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UPS Retirement Topics
Whats your Union pension
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<blockquote data-quote="chargedformula" data-source="post: 779268" data-attributes="member: 8022"><p><strong>Re: Whats your pension ? Union dues Etc.</strong></p><p></p><p>last i saw our pension fund was doing good. dont get me wrong, i am not banking on it or counting on it. a lot can happen in the 28 more years i have to go. but i would think that the pension would increase over 5k in 28 years. if it doesnt, that 5k a month will be chump change. this is from the pension web site. maybe you know something i dont. it does say something about a “amortization extension" to put it in the green zone. </p><p></p><p></p><p>IAM NATIONAL PENSION FUND, NATIONAL PENSION PLAN</p><p>2010 Green Zone Notice</p><p>We are pleased to report that the National Pension Plan is neither endangered nor</p><p>critical, and it remains in the green zone. Under the Pension Protection Act of 2006</p><p>(PPA), the IAM National Pension Fund's actuary must annually certify the National</p><p>Pension Plan's funded status. If the Plan is determined to be in endangered (yellow zone)</p><p>or critical (red zone) status, the Trustees must develop a formal plan of corrective action to</p><p>improve the Plan's financial health and must tell participants, contributing employers, and</p><p>sponsoring unions about the Plan's funded status.</p><p>While the law does not require us to report our green zone status to you, we thought you</p><p>would like to hear this current news about your Plan.</p><p>To qualify for the green zone, a plan must be at least 80% funded and must not have a</p><p>projected funding deficiency during the next seven years. We are pleased to report that</p><p>the PPA certification filed in March with the Internal Revenue Service shows that the</p><p>National Pension Plan meets this test with a funded percentage of 95.6%.</p></blockquote><p></p>
[QUOTE="chargedformula, post: 779268, member: 8022"] [b]Re: Whats your pension ? Union dues Etc.[/b] last i saw our pension fund was doing good. dont get me wrong, i am not banking on it or counting on it. a lot can happen in the 28 more years i have to go. but i would think that the pension would increase over 5k in 28 years. if it doesnt, that 5k a month will be chump change. this is from the pension web site. maybe you know something i dont. it does say something about a “amortization extension" to put it in the green zone. IAM NATIONAL PENSION FUND, NATIONAL PENSION PLAN 2010 Green Zone Notice We are pleased to report that the National Pension Plan is neither endangered nor critical, and it remains in the green zone. Under the Pension Protection Act of 2006 (PPA), the IAM National Pension Fund's actuary must annually certify the National Pension Plan's funded status. If the Plan is determined to be in endangered (yellow zone) or critical (red zone) status, the Trustees must develop a formal plan of corrective action to improve the Plan's financial health and must tell participants, contributing employers, and sponsoring unions about the Plan's funded status. While the law does not require us to report our green zone status to you, we thought you would like to hear this current news about your Plan. To qualify for the green zone, a plan must be at least 80% funded and must not have a projected funding deficiency during the next seven years. We are pleased to report that the PPA certification filed in March with the Internal Revenue Service shows that the National Pension Plan meets this test with a funded percentage of 95.6%. [/QUOTE]
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