Another Central States Pension Question

Galaxy45MP

Retired Member
I have been retired for a few years, receiving a pension from the UPS / IBT fund . I worked quite a few years before UPS took over our pensions here in the midwest. I know when I turn 65 later this year my pension will be split and I will receive payments from the UPS / IBT fund and Central States proportionately to the years I worked under both plans . I have no doubt that UPS / IBT will cut their portion of liability on time. Does Central States automatically kick in or will I have to contact Central States ? Anyone else been in the same position that knows ?
 

rod

Retired 20 years
I could be wrong but I would bet CS would fight this tooth and nail. They can barely take care of the ones they are responsible for now. Without the last bailout they would be approaching "tits up" right now. Supposedly the bailout will keep them solvent until 2035 I think. Once again I could be wrong. Good luck to everyone covered by a pension -- no matter whos forking out the money. Pensions are a dying breed. Right-to-work states was the final nail in the coffin.
 

UnionStrong

You can go now, scab
I could be wrong but I would bet CS would fight this tooth and nail. They can barely take care of the ones they are responsible for now. Without the last bailout they would be approaching "tits up" right now. Supposedly the bailout will keep them solvent until 2035 I think. Once again I could be wrong. Good luck to everyone covered by a pension -- no matter whos forking out the money. Pensions are a dying breed. Right-to-work states was the final nail in the coffin.
2052
 

DELACROIX

In the Spirit of Honore' Daumier
I have been retired for a few years, receiving a pension from the UPS / IBT fund . I worked quite a few years before UPS took over our pensions here in the midwest. I know when I turn 65 later this year my pension will be split and I will receive payments from the UPS / IBT fund and Central States proportionately to the years I worked under both plans . I have no doubt that UPS / IBT will cut their portion of liability on time. Does Central States automatically kick in or will I have to contact Central States ? Anyone else been in the same position that knows ?

It shouldn’t be a problem...remember to apply for Medicare a couple of months before your birthday...
 

quad decade guy

Well-Known Member
I could be wrong but I would bet CS would fight this tooth and nail. They can barely take care of the ones they are responsible for now. Without the last bailout they would be approaching "tits up" right now. Supposedly the bailout will keep them solvent until 2035 I think. Once again I could be wrong. Good luck to everyone covered by a pension -- no matter whos forking out the money. Pensions are a dying breed. Right-to-work states was the final nail in the coffin.
I think he means will his check automatically "show up" in his account from CS. Or does he have to contact them to set it up....I think.
I have been retired for a few years, receiving a pension from the UPS / IBT fund . I worked quite a few years before UPS took over our pensions here in the midwest. I know when I turn 65 later this year my pension will be split and I will receive payments from the UPS / IBT fund and Central States proportionately to the years I worked under both plans . I have no doubt that UPS / IBT will cut their portion of liability on time. Does Central States automatically kick in or will I have to contact Central States ? Anyone else been in the same position that knows ?
 

wkmac

Well-Known Member
I have been retired for a few years, receiving a pension from the UPS / IBT fund . I worked quite a few years before UPS took over our pensions here in the midwest. I know when I turn 65 later this year my pension will be split and I will receive payments from the UPS / IBT fund and Central States proportionately to the years I worked under both plans . I have no doubt that UPS / IBT will cut their portion of liability on time. Does Central States automatically kick in or will I have to contact Central States ? Anyone else been in the same position that knows ?
It's mostly automatic. You get contacted by mail prior to your 65th b'day and CS will give you the amount you'll get, standard tax stuff and such. If you want a check in the mail or auto deposit and the details of that process. After that its all pretty automatic. Also you'll loose your TeamCare insurance so you'll have the medicare process and do your homework on that and picking supplemental insurance. And get ready for the tons of phone calls of telemarketers wanting to sell you supplemental insurance. Don't wait till the last minute, get out ahead of it and that makes the transition when it comes an easy process. If you have a spouse on TeamCare and they aren't 65 yet, everything stays the same for them.
 

Galaxy45MP

Retired Member
It's mostly automatic. You get contacted by mail prior to your 65th b'day and CS will give you the amount you'll get, standard tax stuff and such. If you want a check in the mail or auto deposit and the details of that process. After that its all pretty automatic. Also you'll loose your TeamCare insurance so you'll have the medicare process and do your homework on that and picking supplemental insurance. And get ready for the tons of phone calls of telemarketers wanting to sell you supplemental insurance. Don't wait till the last minute, get out ahead of it and that makes the transition when it comes an easy process. If you have a spouse on TeamCare and they aren't 65 yet, everything stays the same for them.
Thanks for the info, I appreciate it. Yeah , I started investigating the medicare situation a few weeks ago. Its definitely nice being retired and having the time to check things out.
 
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