I believe we’re gonna get shafted when we turn 65 !!
Is this new language?
I believe that’s already in the master
The offset is the portion of your retirement you get from central states when you turn 65 , when central states goes broke(5-7 years) or reduces pensions ups / teamsters pension are not gonna pick up the difference the way I read it .
Well I hope so , asked b.a. about it a couple months ago ,and he was going to get back to me , never did, so I figured the worst !
Sorry to rile * up !
You're reading it wrong.
Trust me.... I was there at the 2-man committee in 2007.
The IBT allowing UPS to pay their withdraw liability and start their own pension fund
was contingent on them picking up the tab if Central States defaults.
UPS can try and wiggle all they want.
They are still on the hook.... by virtue of the contractual language.
Contractually put in means it can be contractually taken out.
Pitting UPS Pension only participants against UPSers with CS Pension time is how UPS will remove the make up difference clause.
But, it hasn't.
Let me know when that happens.
The tinfoil hat....
Is strong with the paranoia group.