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UPS Retirement Topics
Central States (IBT or Teamster) Pension Plan Goes Insolvent??????
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<blockquote data-quote="tigergirl57" data-source="post: 1040073" data-attributes="member: 43933"><p>Does anyone know if UPS will make up the difference in their retirement when the Central States (IBT/Teamster) Retirement plan goes Insolvent? Trying to retire and find out this information. No one at Central States or UPS says they can answer this question right now. Is anyone other than me concerned about this? According to the article in the last Teamster paper we received, if you get $3,000 a month from Central States/IBT, you will only get $1,005 a month from the government once the plan declares they are insolvent. The UPS portion of your retirement is solid and will not be affected.</p><p></p><p>I know that at the age of 65 (normal retirement age), you are supposed to get 2 checks for your retirement. One from UPS and one from Central States/IBT/Teamster. If you had 35 years when you retire and currently get $3,500 a month, your retirement will decrease to $1,505 at the age of 65. Central State/IBT $1,005 and UPS $500 a month. This is also when your retiree insurance is dropped.</p><p></p><p>If the retirement plan is declared insolvent, the retiree insurance might be eliminated? Does anyone know the answer to this? I know that when a company that I worked for declare insolvency, the retirees had their retirement decreased significantly(1/3 of original amount) and paid from the government, PLUS they lost their retiree insurance and had to go get an individual plan because most of them were too young to qualify for Medicare yet (age 65 or 66.5 for some of us).</p><p></p><p>Does anyone know who I can contact at UPS to find out if they are going to make up the difference in the retirement funds, even past the age of 65 once Central States/IBT/Teamsters declare insolvency. Everyone we have spoke with at UPS and Central States have not been able to give us any answers. THIS IS FAR TOO IMPORTANT A MATTER FOR NO ONE TO NOT FIND OUT THE ANSWER! THANKS!!!</p></blockquote><p></p>
[QUOTE="tigergirl57, post: 1040073, member: 43933"] Does anyone know if UPS will make up the difference in their retirement when the Central States (IBT/Teamster) Retirement plan goes Insolvent? Trying to retire and find out this information. No one at Central States or UPS says they can answer this question right now. Is anyone other than me concerned about this? According to the article in the last Teamster paper we received, if you get $3,000 a month from Central States/IBT, you will only get $1,005 a month from the government once the plan declares they are insolvent. The UPS portion of your retirement is solid and will not be affected. I know that at the age of 65 (normal retirement age), you are supposed to get 2 checks for your retirement. One from UPS and one from Central States/IBT/Teamster. If you had 35 years when you retire and currently get $3,500 a month, your retirement will decrease to $1,505 at the age of 65. Central State/IBT $1,005 and UPS $500 a month. This is also when your retiree insurance is dropped. If the retirement plan is declared insolvent, the retiree insurance might be eliminated? Does anyone know the answer to this? I know that when a company that I worked for declare insolvency, the retirees had their retirement decreased significantly(1/3 of original amount) and paid from the government, PLUS they lost their retiree insurance and had to go get an individual plan because most of them were too young to qualify for Medicare yet (age 65 or 66.5 for some of us). Does anyone know who I can contact at UPS to find out if they are going to make up the difference in the retirement funds, even past the age of 65 once Central States/IBT/Teamsters declare insolvency. Everyone we have spoke with at UPS and Central States have not been able to give us any answers. THIS IS FAR TOO IMPORTANT A MATTER FOR NO ONE TO NOT FIND OUT THE ANSWER! THANKS!!! [/QUOTE]
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