in. At that point, the law will supercede any agreement the union/company have and benefits will plummet. The current multiemployer maximum benefit is: </p><p></p><p></p><ul> <li data-xf-list-type="ul">100% of the first $11 of the monthly benefit rate, plus </li> <li data-xf-list-type="ul">75% of the next $33 of the monthly benefit rate, times </li> <li data-xf-list-type="ul">participant's years of service. </li> </ul><p></p><p>so for 30 years under central states $1072/month. or less if you chose joint survivor etc..</p><p></p><p>Even if they did reach this type of agreement, under our current contract, UPS would still have to make up the difference for retirees who retired under the UPS/IBT plan. If you retired prior to August 1, 2008 you would be out of luck.(Before ratification of current contract). This is something we should be very diligent in watching during negotiations. This is something we all should strike over if they try to change this language as it a forgone conclusion that CS is going to fail at some point in the future.</p><p></p><p></p><p>For single-employer plans ended in 2013, workers who retire at age 65 can receive up to $4,789.77 per month, or $57,477.24 per year. The guarantee is lower for those who retire early or when there is a benefit for a survivor. The guarantee is increased for those who retire after age 65.</p></blockquote><p></p>
[QUOTE="GameCockFan, post: 1101655, member: 44159"] As it stands now, if you retired and receive your pension from only CS and the fund becomes insolvent you are SOL. I suppose they could slash accrued benefits and lower your pension in an effort to try and stabilize the fund even for already retired members and cause a drop in their pension amounts. It would be a hard pill to swallow but may be better than having the feds step in. At that point, the law will supercede any agreement the union/company have and benefits will plummet. The current multiemployer maximum benefit is: [LIST] [*]100% of the first $11 of the monthly benefit rate, plus [*]75% of the next $33 of the monthly benefit rate, times [*]participant's years of service. [/LIST] so for 30 years under central states $1072/month. or less if you chose joint survivor etc.. Even if they did reach this type of agreement, under our current contract, UPS would still have to make up the difference for retirees who retired under the UPS/IBT plan. If you retired prior to August 1, 2008 you would be out of luck.(Before ratification of current contract). This is something we should be very diligent in watching during negotiations. This is something we all should strike over if they try to change this language as it a forgone conclusion that CS is going to fail at some point in the future. For single-employer plans ended in 2013, workers who retire at age 65 can receive up to $4,789.77 per month, or $57,477.24 per year. The guarantee is lower for those who retire early or when there is a benefit for a survivor. The guarantee is increased for those who retire after age 65. [/QUOTE]
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